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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
Real Time News
  • Implementing a trading checklist is a vital part of the trading process because it helps traders to stay disciplined, stick to the trading plan, and builds confidence. Learn how to stick to the plan, stay disciplined, and use a checklist here:
  • We are heading into a Tuesday lull which precedes Wednesday's FOMC focus. Will the absence of distractions allow for risk trends to gain momentum or perhaps will Fed anticipation temper the $SPX tumble? My take:
  • CTV projects Trudeau wins his third term as Canada's Prime Minister - BBG
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here:
  • US House Speaker Pelosi says top-line spending number may change but hopes for $3.5 trillion in spending bill - BBG
  • RBA Minutes: - Board committed to providing high level of monetary support - Q3 GDP expected to decline materially - Central scenario is rates on hold until 2024 - BBG $AUDUSD
  • Heads Up:🇦🇺 RBA Meeting Minutes due at 01:30 GMT (15min)
  • New Zealand reports 14 new local Covid cases - BBG
  • I had a chance to talk with @tastytradeRyan and @victorJ0NES about Evergrande and its impact on US markets — always great talking with these two guys on Mondays.
  • RT @cheddar: Stocks dropped the most since May on Monday, sending shockwaves through Wall Street. @CVecchioFX explains the global impact of…
Gold Prices Advance in Preparation for $1296 Retest

Gold Prices Advance in Preparation for $1296 Retest

Jeremy Wagner, CEWA-M, Head of Education

The tension rising in the Korean peninsula has traders bidding up gold prices. We have been maintaining for three months now how our models were showing the gold price pattern was incomplete to the upside on an eventual break above $1300. As gold trades at $1275, will this current rise hold enough energy to break higher?

We can’t say for sure if the current trend is going to break higher, but the patterns are longer term bullish. It appears gold prices are consolidating in a sideways triangle. If this pattern holds, then gold would need to hold below $1296 and continue sideways. It does appear as though we are nearing the end of the triangle pattern. Therefore, if we do get another dip into the $1215-$1245 zone, that dip may be the final wave of the triangle offering bullish traders an opportunity.

To learn more about trading Elliott Wave triangle, view this hour long webinar recording solely covering the triangle pattern with a free registration. Don’t have time for the video recording, grab your beginner and advanced Elliott Wave guides here.

Gold Prices Advance in Preparation for $1296 Retest

If we do get an immediate break above $1296, that would imply that the ‘B’ wave ended in early July as a flat pattern and the ‘C’ wave at one larger degree is working itself higher towards $1345.

The IG Client sentiment reading for gold is at +2.09. The number of traders net long gold have decreased since the beginning of July. This could be a subtle clue for bullish traders as the sentiment reading has been dropping from even more extreme levels. Follow live trader positioning in gold.

$1204 is a key level and our models show this is a lower probability move. A break below $1204 would cause us to reconsider the bigger picture pattern and we would turn neutral the yellow metal.

Bottom line, we are anticipating gold prices to find continue to be supported on an eventual break above the $1296 ceiling.

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.

Crude oil prices stuck in a sideways triangle consolidation.

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