0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Mixed
Oil - US Crude
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Mixed
GBP/USD
Bullish
USD/JPY
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • Take a closer look visually at the most influential global importers and exporters here: https://t.co/1G7CRsegRX https://t.co/i342ipPuvW
  • Why financial market traders must monitor both monetary and fiscal policy? Find out from @MartinSEssex here:https://t.co/Fkzk88Y5gm https://t.co/tHp0Nb3Tr5
  • USD/JPY is bucking the trend in USD weakness, tentatively putting it on a path towards higher levels. Get your $USDJPY technical analysis from @PaulRobinsonFX here: https://t.co/RnrBCFE3gt https://t.co/hTSdTcIwZY
  • The Canadian Dollar gained with government bond yields. Might USD/CAD find its way to current 2020 lows? Canada’s benchmark stock index, the TSX Composite, faces the March high.Get your $USDCAD market update from @ddubrovskyFX here:https://t.co/0Ba8E2S7vC https://t.co/JLUTzF6xlY
  • IG Client Sentiment is warning that the S&P 500, gold prices and AUD/USD could fall ahead as upside exposure accumulates. What are key technical levels to watch for next? Find out from @ddubrovskyFX here: https://t.co/YsBypn73vy https://t.co/erPb9HMRVc
  • The US Dollar could be readying to rise against the Singapore Dollar and Indonesian Rupiah ahead. Will USD/PHP and USD/MYR also follow this outlook? Find out from @ddubrovskyFX here: https://t.co/xvMPZha5SB https://t.co/P9QLmnY1Fg
  • The Euro has been struggling to maintain its upside momentum. Is EUR/USD readying to turn lower? EUR/AUD may be aiming to rise, but has EUR/CAD topped? Find out from @ddubrovskyFX here: https://t.co/vlJM3iQIYS https://t.co/8FGl10wDto
  • Third consecutive weekly gain in the #SP500 as of today's close, rising 0.63% #Fed balance sheet gained by 0.18% over the same period after shrinking -0.06% previously Generally speaking, the size of the b/s has remained more or less unchanged for a month https://t.co/0TrEA5RGmA
  • The outlook for gold might look a little tenuous at the moment, but this won’t be the first time a strong bull market has shown signs of a potential top due to short-term price action. Get your $XAUUSD technical analysis from @PaulRobinsonFX here: https://t.co/N8a84hRnHN https://t.co/jCEkFzCxEr
  • Well, I don't know who has had it worse this week: Barca or Kodak
Gold Prices May Be Readying to Reverse 6-Month Dominant Uptrend

Gold Prices May Be Readying to Reverse 6-Month Dominant Uptrend

2019-02-23 22:00:00
Daniel Dubrovsky, Analyst
Share:

Gold Technical Forecast: Bearish

  • Gold’s 1,321 break stalled, resulting in fresh reversal warning signs
  • Bullish interests are undermined by an evening and shooting star candles
  • There is also potential for head - and - shoulders pattern to form

Find out what the #1 mistake that traders make is and how you can fix it!

Last week, I noted that fading upside momentum was clouding gold’s dominant uptrend stretching back to August 2018. Despite this, bulls pushed it above key resistance at 1321.37. The commodity couldn’t get far after the breach though, ending the week by trimming most of its upside progress. With a persistent negative RSI divergence, there are growing indications that a turn lower could be in the cards soon.

On the daily chart below, the threat of a turn is emphasized by an evening star candlestick pattern at gold’s recent high. This is typically a bearish reversal formation. If prices turn lower in the week ahead, they will be facing a rising support line dating back to November followed by 1302.97 which is the March 1 low. If we get a turn higher at that area back to 1321.37, the commodity may even form a head and shoulders bearish reversal pattern. The neckline of the formation would be at 1302.97.

Looking for a fundamental perspective on gold? Check out the Weekly Gold Fundamental Forecast.

Gold Daily Chart

gold

Chart Created in TradingView

Gold Weekly Chart

If we zoom out to the weekly chart, the sharp turn lower in gold prices towards the latter half of last week created a shooting star candlestick. This is a sign of indecision which may precede a more steadfast downtrend if gold prices close next week even lower. In the event that this doesn’t happen and the commodity climbs above resistance, the next area of interest seems to be between 1357.50 – 1366.06.

This heavy resistance is not only the zone highs established between January and April of 2018, it is trendline resistance that touched off with the March 2014 swing high. Taking this analysis into consideration, the risks seem to be tilted to the downside and the technical forecast turns bearish.

Gold

Chart Created in TradingView

FX Trading Resources

--- Written by Daniel Dubrovsky, Junior Currency Analyst for DailyFX.com

To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter

Other Weekly Technical Forecast:

Australian Dollar Forecast – AUD/USD, AUD/JPY and AUD/NZD Eye Trend-Forecasting Patterns

Oil Forecast– Bears May Want to Turn Away, Momentum is Here

British Pound Forecast – Selling Off Into Support

US Dollar Forecast – Dollar Faces Volatility Potential but Breakout and Trends are Still Far Reach

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.