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.

0

Notifications

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

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/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
Oil - US Crude
Mixed
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
Wall Street
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
Mixed
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
GBP/USD
Bullish
USD/JPY
Mixed
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
More View more
Real Time News
  • $USD hegemony is at risk thanks to changes in the global economy and the long-term consequences of the US-China trade war. Get your market update from @CVecchioFX here:https://t.co/5GO9UrvO4y https://t.co/OTTEmg76W8
  • The immediate focus is on a break of this multi-week consolidation formation in the Australian Dollar with the broader rally vulnerable while below 7042. Get your AUD technical analysis here: https://t.co/iEYos1ioBc https://t.co/kuzB3Eqps0
  • #Gold prices have rallied to nine-year highs with the breakout testing multi-year uptrend resistance into the open of Q3. Can the rally be sustained? Download our latest Gold trading guide!: https://t.co/3KO2QWOnOt https://t.co/YIIGZdeIAJ
  • Why financial market traders must monitor both monetary and fiscal policy? Find out from @MartinSEssex here:https://t.co/Fkzk88Y5gm https://t.co/zerRXZC1Tq
  • Get your snapshot update of the of relative currency strength and exchange status from around the globe here: https://t.co/DmhBkd4B0k https://t.co/uj93z2SHpH
  • The Australian Dollar’s surge from the March lows may be coming to an end as bearish patterns begin to line up on multiple time-frames. Check out our #AUD trading guide to learn more here: https://t.co/pjfm07tqFd https://t.co/VypHLra1ER
  • The Evening Star candlestick is a three-candle pattern that signals a reversal in the market and is commonly used to trade forex. Learn more about the evening star candlestick pattern here: https://t.co/8OTE7m01IG https://t.co/Vumcng7UB3
  • After a miraculous recovery in Q2, equity markets will be left juggling the Fed’s policy and the threat of a second covid wave, all in an election year. Evidently, traders will have their hands full in Q3. Read our equity forecast here: https://t.co/JARqbOKIeM https://t.co/Ms6zEucjqg
  • Hey traders! I'm sure you've all heard about trend trading. Sharpen your knowledge here: https://t.co/jkliL5sxj7 https://t.co/uvlv1MCAHI
  • $GBPUSD posts impressive Q2 recovery, however, what upside challenges lie ahead in Q3? Download our #GBP trading guide to find out: https://t.co/ZE0yjc6wdQ https://t.co/bFa90VJYor
Gold Price Outlook: XAU/USD Breakout Stalls at Uptrend Resistance

Gold Price Outlook: XAU/USD Breakout Stalls at Uptrend Resistance

2020-06-26 16:00:00
Michael Boutros, Strategist
Share:

Gold Technical Price Outlook: XAU/USD Weekly Trade Levels

Gold prices rallied nearly 0.8% this week with XAU/USD pressing fresh multi-year highs. Despite the recent price breakout, gold continues to hold just below uptrend resistance and while the broader outlook remains constructive, the advance may be vulnerable while below this slope. These are the updated targets and invalidation levels that matter on the gold weekly chart. Review my latest Strategy Webinar for an in-depth breakdown of this XAU/USD trade setup and more.

Starts in:
Live now:
Jul 06
( 12:07 GMT )
Live Weekly Strategy Webinars on Mondays at 12:30GMT
Weekly Scalping Webinar
Register for webinar
Join now
Webinar has ended

Gold Price Chart - XAU/USD Weekly

Gold price chart

Chart Prepared by Michael Boutros, Technical Strategist; Gold on Tradingview

Notes: In my last Gold Weekly PriceOutlook we noted that, “the immediate focus is on a break of the 1673-1733 range for guidance with the long-bias at risk while below the upper parallel.” A close just above this threshold last week saw XAU/USD break to fresh yearly highs on Wednesday before pulling back with the upper parallel continuing to cap this advance.

Look for initial weekly support back at the 78.6% retracement at 1733 with bullish invalidation steady at the highlighted confluence zone around the March high-close at 1673. A close above 1765 is needed to keep the immediate long-bias viable heading into next week with such a scenario exposing subsequent topside resistance objectives at the 2012 high at 1795 and the record high-week close at 1856.

Gold Forecast
Gold Forecast
Recommended by Michael Boutros
Download our latest quarterly Gold Price Forecast
Get My Guide

Bottom line: The broader gold price rally remains vulnerable while below multi-year upslope resistance. A good zone to reduce long-exposure / raise protective stops – look for an exhaustion low ahead of monthly open support at 1731 IF Price is indeed heading higher. Ultimately, a larger decline may offer more favorable entries closer to uptrend support. Review my latest Gold Price Outlook for a closer look at the near-term XAU/USD technical trading levels.

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

Gold Trader Sentiment – XAU/USD Price Chart

Gold trader sentiment
  • A summary of IG Client Sentiment shows traders are net-long Gold- the ratio stands at +2.11 (69.80% of traders are long) – bearishreading
  • Long positions are4.61% higher than yesterday and 11.93% higher from last week
  • Short positions are0.20% higher than yesterday and 17.93% higher from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Gold prices may continue to fall. Traders are more net-long than yesterday but less net-long from last week. The combination of current positioning and recent changes gives us a further mixed Gold trading bias from a sentiment standpoint.
Gold MIXED
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 4% 2% 3%
Weekly 7% 8% 8%
Learn how shifts in Gold retail positioning impact trend
Get My Guide

---

Previous Weekly Technical Charts

- Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex.

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

DISCLOSURES

News & Analysis at your fingertips.