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
EUR/USD
Bullish
Oil - US Crude
Mixed
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
GBP/USD
Bullish
USD/JPY
Bullish
More View more
Real Time News
  • I don't think there was even a meaningful 'hope' from the market that this was going to get through, so likely no risk retreat as part of an earnest disappointment https://t.co/9plviuDq0Y
  • House delays stimulus bill vote to allow for more time on talks - BBG
  • SA’s official Q2 unemployment rate at 23.3%, down from 30.1% in Q1. Get your $USDZAR market update from @RichardSnowFX here: https://t.co/coIzNSve7u https://t.co/bAGMxZVYYN
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.50% 🇨🇦CAD: 0.49% 🇦🇺AUD: 0.47% 🇯🇵JPY: 0.21% 🇨🇭CHF: -0.15% 🇪🇺EUR: -0.19% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/84GPyworwF
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Gold: -0.58% Oil - US Crude: -0.84% Silver: -3.68% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/xsYcuQg0ug
  • See my #2020election special take on the following question: Will Trade Wars Persist After the US Election? https://www.dailyfx.com/forex/fundamental/article/special_report/2020/09/30/will-trade-wars-persist-after-the-us-election.html
  • The British Pound price sell-off is now testing a critical medium-term support zone and the immediate focus is on inflection off this threshold. Get your $GBPUSD technical analysis from @MBForex here:https://t.co/c3wV3cgmuL https://t.co/0cuWf9Un3e
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.17%, while traders in Wall Street are at opposite extremes with 69.21%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/Kgs0Iv4p8Q
  • Federal Reserve Board announces an extension of rules, including prohibiting share repurchases, for big banks through Q4 to maintain capital resilience $SPX
  • US Equity Update (Wednesday Close): $DJI +1.20% $SPX +0.82% $NDX +0.84% $RUT +0.20% $VIX -0.42%
Gold Technical Analysis: Rally Approaching Critical Resistance at 1278

Gold Technical Analysis: Rally Approaching Critical Resistance at 1278

2017-04-11 19:25:00
Michael Boutros, Strategist
Share:

Talking Points

Gold Daily

Gold Daily Chart

Gold is attempting to close above the 200-day moving average for the first time this year & after five failed attempts. The focus now shifts to critical resistance highlighted last week around 1278- this region is defined by the 100% ext of the advance off the December lows & the 61.8% retracement of the decline off the 2016 high and converges on key longer-term slope lines extending off the 2011 record highs & the 2016 high.

Bottom line: gold is coming into some serious resistance here with the long bias at risk heading into this key region. Interim support now back at the 200-day moving average with a break sub-1241 needed to shift the medium-term focus lower. From a trading standpoint, I’ll be looking for exhaustion / short-triggers on a move into the upper parallels. That said, if we break higher there’s open range to the May highs at 1303.

Gold Technical Analysis: Rally Approaching Critical Resistance at 1278
  • A summary of the DailyFX Speculative Sentiment Index (SSI) shows traders are net-long Gold- the ratio stands at +2.14 (68.2% of traders are long)- bearish reading
  • Long positions are 6.1% lower than yesterday but 5.3% higher from last week
  • Short positions are 10.7% higher than yesterday and 7.7% lower from last week
  • Despite the fact retail remains net-long, the recent build in short positioning continues to highlight the immediate topside bias- but look for this to change as prices approach key resistance.

---Written by Michael Boutros, Currency Strategist with DailyFX

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