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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
Real Time News
  • Rising energy prices weigh on European policymakers as consumers fear higher prices, carbon dioxide shortages (CO2), and cold winter. Get your market update from @Tams707 here:
  • US President Biden: - Will discuss a trade deal with UK PM Boris Johnson - I do not want to see a closure of Irish borders
  • AUD/USD continues to trend lower ahead of tomorrow's FOMC meeting. Further $USD strength could bring the August low into play $AUDUSD
  • Nasdaq Ekes Out Small Gain As Focus Turns to FOMC, Uber Flies On Bullish Guidance $NDX $UBER #trading #FED
  • Fedex Q1 Results: Revenues: $22.0B vs. $21.8B est. EPS $4.37 vs. $4.92 est. $FDX down roughly 2.25% AH
  • In this week's Macro Setup @CVecchioFX, discusses with @RiskReversal and @GuyAdami, news regarding property developer Evergrande weighing down US financial markets, and September's Fed meeting impact on assets. Tune into the markets now!
  • Copper demand continues to outstrip supply, according to the recent update from the International Copper Study Group. Get your $XAG market update from @CVecchioFX here:
  • China to be carbon-neutral by 2060; country will stop building coal-powered projects abroad - BBG
  • Curious to know if this is because a) bailout by Beijing is still widely viewed as the base case scenario if contagion materializes and/or b) recent backstops implemented globally to curb financial market fallout have effectively supplanted left tail risk
  • video uploaded from today's webinar
Gold Prices Slide to New Monthly Low as Week Opens on a Confident Foot

Gold Prices Slide to New Monthly Low as Week Opens on a Confident Foot

James Stanley, Senior Strategist

Talking Points:

- Gold Prices dropped to open the week after the strongest German IFO Survey in 47 years.

- IG Client Sentiment in Gold is currently showing as +4.21-to-1, and this is a bearish indicator.

- If you’re looking for trading ideas, please check out our Trading Guides. And if you’re looking for live analysis or education, please check out our live webinars at DailyFX.

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

The week has started on a fleet foot for Gold prices, as the yellow metal has run down to set a new monthly low before the U.S. opens for business. The driver of the move appears to be a German IFO survey that printed at its strongest reading in 47 years, and this is the highest level that we’ve seen the indicator print since the reunification of Germany. With sentiment surveys, we’ll often see a type of leading relationship; so this IFO survey is highlighting that we may see a stronger pattern of growth in the months-ahead as Germany goes into an election cycle beginning in August.

Last week we discussed an area of support in Gold prices around the $1,240-1,241 area. This morning’s precipitous slide in Gold prices descended right through that support, only for buyers to pick prices back-up above the level. On the chart below, we’re dialing in on this morning’s sell-off, and notice the large wicks on the right side of the chart as buyers have pulled prices back above this prior support level.

Gold Prices Slide to New Monthly Low as Week Opens on a Confident Foot

Chart prepared by James Stanley

Given that we’ve seen an outsized move to open the week, we can associate the predominant trend as being bearish. But – given the four hours of price action that we’ve seen where buyers have pushed prices back above prior support at $1,240, and traders would probably want to wait for a better with nearby resistance rather than chasing the move. On the 30-minute chart below, we’re looking at four potential areas to watch for ‘lower-high’ resistance in trading the move-lower.

Gold Prices Slide to New Monthly Low as Week Opens on a Confident Foot

Chart prepared by James Stanley

--- Written by James Stanley, Strategist for

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.