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
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
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
Bullish
Gold
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
GBP/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
USD/JPY
Bullish
More View more
Real Time News
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Silver: 3.22% Gold: 0.87% Oil - US Crude: -0.16% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/OZAg17Ojqt
  • #Gold has rallied over $200/oz. since then and late Tuesday broke through $2,000/oz. with ease. Get your $XAUUSD technical analysis from @nickcawley1 here: https://t.co/377MlMYPwT https://t.co/i5fE0zpse4
  • Trump threatens to take executive action on certain relief efforts should congress fail to make a deal - Fox Business News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 95.96%, while traders in US 500 are at opposite extremes with 76.59%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/X22WA5Nxrx
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Wall Street: 1.04% US 500: 0.56% France 40: -0.11% Germany 30: -0.15% FTSE 100: -0.39% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/H9HgvCLdlE
  • US Treasury Yields: 2-Year: 0.109% 3-Year: 0.125% 5-Year: 0.215% 7-Year: 0.391% 10-Year: 0.545% 30-Year: 1.224% $TNX
  • The Bank of England is not expected to make any major changes to the current monetary policy after QE had been expanded by GBP 100bln at the prior meeting. Get your market update from @JMcQueenFX here:https://t.co/jvKHp6s3XG https://t.co/jz3EhCdtae
  • Canadian #Dollar Outlook: $USDCAD Plummets to Major Uptrend Support - https://t.co/HLtQstewm6 https://t.co/DXXIOvBKzX
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.04%, while traders in US 500 are at opposite extremes with 76.72%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/nTYRlfwmDy
  • The USD/CAD sell-off is now approaching long-term uptrend support and while the immediate threat is lower, the decline may be vulnerable heading into this key region. Get your $USDCAD technical analysis from @MBForex here:https://t.co/wsdtyzGMZG https://t.co/hj69mn4hKq
Gold Prices Continue Descent Through Key Support Zone

Gold Prices Continue Descent Through Key Support Zone

2017-06-19 17:00:00
James Stanley, Strategist
Share:

Talking Points:

- Gold technical strategy: Long-term mixed, Intermediate-term bearish, short-term bearish.

- Gold prices have continued to slide-lower after last week’s Central Bank outlay.

- If you’re looking for trading ideas, check out our Trading Guides. If you’re looking for shorter-term ideas, check out our IG Client Sentiment.

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

In our last article, we looked at the continued slide-lower in Gold prices after the double top had formed around the prior April high. After that top was set, Gold prices continued to drive lower, eventually re-entering the descending channel that’s held a bulk of Gold price action since last July.

Gold Prices Continue Descent Through Key Support Zone

Chart prepared by James Stanley

During this recent bearish run, Gold prices crossed below a key support level at $1,248-$1,249, as this is the 50% marker of that bearish run that began last July. This is the same set of levels with which support had formed at the 38.2% retracement earlier in May, right around the time that James Comey was fired. The 50% retracement of this Fibonacci setup had helped to set support in March, leading into April; and this level is also very near the $1,250 psychological level that had helped to set support in Gold prices around the Brexit referendum last year.

Gold Prices Continue Descent Through Key Support Zone

Chart prepared by James Stanley

Given that Gold prices are seeing short-term bearish momentum line-up with a longer-term down-trend, traders would likely want to move-forward with a bearish bias. The fact that we’re trading below a key support zone is in-and-of-itself a bearish quality; but given the veracity of support that we’ve seen around this level in the recent past, traders would likely want to wait for a more advantageous entry point before initiating short positions, or at the very least exude a healthy dose of caution against chasing the move-lower. On the chart below, we’re looking at two potential zones inside of recent price action that could offer that ‘lower-high’ point of resistance.

Gold Prices Continue Descent Through Key Support Zone

Chart prepared by James Stanley

If price action does not pose a bounce in the near-term, traders can re-apply this current zone of support as a future instance of resistance. If prices continue breaking-lower from here, traders can wait for ‘lower-high’ resistance to show around this zone of prior support.

For those looking to add bullish exposure to Gold, they’d likely want to wait until there is some evidence of a near-term low being in play, which at this point does not exist.

--- 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

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.