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
Oil - US Crude
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
  • $GBPUSD Daily Pivot Points: S3: 1.2787 S2: 1.2855 S1: 1.2892 R1: 1.296 R2: 1.2992 R3: 1.306 https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • After falling more than 1,000 points (-3.1%) on Monday, the #Dow Jones continued lower Tuesday. Get your equities market update from @PeterHanksFX here:https://t.co/qxIJQxm793 https://t.co/ySaXghj6MN
  • $EURUSD Daily Pivot Points: S3: 1.071 S2: 1.0777 S1: 1.0815 R1: 1.0882 R2: 1.091 R3: 1.0977 https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • RT @MarkNewtonCMT: VIX curve showing Spot VIX v 3 month now in backwardation by 8 percentage points- Just one piece of the puzzle, but wor…
  • $USDJPY Daily Pivot Points: S3: 108.29 S2: 109.6 S1: 110.16 R1: 111.46 R2: 112.2 R3: 113.5 https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • The $SPX ended a 92-day trend trading above the 50-day moving average Monday https://t.co/9LCJ9TssGF
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.60% 🇯🇵JPY: 0.47% 🇨🇭CHF: 0.29% 🇨🇦CAD: 0.11% 🇦🇺AUD: -0.05% 🇳🇿NZD: -0.28% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/LG4HGxYIXO
  • It will be a while until we know the true outcome of this poll (did we see the $SPX top last week or not), but seems the majority for now still say "no" https://t.co/mfPCYUx1wt
  • RT @ballmatthew: Summary of weird: - Bob is 14 months into 36 month extension - Didn't do this during blow-them-away earnings a few weeks a…
  • Commodities Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.52% Gold: -1.46% Silver: -3.41% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/mhWPSlN67M
Gold Price Outlook Bearish in Long Run, Eying Support in Near Term

Gold Price Outlook Bearish in Long Run, Eying Support in Near Term

2019-03-30 16:00:00
Daniel Dubrovsky, Analyst

Gold Technical Forecast: Bearish

  • Gold prices fell, concluding a second month of losses
  • Path of least resistance for gold in long-run may be lower
  • Interim signals not quite as clear, consolidation may ensue

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

Anti-fiat gold prices experienced the worst week since the beginning of March, weighed down by a stronger US Dollar. The precious metal also concluded its most disappointing month since August as we head into the first day of April. Looking at the monthly chart below, March left behind the completion of an evening star bearish reversal pattern.

In the beginning of 2016, the inverse of this candlestick formation, a morning star, preceded a climb of about 20%. Keep in mind that past performance is not indicative of future results, and candlestick patterns ideally require confirmation. As such, if April turns out to be another sour month for gold, we may see a dominant downtrend ensue in the medium-to-long-term scenario. This would fit the forecast in last week’s fundamental outlook.

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

Gold Monthly Chart


In the interim, the technical picture is not quite as clear. Zooming in on the weekly chart, it is tempting to call the recent candles a falling three method pattern (red box on the chart below). This is typically a bearish formation, but it needs to form in the middle of a downtrend. In this situation, it has formed at a potential top, invalidating the setup.

Gold Weekly Chart


With that in mind, let’s take a look at the daily chart. Last week, gold prices fell under a near-term rising support line from March 7th. This is after failing to breach falling resistance from gold’s top in February, which occurred after a formation of an evening star. While the drop in the last week of March was impressive, it stopped short of breaching the range of support between 1276 and 1285.

If this area holds in the week ahead, we may be due for another retest of the falling trend line from February. This opens the door to consolidation between horizontal support and descending resistance. I have highlighted this as the green triangle on the chart below. Clearing the floor opens the door to testing the next area of support at 1260, a psychological level going back to October 2017. This may be the path of least resistance if the technical signals prevail in the long run.

Gold Daily Chart

gold spot

ChartsCreated 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:

Crude Oil Prices Edge to 5-Month High, Doesn't Feel Like a 'Breakout'

British Pound Forecast –No Brexit Deal- Pound Losses Mount

US Dollar Forecast – USD Starting to Look Exhausted

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


News & Analysis at your fingertips.