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
Mixed
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
Oil - US Crude
Bullish
Wall Street
Mixed
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
Mixed
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
More View more
Real Time News
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out https://t.co/c51s3IBcEu https://t.co/AXZxK8Abrh
  • Global stock markets may see turbulent volatility if darkening clouds over Washington’s relations with Beijing turn into a geopolitical storm. Which assets will be the lifeboat? Find out here:https://t.co/RkFI6qAyik https://t.co/9Ppa4d48Ql
  • The Dow Jones and S&P 500 outlook appears bleak in the near term as retail traders increase their upside exposure. At the same time, these indices confirmed bearish technical warning signs. Get your market update from @ddubrovskyFX here:https://t.co/fKCHELbOxo https://t.co/e0liqVDzw6
  • The Japanese Yen may fall against its major peers, but there is room for a near-term climb that wouldn’t necessarily overturn a bearish technical bias. USD/JPY is eyeing support. Get your market update from @ddubrovskyFX here:https://t.co/AEnQCXnwAL https://t.co/tuq7DDF3jE
  • Protests in Colombia may continue to pressure the Peso, but surging commodity prices and a weaker Greenback could curb USD/COP gains. Get your market update here:https://t.co/vcVH75xuKI https://t.co/kEvbsagB4a
  • Money never sleeps.... https://t.co/mAkpWd2M3O
  • The US exchanges are closed and now we have to turn over to the cryptocurrency charts to monitor developments in risk trends over the weekend. Unfortunately, it can be difficult to separate systemic sentiment influences vs isolated issues (like a celebrity's tweet about a coin)
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.93% 🇦🇺AUD: 0.72% 🇪🇺EUR: 0.55% 🇨🇦CAD: 0.50% 🇬🇧GBP: 0.32% 🇯🇵JPY: 0.11% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/rzD7Gp4VIC
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Silver: 1.17% Gold: 0.92% Oil - US Crude: 0.22% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/TU8HEn8Gbk
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 90.44%, while traders in France 40 are at opposite extremes with 73.01%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/M5ItmLXuiw
Gold Technical Analysis: Breakout Failure Despite Syrian Conflict

Gold Technical Analysis: Breakout Failure Despite Syrian Conflict

Michael Boutros, Strategist

Talking Points

- Gold Price 200 Day Average is Still Trouble for Bulls

- Looking longer-term? Review DailyFX’s 1Q Gold Projections

- Join Michael for Live Weekly Trading Webinars on Mondays at 12:30GMT (8:30ET)

Gold prices rallied for a fourth consecutive week with the precious metal up more than 0.4% to trade at 1253 ahead of the New York close on Friday. Bullion pared back a late-week rally on the heels of Friday’s NFP report with the prices failing a fourth attempt to close above the 200-day & 52week moving averages at 1258.

Chart 1: Gold Daily Timeframe (May 2016 to April 2017)

Gold Technical Analysis: Breakout Failure Despite Syrian Conflict Gold Technical Analysis: Breakout Failure Despite Syrian Conflict

U.S. Non-Farm Payrolls report on Friday showed a gain of only 98K but the underlying metrics were strong with the headline unemployment rate falling to 4.5%, its lowest reading since mid-2007. The under-employment rate (U6) also saw an outsized downtick to the tune of 8.9% from 9.2%. Gold spiked on the release only to reverse sharply early in the US session.

Heading into next week, the trade remains vulnerable sub-1258 with interim support eyed at 1241- Note that a longer-term median-line rests just lower and a break below this level would suggest a more meaningful correction is underway with such a scenario targeting February 27th weekly reversal close at 1234 & the Janay highs at 1220. Critical resistance remains up at 1278/79, where the 100% etc. & the 61.8% retracement converges on long-term slope resistance.

Chart 2: Gold Speculative Sentiment Index (October 10, 2016 to April 7, 2017)

Gold Technical Analysis: Breakout Failure Despite Syrian Conflict

A summary of the DailyFX Speculative Sentiment Index (SSI) shows traders are net long Gold- the ratio stands at +2.36 (70.2% of traders are long) – a bearish reading.

  • Long positions are 3.3% higher than yesterday and 3.4% above levels seen last week
  • Short positions are 13.8% lower than yesterday and a 22.3% below levels seen last week
  • Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger Spot Gold-bearish contrarian trading bias.

--- Written by Michael Boutros, Currency Strategist

Follow Michaelon Twitter @MBForex contact him at mboutros@dailyfx.com

Click Here to be added to his email distribution list.

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

DISCLOSURES