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.

Free Trading Guides
EUR/USD
Mixed
GBP/USD
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
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
Gold
Bearish
Oil - US Crude
Bullish
Bitcoin
Bearish
More View more
Real Time News
  • 🇪🇺 (EUR) Euro-Zone Industrial Production w.d.a. (YoY) (AUG), Actual: -2.8% Expected: -2.5% Previous: -2.0%
  • Heads Up:🇪🇺 EUR Euro-Zone Industrial Production w.d.a. (YoY) (AUG) due at 09:00 GMT (15min), Actual: N/A Expected: -2.5% Previous: -2.0% https://www.dailyfx.com/economic-calendar#2019-10-14
  • RT @Tony_Nyman: MS #FX Trades of the week - Sell $USD/NOK at market for 8.74. Stop 9.20 - Sell $USD/CNH at market for 6.95. Stop 7.21 #Lowe…
  • German Economy Ministry - German economy remains in weak phase - Economic indicators have not yet pointed to a trend reversal - Pronounced recession is not expected $EUR
  • Greed has proven to be a hindrance more than assistance for traders. How does greed lead to #FOMOintrading? Find out from @RichardSnowFX here: https://t.co/aT8TZjlFqP https://t.co/XtDrpjR4yT
  • Crude Oil Prices May Give Back Gains as Brexit Optimism Wanes - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/commodities/2019/10/14/Crude-Oil-Prices-May-Give-Back-Gaons-as-Brexit-Optimism-Wanes.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr #OOTT #crudeoil #Brexit
  • Have you joined @DailyFX @facebook group yet? Discuss your #forex strategies and brush up on your skills with us here: https://t.co/jtY1G7g8yx https://t.co/RlubZzBmyN
  • Why trade with Bollinger Bands®? Find out as a day trader, how you can use it to your advantage:https://t.co/dwODDDSsFi @WVenketas https://t.co/lzHvMaeOxU
  • (#ASEAN Fundamental Forecast) US Dollar Outlook on SGD, INR and IDR Amid Trade Talks, China GDP #USD $USDSGD $USDINR - https://www.dailyfx.com/forex/fundamental/article/special_report/2019/10/14/US-Dollar-Outlook-on-SGD-INR-and-IDR-Amid-Trade-Talks-China-GDP.html?CHID=9&QPID=917702 https://t.co/EKyMMEJa00
  • LIVE NOW: Join Currency Analyst @ZabelinDimitri as he previews the upcoming week’s main political themes and discusses their impact on the financial markets. Register here: https://www.dailyfx.com/webinars/146770987?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
Weekly Gold Price Forecast: Channel Provides Guide for Longs & Shorts

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

2019-03-23 22:00:00
Paul Robinson, Currency Strategist
Share:

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

News & Analysis at your fingertips.