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.

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
Bearish
Oil - US Crude
Bearish
Wall Street
Bullish
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
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
GBP/USD
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
USD/JPY
Mixed
More View more
Real Time News
  • IGCS hints that gold prices may reverse higher as the S&P 500 aims for new highs. Things are looking a little bit more choppy for the growth-linked Australian Dollar. Get your $AUD market update from @ddubrovskyFX here:https://t.co/xiaQOr5D7D https://t.co/ZIwVyai2m2
  • The US Dollar technical outlook remains broadly bearish against ASEAN currencies like the Singapore Dollar, Indonesian Rupiah, Malaysian Ringgit and Philippine Peso. Where to from here? Find out from @ddubrovskyFX here:https://t.co/ijSi1wlLpQ https://t.co/k34HQK8UXU
  • San Francisco issues new stay-at-home order for residents - Reuters via BBG
  • Productive procrastination = you have a list of tasks in varying degrees of importance and you put the most important and high-priority item on the bottom but still need to feel and be productive so you do other tasks while avoiding the thing u need to do the most. Familiar?
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.61% 🇬🇧GBP: -0.12% 🇨🇭CHF: -0.13% 🇪🇺EUR: -0.22% 🇯🇵JPY: -0.34% 🇳🇿NZD: -0.52% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/OgYcNSUCI2
  • Commodities Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Silver: 0.59% Gold: -0.10% Oil - US Crude: -0.28% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/Jc0b1GCn7D
  • Despite reaching an all-time high in April 2020, USD/ZAR has steadily declined as bulls failed to maintain favor. Get your $USDZAR market update from @Tams707 here:https://t.co/32cstWfLt1 https://t.co/7RlEbk7r3I
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 93.50%, while traders in Wall Street are at opposite extremes with 74.56%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/9Ft0XDFIEF
  • Indices Update: As of 21:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.21% France 40: 0.20% Germany 30: 0.11% Wall Street: 0.02% US 500: -0.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/57pcTwXMK1
  • RT @JoeBiden: Tune in as I deliver remarks on the final jobs report of 2020 and the state of our economy. https://t.co/JEvoHosVGv
Gold Prices Are Testing the Bullish Channel

Gold Prices Are Testing the Bullish Channel

2017-01-18 20:00:00
James Stanley, Strategist
Share:

To receive James Stanley’s Analysis directly via email, please sign up here.

In our last article, we looked at the continued-move higher in Gold prices as the market was retracing a previously bearish trend. The election-inspired trend sent Gold prices lower by more than $225 in a little over a month to tally a peak-to-trough run of -16%. But shortly after the Fed hiked rates in December, Gold prices began moving-higher and haven’t yet stopped.

This has produced a rather clean bullish trend channel as prices have been running higher since setting that low in the second half of December (shown below).

Gold Prices Are Testing the Bullish Channel

Chart prepared by James Stanley

This bullish trend channel has already taken-out multiple points of resistance as traders have been bidding Gold prices higher. At $1,230.07 we have the 50% retracement of the post-Election move, and should this be taken out the bearish trend that had sent prices reeling after the election would be nullified.

Traders looking to execute bullish strategies can look to catch support off of prior resistance around the zone comprising $1,200-$1,204.76. Both of these prices are relevant Fibonacci levels and this zone had offered resistance when prices were on the way-up, so this can be a very opportune zone to look for that next zone of ‘higher low’ support.

Given the veracity of the move-higher, bears will likely want to wait for a break of swing support levels at $1,187.50 or $1,177 before entertaining down-side approaches.

Gold Prices Are Testing the Bullish Channel

Chart prepared by James Stanley

--- Written by James Stanley, Strategist for DailyFX.com

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.

DISCLOSURES