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. See our updated Privacy Policy here.

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
Subscribe
Please try again
Wall Street
Bearish
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
GBP/USD
Bearish
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
  • What is your forex trading style? Take the quiz and find out: https://t.co/YY3ePTpzSI https://t.co/U40lgEA8K7
  • New Zealand Dollar Vulnerable as NZD/USD Eyes Falling Wedge - #NZDUSD chart https://t.co/9AGaZsMFmF
  • (Gold Briefing) Gold Price Outlook Turns to UofM Sentiment as US Dollar, Treasury Yields Rally #Gold #XAUUSD #USD #Bonds https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/commodities/2021/09/17/Gold-Price-Outlook-Turns-to-UofM-Sentiment-as-US-Dollar-Treasury-Yields-Rally.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/p7VdFesUb1
  • Consolidation or bull flag? A bull flag is a continuation pattern that occurs as a brief pause in the trend following a strong price move higher. Learn how to better spot these formations here: https://t.co/yOEvLjKnct https://t.co/XPtqedJjyk
  • Crude and Brent oil are on track to extend higher as Gulf Coast supply disruptions and a positive OPEC report bolster sentiment. Uranium is on a massive surge, aided by the famous Wall Street Bets group. Get your market update from @FxWestwater here:https://t.co/XrpV0jcy8e https://t.co/m6XH4n43UQ
  • The Australian Dollar has retraced from August lows when looking at AUD/JPY and AUD/CAD. However, the AUD/NZD downtrend is intact, will a reversal there appear as well? Find out: https://t.co/8LmgqLLGJO https://t.co/yy64N01p2b
  • PBOC injects net 90 billion Yuan in open market operations - Yuan reference rate set at 6.4526 per USD - BBG
  • Australia to trial home quarantine for arrivals who are vaccinated - BBG
  • The S&P 500, Dow Jones and DAX 30 could be at risk of falling as retail traders continue increasing their upside exposure in these indices. What are the key technical levels to watch for? Find out from @ddubrovskyFX here:https://t.co/OJByiwIppr https://t.co/moWS7rqAQG
  • RT @FxWestwater: New Zealand Dollar Outlook: $NZDUSD Drops on US Dollar Bids, Wall Street Losses Link: https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2021/09/16/New-Zealand-Dollar-Outlook-NZDUSD-Drops-on-US-Dollar-Bids-Wall-Street-Losses.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr https://t.c…
Weekly Gold Price Forecast: Channel Provides Guide for Longs & Shorts

Weekly Gold Price Forecast: Channel Provides Guide for Longs & Shorts

Paul Robinson, Strategist

Gold Price Technical Highlights:

  • Upward channel keeps gold moving higher (for now)
  • A breakdown is seen as increasingly likely

Check out the DailyFX Trading Guides page for intermediate-term forecasts, educational content aimed all experience levels, and more!

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

Upward channel keeps gold moving higher (for now)

Gold continues its 2 steps forward, 3 steps back ‘rally’, if you can call it that. The upward grind has a clear channel structure coming into view, one which can be used whether you are operating form the long or short-side of the tape.

Overall, the grind smacks of a corrective move of the down-move off last month’s high, but as long as the lower parallel of the channel is respected then the short-term trend remains tentatively bullish. How high gold could go is hard to say with the way momentum is lacking. There is minor resistance around 1320/21.

A break, however, and things will likely change quickly. A drop through the lower parallel will bring into play the neckline of a head-and-shoulders pattern and a pair of lows surrounding 1280 that make up the neckline. It’s not the prettiest pattern, but sometimes it’s the semi-sloppy ones that work the best.

The immediate focus is on the channel. From a tactical standpoint, both longs and shorts can use the lower parallel as a guide for making decisions. These clean technical structures can be looked to for assessing downside risk on bullish bets and timing for would-be shorts seeking confirmation that momentum may have shifted lower.

Traders are long gold, see the IG Client Sentiment page to find out how changes in positioning could signal the next price move.

Gold Daily Chart (Broader view sports bearish outlook)

Gold DAily Chart

Gold 4-hr Chart (Watch channel for cues)

Gold 4Hr Chart

Helpful Resources for Forex Traders

Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at@PaulRobinsonFX

Other Weekly Fundemental Forecasts:

Australian Dollar Forecast – AUD/USD Rebound Stalls Post-Fed

Oil Forecast – Evening Star Prints as $60 Breakout Fails

British Pound Forecast – British Pound Volatility Continues and a Break Is Inevitable

US Dollar Forecast – Is FOMC Scared of a Stronger DXY? Apparently So, As They Should

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

DISCLOSURES