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.

Free Trading Guides
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 Australian Dollar could reverse gains if #Brexit is forced to be delayed. Global growth slowdown woes and other fundamental risks may also undermine $AUDUSD upside progress. Get your $AUD market update from @ddubrovskyFX here: https://t.co/VAs2C3cpQj https://t.co/9mqJ0DSLZZ
  • Here is my trading video for the week ahead: '$EURUSD, #Pound, Volatility - The Biggest Risks and Opportunities Ahead' https://www.dailyfx.com/forex/video/daily_news_report/2019/10/19/EURUSD-Pound-Volatility---The-Biggest-Risks-and-Opportunities-Ahead-.html
  • $GBPUSD is on the verge of pushing above five-year resistance. A break above with follow-through may precede considerable upside movement. Get your GBP/USD market update from @ZabelinDimitri here: https://t.co/0qfh7TRWJn https://t.co/GImIwuGodX
  • The $AUD may resume its downtrend while the #ASX 200 stock index powers higher as dovish monetary policy drives interest rates lower. Get your market update from @IlyaSpivak here: https://t.co/UPlHZrt6c2 https://t.co/EIIf9xackw
  • (Fundamental Forecast) Australian Dollar Could Wilt if Brexit Delayed, Growth Risks Hang $AUDUSD #Brexit - https://www.dailyfx.com/forex/fundamental/forecast/weekly/aud/2019/10/19/Australian-Dollar-Could-Wilt-if-Brexit-Delayed-Growth-Risks-Hang.html?CHID=9&QPID=917702 https://t.co/2aOYhblN3g
  • The $USD faces selling pressure against the Malaysian Ringgit and Philippine Peso. More losses may be in store in $USDMYR as $USDPHP descends through rising support from 2013. Get your market update from @ddubrovskyFX here: https://t.co/t3kmFpmg1w https://t.co/miBrgxmtkA
  • $AUDJPY has launched yet another attempt to breach a multi-month downward trend resistance after failing to break above it in September. Will two consecutive defeats precede a reversal lower? Find out from @ZabelinDimitri here: https://t.co/b3nWUu0QZy https://t.co/Lj0ZSWOdp1
  • The #Euro has breached resistance guiding it lower for nearly four months, setting the stage for gains. Any near-term rise is unlikely to derail the long-term downtrend, however. Get your Euro market update here: https://t.co/gl9VRc3XEp https://t.co/K2mQuEolQc
  • We just closed out the $DXY's worst weekly tumble since January 2018...and it still hasn't cleared this frustratingly restrictive channel https://t.co/cJedpn0g8D
  • Heads Up:🇬🇧 GBP U.K. Government Sits to Discuss Brexit due at 23:01 GMT (15min) https://www.dailyfx.com/economic-calendar#2019-10-18
Ichimoku Alert: Bearish Pressure On XAU/USD With Strong Post-Election Reversal

Ichimoku Alert: Bearish Pressure On XAU/USD With Strong Post-Election Reversal

2016-11-10 18:25:00
Tyler Yell, CMT, Currency Strategist

Ichimoku Alert: Bearish Pressure On XAU/USD With Strong Post-Election Reversal


Ichimoku Alert: Bearish Pressure On XAU/USD With Strong Post-Election Reversal

XAU/USD price moved lower aggressively after a knee-jerk reaction higher after President-Elect Trump won the November 8 U.S. Presidential Election. The $77/oz drop in price showed the quick shift from risk-off to risk-on that is also displayed in JPY weakness since Wednesday morning. From a technical perspective, we can see that price has shown two bearish developments independent of Ichimoku. First, the price was rejected on Wednesday morning at the top of a falling channel drawn known as Andrew’s Pitchfork. Secondly, the price has traded back below the 200-DMA, which is a classic trend filter in addition to the Ichimoku Cloud.

Looking at Ichimoku, you can see that the price had moved aggressively higher toward the top of the cloud, which is seen as a trend filter. However, traders did not continue to buy XAU/USD above 1,330 and the price aggressively reversed. Eventually, the price continued to trade below the cloud by the end of Wednesday’s trading day.

Ichimoku traders who look at the Daily chart can look to see if the price stays below the cloud, which has turned a Bearish color (red) on that chart. In addition to price, keeping an eye on the lagging line (bright green line behind price) staying below the price and the cloud would be indicative of Bearish pressure remains.

Lastly, the DXY strength post-election should be watched for continuation. There is a view that President-Elect Trump could bring inflationary pressure that may push up the pace of expected rate hikes. If DXY continues to strengthen and the XAU/USD price breaks below the October low and 76.4% Fibonacci Retracement at $1,241/oz, the Bearish pressure may continue to build.

A move of the Gold price above the 200-DMA and the Cloud on a Closing basis would indicate a reversal may be underway. Traders could look to the DXY and FOMC rate hike expectations to confirm a move higher in Gold should such a reversal surface.

What Is Ichimoku Cloud? Read Our Definitive Guide to Trading Trends with Ichimoku Cloud

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


News & Analysis at your fingertips.