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
Bullish
GBP/USD
Bullish
USD/JPY
Bearish
Gold
Bullish
Oil - US Crude
Bearish
Bitcoin
Bullish
More View more
Real Time News
  • The #Euro snapped downward to overturn a would-be bullish breakout, signaling that sellers have reclaimed the initiative. Will they follow through this time? Get your market update from @IlyaSpivak here:https://t.co/bcdnjN4MzE https://t.co/MguYxFwgdq
  • Forex Update: As of 03:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.23% 🇦🇺AUD: 0.16% 🇪🇺EUR: 0.11% 🇨🇦CAD: 0.07% 🇳🇿NZD: 0.04% 🇯🇵JPY: -0.00% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/PZOhmaDnAg
  • Interesting to see how this will impact CDS spreads on sovereign bonds and impact on INR @ddubrovskyFX https://t.co/HuuJiEn8E4
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 98.02%, while traders in US 500 are at opposite extremes with 76.09%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/soA1hKBbBG
  • Some of top event risk over the next 24hrs are: UK’s General Election – Polls Open [7:00 GMT], European Central Bank Rate Decision [12:45], and Bank of Canada’s Stephen Poloz Gives Speech in Toronto [17:30] #GBP #EUR #CAD
  • The $USD may rise on the #FOMC rate decision, while the British Pound, Swedish Krona and Norwegian Krone may gain on the UK election and #ECB outlook. Get your market update from @ZabelinDimitri here: https://t.co/WvWHP8D710 https://t.co/4D8H070WIs
  • #LITECOIN Daily Pivot Points: S3: 41.46 S2: 42.58 S1: 43.02 R1: 44.14 R2: 44.82 R3: 45.94 https://www.dailyfx.com/pivot-points?ref=SubNav?CHID=QPID=917720
  • USD/CAD IG Client Sentiment: Our data shows traders are now net-long USD/CAD for the first time since Nov 08, 2019 when USD/CAD traded near 1.32. A contrarian view of crowd sentiment points to USD/CAD weakness. https://www.dailyfx.com/sentiment https://t.co/hy81bC6Hqc
  • RT @next_china: China is expected to offer some details on its 2020 economic strategy soon. Here's what to look for. https://t.co/IFvwiNrZ1z
  • RT @onlyyoontv: “US officials have reportedly offered to cancel the planned tariffs for a phase one trade deal, but Chinese officials insis…
Gold Price Weekly Technical Outlook: XAU Doji Threatens Deeper Losses

Gold Price Weekly Technical Outlook: XAU Doji Threatens Deeper Losses

2019-04-13 22:00:00
Michael Boutros, Technical Strategist
Share:

Gold prices are virtually unchanged this week with the precious metal trading at 1291 ahead of the New York close on Friday. These are the updated targets and invalidation levels that matter on the XAU/USD weekly chart. for an in-depth breakdown of this setup and more.

New to Gold Trading? Get started with this How to Trade Gold -Beginners Guide

Gold Weekly Price Chart (XAU/USD)

Gold

Notes: In my last Gold Weekly Technical Outlook we noted that price was, “While our broader outlook is still weighted to the topside, the risk remains for a move lower towards the yearly lows before resumption.” An early week rally saw XAU/USD register a high at 1310 before reversing sharply with price poised to post a weekly doji if we close at these levels.

The levels remain unchanged heading into next week with key near-term support steady at the 1275/76 - “where the objective yearly opening-range low converges on the 38.2% retracement of the 2018 advance and former pitchfork resistance. Key support and broader bullish invalidation rests at 1253/58 – both regions of interest for possible exhaustion / long-entries IF reached. Resistance stands at the yearly high-week close at 1327 with a breach / close above 1350 needed to keep the long-bias in play targeting 1366 and 1380/91

For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy

Bottom line:

The April opening-range is set with Gold trading at monthly open support into the close of the week. From a trading standpoint, the risk remains weighted to the downside while below 1302 but ultimately, a larger setback should offer more favorable entries closer to the year range lows with a breach above 1327 needed to validate the reversal. Review my latest Gold Price Technical Outlook for a closer look at the near-term trading levels.

Even the most seasoned traders need a reminder every now and then- Avoid these Mistakes in your trading

Gold Trader Sentiment

Gold
  • A summary of IG Client Sentiment shows traders are net-long Gold - the ratio stands at +3.2 (76.2% of traders are long) – bearish reading
  • Long positions are2.3% higher than yesterday and 4.4% higher from last week
  • Short positions are 11.1% lower than yesterday and 9.2% higher from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Gold prices (XAU/USD) may continue to fall. Traders are further net-long than yesterday & last week, and the combination of current positioning and recent changes gives us a stronger Gold-bearish contrarian trading bias from a sentiment standpoint.

See how shifts in Gold retail positioning are impacting trend- Learn more about sentiment!

Learn how to Trade with Confidence in our Free Trading Guide

--- Written by Michael Boutros, Technical Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex

Other Weekly Technical Forecast:

Australian Forecast– AUDUSD Flirts with 200 Day Moving Average, AUDJPY Earns Strong Break

Crude Oil Forecast – Will Pres. Trump Tweet at $65?

Sterling Forecast – GBPUSD, EURGBP and GBPJPY

US Dollar Forecast – USD Searches for Direction Amidst Wedge

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

DISCLOSURES

News & Analysis at your fingertips.