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.

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
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
More View more
Real Time News
  • The USD could still rally a bit from here, but has resistance not far ahead that it will need to overcome if it is to extend to a larger degree. Get your weekly $USD technical forecast from @PaulRobinsonFX here: https://t.co/n0CVWWOJDe https://t.co/0uLjsQ2gwM
  • When it comes to buying and selling forex, traders have unique styles and approaches. Learn about buying and selling forex here: https://t.co/D8DXSAdpqC https://t.co/nfiFAlyYXv
  • Slippage can be a common occurrence in forex trading but is often misunderstood. Understanding how forex slippage occurs can enable a trader to minimize negative slippage, while potentially maximizing positive slippage. Learn about FX slippage here: https://t.co/Blrl0unrdT https://t.co/mIsVJ4zTbB
  • What is your forex trading style? Take the quiz and find out: https://t.co/YY3ePTpzSI https://t.co/hymrumanUY
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here: https://t.co/kODPAfs2Iz https://t.co/6dAqxsVfxJ
  • The results of this weekend’s German Federal Election will likely dominate Euro sentiment at the start of the week ahead but after a possible EUR/USD bounce they will have little long-term impact. Get your weekly $EUR forecast from @MartinSEssex here: https://t.co/Xu3ZT7EtrW https://t.co/5VHKn52MaA
  • The Consumer Price Index, better known by the acronym CPI, is an important economic indicator released on a regular basis by major economies to give a timely glimpse into current growth and inflation levels. Learn how to better understand CPI here: https://t.co/nAa0fHq4Np https://t.co/mf9rsmIvaW
  • 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: https://t.co/7t4BzmLg8w https://t.co/mYWO0Eta0P
  • Sterling continues to contract into trend extremes and the focus is on a pending breakout in the weeks ahead. Get your weekly $GBP technical forecast from @MBForex here: https://t.co/ZvEMQuFjSs https://t.co/rMmq9cehnY
  • Japanese candlesticks are a popular charting technique used by many traders, and the shooting star candle is no exception. Learn about the shooting star candlestick and how to trade it here: https://t.co/mfwJ0sZLTs https://t.co/tm4k3IVzHr
Gold Price Forecast: Gold Recovers from Flash Crash, $1,800 Remains Critical

Gold Price Forecast: Gold Recovers from Flash Crash, $1,800 Remains Critical

Tammy Da Costa, Analyst

Gold Technical Forecast: Neutral

  • Gold bulls strike back after brutal flash crash to open the week
  • Inflation, Sentiment and Earnings remain key catalysts for commodity prices
  • XAU/USD pushes towards psychological $1,800

Gold prices have rebounded after the flash crash on the weekly open saw prices plunge to the $1,680 swing low. After pricing in the brutal sell-off, price action turned positive, allowing Gold bulls the opportunity to drive price action back towards the key psychological level of $1,800 which remains critical to both the imminent and longer-term move.

With company earnings and better than expected US economic data (including last week’s NFP report) supporting optimism of an economic recovery and riskier assets, rising concerns over the spread of the Delta variant prevented bears from driving prices below the 2021 as US Dollar strength eased.

As prices continue to test critical levels of support and resistance, this week’s FOMC Meeting Minutes may further assist in the catalyzation of price action over the next few weeks as inflationary concerns continue to mount. For this reason, Federal Reserve Chair Jerome Powell remains a potential focal point for Gold traders as his commentary could impact the direction of the trend.

Gold Price Forecast: Gold Recovers from Flash Crash, $1,800 Remains Critical

DailyFX Economic Calendar

Gold Technical Analysis

After rebounding off of the 61.8% Fibonacci retracement level of the 2020 move which continues to hold as support at $1,680, Gold bulls are facing a strong wall of confluent resistance, which includes the upper bound of the descending channel that has been forming since prices peaked in August last year. As demonstrated on the weekly chart below, bulls have a number of potential stumbling blocks ahead should the bullish trend continue to further recover prior losses.

To learn more about price action or chart patterns, check out our DailyFX Education section.

Given the intermediate-term bearish backdrop, with the June sell-off still looming large in Gold markets which runs counter to the strength shown this week upon the test of the 2021 low, the forecast will be set to neutral for the week ahead.

Gold (XAU/USD) Weekly Chart

Gold Price Forecast: Gold Recovers from Flash Crash, $1,800 Remains Critical

Chart prepared by Tammy Da Costa using TradingView

Currently, critical levels remain at the above-mentioned moves between $1,680 and $1,800.

For the short-term move, immediate support currently remains at $1,762 (the 50% retracement of the 2020 move), with the next support level holding at $1,744 (the 23.6% retracement of the 2021 move). A break below this level could see bears driving prices back towards the $1,680 handle.

Gold (XAU/USD) Daily Chart

Gold Price Forecast: Gold Recovers from Flash Crash, $1,800 Remains Critical

Chart prepared by Tammy Da Costa using TradingView

Contrary to this, a break above the channel formation and above $1,800 could see the next big level of resistance coming into play at $1,835, the 38.2% retracement of the 2020 move.

--- Written by Tammy Da Costa, Analyst for DailyFX.com

Contact and follow Tammy on Twitter: @Tams707

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

DISCLOSURES