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.



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

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
Oil - US Crude
Wall Street
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
  • Rollover is the interest paid or earned for holding a currency spot position overnight. Learn how to earn rollover interest on your open positions here:
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here:
  • The continuity seen across these volatility cycles is a good thing. Historical precedence offer a blueprint for identifying conditions supportive for a vol-event to occur, and how they may unfold. Deepen your knowledge of historical volatility here:
  • Get your snapshot update of the of relative currency strength and exchange status from around the globe here:
  • Get our analysts’ view on the key fundamentals for indices in Q2. Download now.
  • The Spinning Top candlestick pattern forms part of the vast Japanese candlestick repertoire with its own distinct features. Gain a better understanding of the spinning top candlestick here:
  • There’s a strong correlation between interest rates and forex trading. Forex is ruled by many variables, but the interest rate of the currency is the fundamental factor that prevails above them all. Learn how interest rates impact currency markets here:
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here:
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here:
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here:
Gold Technical Forecast: Gold Gains Driven by Confluent Crosswinds

Gold Technical Forecast: Gold Gains Driven by Confluent Crosswinds

James Stanley, Senior Strategist

Gold Price Talking Points:

  • Gold prices rushed higher on Tuesday evening/Wednesday morning as news of an Iranian missile strike hit the headlines, stoking fears of escalating tensions between the US and Iran.
  • Gold prices pulled back as tensions calmed; but the longer-term bullish backdrop that’s been intact for over a year now remains. The big question for traders at this point is one of timing in that theme.

Gold Spikes to Six-Year-Highs as Fear Brings Back the Bulls

Gold prices were on a wild ride this week, surging up to yet another fresh six-year-high on Tuesday evening after reports of an Iran missile strike on military bases in Iraq. This extended the run that started a couple of weeks ago as Gold prices began to break-out again, rising above a symmetrical wedge formation that had built over the prior four months. This extended the bullish theme that remained so visible last year, with a total tally of 38.9% gained from the August 2018 low up to this week’s high. Much of those initial gains from the Tuesday night spike have been clawed back, however, keeping at the forefront the issue of timing the topside move in Gold prices.

Gold Price Daily Chart

Daily Gold Price Chart

Chart prepared by James Stanley; Gold on Tradingview

Gold Prices and the Benefit of Confluent Crosswinds

Coming into the year, I had looked at the topside of Gold as one of the top trade ideas for this year. But much of that drive emanated from the premise of softer monetary backdrops as Central Banks continued prodding lower rates with more passive policy and, in some cases, even a re-introduction or a continuation of QE. This is very similar to last year’s push point as Gold prices remained with a bullish backdrop for much of the year, taking corrective breaks from February-May and again from September to mid-December.

Technical Forecast for Gold: Bullish

The fact that prices rushed higher as fear of escalation in Middle East tensions contributed to that move just further highlights another item of importance in the matter: Fear. As tensions calmed in the days following the Iranian missile strike, Gold prices calmed and pulled back to the 1540 area. Buyers responded on Friday as a dose of USD-weakness re-entered the picture following a disappointing NFP report; but the challenge around timing remains.

Gold Price Hourly Chart: Fear Spike (in Blue) Dissipation (in Red)

Hourly Gold Price Chart

Chart prepared by James Stanley; Gold on Tradingview

Gold Price Strategy Moving Forward:

On the longer-term look, Gold prices still remain in overbought territory, evidenced by the fact that RSI remains above 70 on the Daily chart. While this doesn’t necessarily mean price action has to sell-off or that bulls can’t continue to drive from here, it can be enough to urge caution from chasing the theme on a longer-term basis.

Gold Daily Price Chart

Daily Gold Price Chart

Chart prepared by James Stanley; Gold on Tradingview

On a shorter-term basis, there may be more aggressive manners of working with that bullish theme in Gold. This would require re-utilizing last year’s swing high as a point of potential short-term support. This runs around the 1557 level, and this set the prior six-year-high in the yellow metal in September of last year. More recently, price action in Gold gapped-through that level to open this week, returning down to find support on Monday night.

After sellers pushed Gold prices back-below this level, two short-term observations of resistance played-in; and this was followed by a topside bounce around that NFP report on Friday. A hold here through next week’s open can keep the door open for aggressive bullish strategies on Gold; based on the premise of support showing at prior short-term resistance, coupled with a hold above the Thursday swing-low, indicating continuation potential of that bigger-picture theme of strength.

Gold Hourly Price Chart

Hourly Gold Price Chart

Chart prepared by James Stanley; Gold on Tradingview

--- Written by James Stanley, Strategist for

Contact and follow James on Twitter: @JStanleyFX

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