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
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
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
Bullish
USD/JPY
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
More View more
Real Time News
  • The US Dollar may rise against ASEAN currencies like the Singapore Dollar if local retail sales and sentiment data disappoints. USD/IDR may fall on the Bank of Indonesia. Get your market update from @ddubrovskyFX here:https://t.co/HpH8pXFdLl https://t.co/ZuHLVL8ItN
  • The US Dollar may rise against the Singapore Dollar and Philippine Peso. USD/MYR’s downtrend holds, but a bullish pattern brews. USD/IDR seems stuck between key technical levels.Get youe #ASEAN currencies market update from @ddubrovskyFX here:https://t.co/TF6DRVp6kX https://t.co/MYbR79MTux
  • US Supreme Court says Justice Ruth Ginsburg has passed away -BBG
  • 3 consecutive down weeks for the #SP500 as of today, the first actually in almost one year How's the #Fed balance sheet dong? Up 0.76% this week, most in a month. Though all things considered, materially unchanged since June/July Markets may be growing increasingly impatient... https://t.co/wD6wga9vsu
  • The New Zealand Dollar appears poised to extend its climb against its haven-associated counterparts as long-term trend break hints at cyclical upturn. Get your $NZDUSD market update from @DanielGMoss here: https://t.co/CPxP1Q8B6d https://t.co/NBJ9qkaNei
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.17% 🇳🇿NZD: 0.07% 🇪🇺EUR: -0.06% 🇨🇦CAD: -0.30% 🇨🇭CHF: -0.33% 🇬🇧GBP: -0.43% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/lYbgFKQKmu
  • USD/MXN is in danger of picking up more momentum as the recent decline takes out support levels and gains ‘negative curvature’ to its path. Get your $USDMXN technical analysis from @PaulRobinsonFX here: https://t.co/eQzD6JyA5c https://t.co/km6neTN3M6
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Gold: 0.33% Oil - US Crude: -0.55% Silver: -0.64% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/0yp0FnGl8y
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.22%, while traders in NZD/USD are at opposite extremes with 71.43%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/fu1Xj6AuYv
  • US Equity Update (Friday Close): $DJI -0.88% $SPX -1.12% $NDX -1.30% $RUT -0.38% $VIX -2.00%
Gold Prices Fall Back to Fibonacci Support as USD Re-Approaches Highs

Gold Prices Fall Back to Fibonacci Support as USD Re-Approaches Highs

2017-10-20 18:02:00
James Stanley, Strategist
Share:

Talking Points:

- Gold previously drove above $1,300 as USD-weakness showed-up after Non-Farm Payrolls earlier in the month.

- That theme of Gold strength came unraveled this week as USD-strength showed-up following last week’s CPI report.

- Want to see the DailyFX Q4 Forecast on Gold and the U.S. Dollar? Click here for full access.

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

In our last article, we looked at Gold prices slipping back-below the $1,300 psychological level after bullish drive showed-up on the heels of the October NFP report. That print saw an abysmal number of -33k, and this led to a continuation of the USD-weakness that had become so commonplace in the first three quarters of the year. In short order, prices ran from a low just above $1,260 to a high above $1,305; but as we had written on Monday, if buyers were unable to hold support above the key figure of $1,300, a bearish retracement was likely around-the-corner. That’s what showed for most of this week as prices moved down to find support around the Fibonacci level at $1,278.76.

Gold Daily: Current Support at 61.8% Retracement of July-December, 2016 Bearish Move

Gold Prices Fall Back to Fibonacci Support as USD Re-Approaches Highs

Chart prepared by James Stanley

In our previous article, we looked at down-side targets at $1,296, $1,289, $1,284 and then $1,277.83; all of which have cleared. We had also mentioned that for bullish approaches, traders would likely want some element of a higher-low to show in order to confirm the potential for that theme’s attractiveness. That hasn’t happened yet, and this leaves Gold prices in a rather unworkable spot as we approach the weekend.

For next week, traders can look for a break of near-term support around $1,278.76 to open the door to for bearish continuation. Down-side targets can be cast towards prior points of swing-support at: $1,275, $1,267.50, $1,261, $1,254.06 followed by another run at the $1,250 psychological level. The prior swing-high around $1,291 obviates the bearish stance, and opens the door to the possibility of top-side setups as a re-test of $1,300 would appear likely.

Gold Prices Fall Back to Fibonacci Support as USD Re-Approaches Highs

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