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  • RT @KyleR_IG: The curve on Friday. https://t.co/do1E6LmfRM
  • Gold suffered a significant breakdown last week as it plummeted beneath support and tagged new lows. Get your $XAUUSD market update from @PeterHanksFX here:https://t.co/850orYzr93 https://t.co/yMTFkLQJSd
  • The Canadian Dollar was hobbled last week, nearly falling through key technical levels. But said technical thresholds were never tripped. Get your $CAD market update from @CVecchioFX here: https://t.co/xEKh42TRbx https://t.co/uB7gQg5ztB
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.60% 🇳🇿NZD: 0.37% 🇪🇺EUR: 0.34% 🇨🇦CAD: 0.07% 🇯🇵JPY: 0.06% 🇨🇭CHF: 0.05% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/cprSmzQd2v
  • 🇳🇿 Building Permits MoM (JAN) Actual: 2.1% Previous: 5.1% https://www.dailyfx.com/economic-calendar#2021-03-02
  • Heads Up:🇦🇺 Markit Services PMI Final (FEB) due at 22:00 GMT (15min) Previous: 55.6 https://www.dailyfx.com/economic-calendar#2021-03-02
  • Commodities Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Gold: 0.70% Silver: 0.68% Oil - US Crude: -0.37% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/7oCCFYvG6O
  • EUR/USD appears to be defending the yearly low (1.1952) even as European Central Bank (ECB) officials endorse a dovish forward guidance for monetary policy. Get your $EURUSD market update from @DavidJSong here:https://t.co/CMCUpx5ssP https://t.co/UXLAKmdeTX
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.63%, while traders in Germany 30 are at opposite extremes with 71.61%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/bmtKjceCBe
  • Heads Up:🇳🇿 Building Permits MoM (JAN) due at 21:45 GMT (15min) Previous: 4.9% https://www.dailyfx.com/economic-calendar#2021-03-02
Gold Trades to 20 Day Average for First Time Since Early February

Gold Trades to 20 Day Average for First Time Since Early February

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gold_body_gold.png, Gold Trades to 20 Day Average for First Time Since Early February

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Are you new to FX or curious about your trading IQ?

Commodity Analysis: Friday’s action following NFP is bullish. After the release, gold took out the previous 5 days’ lows, reversed, and closed near the high of the day and range. The near term action supports the previously presented bullish evidence. “Given sentiment as indicated by COT and the retracement of the rally from the 2/21 low stopping at the high volume day close (2/20 close in futures), a bullish bias is warranted against the 2/21 low. The counter to this is that a drop below 1555 could complete 5 waves down from 1697 and give way to a more persistent advance.”

Commodity Trading Strategy: Long against 1555, target 1650

LEVELS: 1500 1523 1555 1620 1639 1652

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

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