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.

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
Subscribe
Please try again
EUR/USD
Bearish
Oil - US Crude
Mixed
Wall Street
Bearish
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
GBP/USD
Bearish
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
USD/JPY
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
More View more
Real Time News
  • Get your snapshot update of the of relative currency strength and exchange status from around the globe here: https://t.co/H19vRDCpUJ https://t.co/S74APOiQ3y
  • Two of the main Euro-pairs, $EURUSD and $EURGBP, are being driven by very different drivers. Get your market update from @nickcawley1 here: https://t.co/Vd32Y6HKEr https://t.co/Lgb5z5V1Xa
  • Recessions can devastate the economy and disrupt the fortunes of individuals, businesses, and investors. But economic decline in the business cycle is inevitable, and your trading can be defined by how you respond to crisis. learn how to prepare here: https://t.co/e4CnobJCss https://t.co/9uPXNvDBS5
  • We ended this past week with another cliffhanger. The $SPX teeters on the edge of a breakdown from the post-pandemic recovery. While we have NFPs and other key data ahead, the markets are likely to remain fixated on yields. My outlook for next week: https://www.dailyfx.com/forex/video/daily_news_report/2021/02/27/SP-500-Dollar-Reversal-Hinge-Not-On-NFPs-but-Markets-Risk-Imagination.html?ref-author=Kicklighter&QPID=917719&CHID=9 https://t.co/mlNDDyTgex
  • Make smart trading decisions with your free guide to trade the news. Download your free guide here.https://t.co/pb5E2KgRzW #DailyFXGuides https://t.co/70ZOJ0ZMwF
  • Looking for a new way to trade reversals? One of the most used reversal candle patterns is known as the Harami. Like most candlestick formation patterns, the Harami tells a story about sentiment in the market. Get better with trading reversals here: https://t.co/rfwUWJfbz9 https://t.co/SyroornFf5
  • MACD who? The Moving Average Convergence Divergence (MACD) is a technical indicator which simply measures the relationship of exponential moving averages (EMA). Find out how you can incorporate MACD into your trading strategy here: https://t.co/ZNs4QhQGQ6 https://t.co/KrMcyZZqO7
  • The Reserve Bank of Australia (RBA) rate decision may spark a bullish reaction in $AUDUSD as the central bank is expected to retain the current course for monetary policy. Get your market update from @DavidJSong here: https://t.co/WbcR9ER0qT https://t.co/TynsqCtPQ6
  • Gold has broken below a critical support confluence we’ve been tracking for months now and the risk remains for further losses while below this threshold in the weeks ahead. Get your $XAUUSD market update from @MBForex here:https://t.co/xgN2obaIWR https://t.co/H71ufPNkPg
  • 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: https://t.co/QszmdZFxlk https://t.co/Evr5KgUjVo
Gold Technical Forecast: XAU/USD Approaches Key Chart Levels

Gold Technical Forecast: XAU/USD Approaches Key Chart Levels

Thomas Westwater, Analyst

Gold Price Technical Forecast – Neutral

  • XAU/USD remains in a descending channel after failure to breach resistance
  • 1830 and 1850 levels look key for price action in the week ahead
  • 38.2% Fibonacci may provide a base for bulls to retake longer-term trend
Advertisement

Gold eked out a 0.04% gain in the second week of December as prices rebounded from the psychologically important 1830 level after pitching below 1850 on a rejection from descending channel resistance. Now, XAU/USD approaches longer-term technical levels that may increasingly influence price action in the week ahead.

The most recent move lower followed a late November rally from descending channel support. Gold remains vulnerable to bearish influence within the pattern. Still, Shorter-term momentum appears more neutral with the 20- and 50-day Simple Moving Averages (SMA) moderating, and a neutral ranging RSI. The 1830-1850 range will likely be key levels to break for any directional shifts to occur.

Gold 6- Hour Chart

Gold chart

Chart created with TradingView

How to Use IG Client Sentiment in Your Trading
How to Use IG Client Sentiment in Your Trading
Recommended by Thomas Westwater
Improve your trading with IG Client Sentiment Data
Get My Guide

Zooming out to the daily timeframe highlights technical areas beyond the 1830-1850 range. The rising 200-day SMA and inflection from the 1808-1824 range may offer a degree of confluent support to stifle any short-term selling pressure. A break lower, however, will look for a test of trendline support formed from the 2020 lows before November’s multi-month swing low (1764.73) comes into view.

Conversely, the 38.2% Fibonacci retracement of the March-August move appears to be providing the most immediate support. A move higher will aim to break through descending channel resistance that would signal a shift back to gold’s longer-term bullish trend. Overall, the near-term and approaching technical levels could provide traders actionable movement, but the 1830 and 1850 price levels look key before moving further.

Gold Daily Chart

Gold Daily Chart

Chart created with TradingView

XAU/USD TRADING RESOURCES

--- Written by Thomas Westwater, Analyst for DailyFX.com

To contact Thomas, use the comments section below or @FxWestwateron Twitter

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

DISCLOSURES