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
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
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
Bearish
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • (Weekly Fundamental) Australian Dollar Outlook: Tied to Biden Stimulus Bets, S&P 500, US Dollar, Treasuries $AUDUSD #SP500 #stimulusbill #USD https://www.dailyfx.com/forex/fundamental/forecast/weekly/aud/2021/01/16/Australian-Dollar-Outlook-Tied-to-Biden-Stimulus-Bets-SP-500-US-Dollar-Treasuries.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/H7aus0Aljt
  • The inside bar pattern occurs regularly within financial markets. Incorporating the inside bar strategy can enhance a trader's market analysis. Find out how more here: https://t.co/E3EWOYTYNw https://t.co/7zI3p6UNVs
  • Bank of Japan to mull widening of its long-term yield band -BBG $USDJPY
  • While the rise in longer-dated Treasury yields have been impressive as of late, March highs remain a key focus for resistance The medium-term uptrend remains intact, maintained by rising support from August Fading fiscal stimulus expectations (size) may sour yields ahead https://t.co/L3vBcF0ts7
  • Trading bias allows traders to make informative decisions when dealing in the market. This relates to both novice and experienced traders alike. Start learning how you may be able to make more informed decisions here: https://t.co/rz7fqhRoMG https://t.co/vFJ8zmphMm
  • While the US Dollar has been holding its ground, its downside bias against the Singapore Dollar, New Taiwan Dollar Thai Baht and Indonesian Rupiah remains intact as it hovers at support. Get your market update from @ddubrovskyFX here: https://t.co/p7gAztWuVG https://t.co/zB1pOS6U4D
  • The $VIX is now running 227 trading days above the 20 handle. It is also working its way quickly into a dead-end descending triangle. These don't really break lower... https://t.co/39Pr7YrQ08
  • WTI Crude amongst the many market participants taking a hit today, down almost 3% $WTI $USD https://t.co/eg2phm1wUO
  • The power of suggestion: even though the market recognized the mistake with mixing Tesla founder Musk's suggestion to use the Signal app with the stock SIGL, it is still trading >2,000% above pre-remark levels and maintains heavy volume. Us speculators are an interesting people
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: -0.07% 🇨🇭CHF: -0.35% 🇪🇺EUR: -0.65% 🇨🇦CAD: -0.75% 🇦🇺AUD: -0.95% 🇳🇿NZD: -1.19% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/6NZVebT00L
Gold Prices Fall Through Support: Is the Bullish Trend Breaking Down?

Gold Prices Fall Through Support: Is the Bullish Trend Breaking Down?

2017-01-25 19:04:00
James Stanley, Strategist

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

In our last article, we looked at Gold prices as they were adhering to an aggressively bullish channel, connecting from the lows in December to account for an approximate 8.6% bump in a little over a month’s time. But to put this move in proper scope, this bullish run was fresh on the heels of a bearish drive that started on the night of the U.S. Presidential Election that spanned more than -16% in a little over a month.

As we had written in our last article, the 50% retracement of that post-Election move sits at $1,230.07; and should price action break-above this zone, then the prior bearish trend would be nullified. This hasn’t happened, and instead, that bullish trend has appeared to have begun breaking down after a false top-side breakout yesterday; falling through a widely-watched zone of support from $1,200.51 up to $1,204.76.

Gold Prices Fall Through Support: Is the Bullish Trend Breaking Down?

Chart prepared by James Stanley

For those looking to implement bearish approaches, caution should be warranted as Gold has become even more volatile than usual after the election of Donald Trump as President of the United States. Next week will likely keep USD volatile with both the Federal Reserve and Non-Farm Payrolls on deck and this, of course, can hit Gold prices.

For those looking to trade Gold prices lower, waiting for a deeper break of support could signal that bears may be able to actually continue driving price action with the aim of continuation of the ‘bigger picture’ down-trend. An aggressive swing-low showed up at $1,187.50 just three weeks ago, and this can be a novel area to look for indications of bearish continuation. But once that support level breaks – traders are likely going to want to wait for resistance to show before triggering short, and the area of prior support from $1,200-$1,204.76 could be an opportune area to stage such an approach.

Gold Prices Fall Through Support: Is the Bullish Trend Breaking Down?

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