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
Oil - US Crude
Wall Street
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
  • What is your forex trading style? Take the quiz and find out:
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Find out about the recent history of ISM data, how to track it, and how to trade its release here:
  • The continuity seen across these volatility cycles is a good thing. Historical precedence offer a blueprint for identifying conditions supportive for a vol-event to occur, and how they may unfold. Deepen your knowledge of historical volatility here:
  • There’s a strong correlation between interest rates and forex trading. Forex is ruled by many variables, but the interest rate of the currency is the fundamental factor that prevails above them all. Learn how interest rates impact currency markets here:
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here:
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here:
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here:
  • Emotions are often a key driving force behind FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Read on and get your emotions in check here:
  • There are three major forex trading sessions which comprise the 24-hour market: the London session, the US session and the Asian session. Learn about the characteristics of each session here:
  • 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:
Gold Prices Still Flagging, Fall to Deeper Support

Gold Prices Still Flagging, Fall to Deeper Support

James Stanley, Senior Strategist

Talking Points:

  • Gold prices continue to trade within the bull flag formation that’s been operative since early-July.
  • While the bull flag denotes continuation potential of the move-higher, prices have been under pressure after setting another ‘lower-high’ to kick off last week.
  • If you’re looking for trading ideas, check out our Trading Guides. They’re free and updated for Q4.

In our last article, we looked at the bull flag formation that has built in Gold prices since early-July. At the time of that last article, Gold prices had just caught another jump-higher after a Federal Reserve meeting didn’t bring on the level of hawkishness that was anticipated and, in turn, brought weakness into the US Dollar. But as we warned, that move may not have staying power and traders would likely want to wait for either a top-side break of the bearish channel, or a deeper level of support in the effort of getting a cleaner entry.

We had specifically looked at the prior swing-low in the $1,312 range as a potential level of support; this was the swing-low in mid-September, and this was just above the prior swing-low set at the end of August. This brings up a potential setup in which traders can look to trade the trend-side bias in Gold prices whilst price action still remains within the channel. Traders can look at a stop below the $1,298.00 level of support, with an initial target to the prior swing-high of $1,327 to get a better than one-to-one risk reward ratio while price action remains in the flag formation. A secondary target can be set to the $1,342 level of resistance (the previous swing-high) to look for a better than 1-to-2.5 risk-reward ratio. And if we do, in fact, get the top-side breakout of the flag formation, traders can cast tertiary profit targets to the July swing-high of $1,375.04.

For traders that want to approach Gold more conservatively, they’d likely want to await a top-side break of the flag before investigating long positions. The same $1,342 level of resistance that set the previous swing-high could be an opportune zone to look for that next ‘higher-low’ level of support should Gold prices pose a top-side breakout. Alternatively, traders can wait for price action to move down to the long-term support zone in the $1,285 vicinity, which has multiple Fibonacci retracements and price action inflections over the prior seven months.

Gold Prices Still Flagging, Fall to Deeper Support

Chart prepared by James Stanley

--- Written by James Stanley, Analyst for DailyFX

To receive James Stanley’s analysis directly via email, please SIGN UP HERE.

Contact and follow James on Twitter: @JStanleyFX

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