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
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
  • The 2022 forecast for Fed Fund futures has surged to its highest on record (fully pricing in two 25bp rate hikes) and you can see it in the 2-10 Treasury yield spread this past session:
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.20% 🇨🇭CHF: 0.06% 🇪🇺EUR: 0.05% 🇬🇧GBP: -0.02% 🇨🇦CAD: -0.06% 🇦🇺AUD: -0.19% View the performance of all markets via
  • Wow, Australian 2-year yield jumps to highest since March 2020 in incredible surge (+62%) as #RBA withholds from defending the 2024 yield target today? (3Y up too) This is raising speculation the CB could be rethinking YCC Australian Dollar could not be bothered #AUD $AUDUSD
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 89.56%, while traders in AUD/JPY are at opposite extremes with 74.09%. See the summary chart below and full details and charts on DailyFX:
  • The US Dollar might be stabilizing against ASEAN currencies as inflationary woes resurface ahead of GDP and PCE data. Amazon, Apple and Facebook earnings may also drive sentiment ahead. Get your market update from @ddubrovskyFX here:
  • RBA Deputy Governor Debelle says a little more inflation is welcome - BBG
  • - Managed isolation and quarantine (MIQ) reduced to 7 from 14 days effective November 14 - BBG
  • The Australian Dollar has had a period of strengthening against most currencies but there might be some challenges ahead. Will the Australia Dollar go higher? Find out here:
  • New Zealand's Hipkins says Christchurch at alert level 2 - BBG
  • 🇯🇵 Foreign Bond Investment (23/OCT) Actual: ¥-604.5B Previous: ¥1225.4B
Gold Price Forecast: Reversal from May Low Brings June High on Radar

Gold Price Forecast: Reversal from May Low Brings June High on Radar

David Song, Strategist

Gold Talking Points

The price of gold appears to be stuck in a narrow range following the limited reaction to Federal Reserve testimony, but the technical outlook brings the monthly high ($1746) on the radar as the pullback from the yearly high ($1765) reverses ahead of the May low ($1670).

Technical Forecast for Gold: Bullish

The price of gold has traded to fresh yearly highs during every single month so far in 2020, and it remains to be seen if the bullish behavior will persist as the rebound from the monthly low ($1671) fails to produce a break of the monthly high ($1746), which occurred during the first week of June.

Keep in mind, the opening range for 2020 instilled a bullish outlook for gold as the precious metal cleared the 2019 high ($1557), with a similar scenario materializing in February as bullion tagged a fresh yearly high ($1689)after marking the monthly low ($1548) during the first full week.

The monthly opening range for March was less relevant amid the response by major central banks to COVID-19, but the price for gold still traded to a fresh yearly high ($1704) prior to the break of the January low ($1517).

Moreover, bullion climbed to a fresh yearly high ($1748) in April after testing the former-resistance zone around $1450 (38.2% retracement) to $1452 (100% expansion), with the bullish behavior also taking shape in May as the precious metal traded to a fresh 2020 high ($1765).

In turn, the reversal from the May low ($1670) brings the monthly high ($1746) on the radar, but lack of momentum to break out of the range bound price action may foreshadow a potential shift in market behavior if the price of gold fails to mark a fresh 2020 high in June.

Gold Price Daily Chart

Gold price chart

Source: Trading View

The price of gold holds within the May range following the failed attempt to test the 2012 high ($1796), and the precious metal may continue to consolidate as the rebound from the monthly low ($1671) fails to produce a break of the June high ($1745).

Nevertheless, the technical outlook for bullion remains constructive as the pullback from the yearly high ($1765) reverses just ahead of the May low ($1670), with the Relative Strength Index (RSI) highlighting a similar dynamic as the oscillator attempts to break out of the negative slope carried over from the previous month.

Need a break/close above the Fibonacci overlap around $1733 (78.6% retracement) to $1743 (23.6% expansion) along with a move above the June high ($1746) to bring the $1754 (261.8% expansion) region on the radar, with the next area of interest coming in around $1786 (38.2% expansion) followed by the 2012 high ($1796).

However, lack of momentum to clear the monthly high ($1746) may foreshadow a potential shift in market behavior as the price of gold fails to mark a fresh 2020 high in June.

--- Written by David Song, Currency Strategist

Follow me on Twitter at @DavidJSong

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