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
EUR/USD
Bullish
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
Bullish
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • The US Dollar is losing ground against a few ASEAN counterparts. USD/SGD, USD/IDR and USD/PHP seem to be maintaining a downside bias. USD/THB may rise. Get your market update from @ddubrovskyFX here:https://t.co/I2oeWXMFLc https://t.co/C49ElPMI7l
  • Treasury Sec. Yellen: - Investments and tax proposals in "Jobs Plan" will enhance net profitability of corporations, improve global competitiveness - These are investments to make the economy more competitive and sustainable
  • Treasury Sec. Yellen: - Corporate sector must bear its fair share, plan to return corporate tax toward the historical norm - We will target incentives for companies to move funds, operations overseas
  • Treasury Sec. Yellen: - We must improve public R&D to maintain America's technological edge - We must build support systems to improve quality of life and opportunities for those most impacted by wealth inequality
  • Treasury Sec. Yellen: - We must reorient the framing of US fiscal policy - Poor US fiscal policy has meant infrastructure wasn't maintained or modernized
  • Treasury Sec. Yellen: - Innovation required from public & private sector to improve the economy - We must invest in public infrastructure and institutions that drive productivity
  • Treasury Sec. Yellen: - Wage gains and profits have benefitted the top families in America - Middle class families have faced wage stagnation
  • Bitcoin lower for the 4th consecutive day, but crucially held above $42,000 #BTC #Bitcoin $BTCUSD https://t.co/buRKsUDgzR
  • US Dollar Index extends its recent decline, dips back below 90 $USD $DXY https://t.co/15ZELIVt8q
  • RT @ParikPatelCFA: Indian flowers have patels not petals
Gold Prices Dip, But Pattern Incomplete to Upside

Gold Prices Dip, But Pattern Incomplete to Upside

Jeremy Wagner, CEWA-M, Head of Education

Gold prices continue to consolidate inside a range. The Elliott Wave model we are following hints that we could see an eventual breakout above $1295, though it does call for some shorter term weakness.

According to the model, gold prices are grinding sideways in a ‘B’ wave. This wave could continue to drop towards $1228 and possibly dive towards the March low of $1194.

If gold prices do approach $1194, we think it may find support in the $1180 - $1194 zone. The model we are following does suggest a lower probability outcome for gold prices to break below $1122 and that prices are likely to hold above $1122.

Gold Price Elliott Wave June 26, 2017

The IG Client sentiment reading for gold is at +3.75. Traders have remained near current positioning levels for the past several weeks. In a way, this makes sense because gold prices have been trading sideways with no real breakout taking place. However, we can use sentiment as a contrarian indicator that suggests there may be weakness in the yellow metal in the shorter term. Follow this live reading and learn how to trade with sentiment at this link.

Bottom line, we are anticipating some losses in gold price and for support to form above $1122. Once support is formed, we anticipate new highs above $1295.

This is a shorter term outlook for gold. Read our quarterly gold price forecast to see what may be influencing the longer term cycles.

---Written by Jeremy Wagner, CEWA-M

Discuss this market with Jeremy in Monday’s US Opening Bell webinar.

Follow on twitter @JWagnerFXTrader .

Join Jeremy’s distribution list.

EUR/USD has stalled. Where might we be in the Elliott Wave cycle? Read more on my EURUSD analyst pick.

Read the recent Dow Jones Elliott Wave article.

USD/JPY advances in impulses and corrects in three’s…see what that hints at for price action.

AUDUSD aims for 77 cents...see key levels to watch.

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

DISCLOSURES