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
Subscribe
Please try again
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
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
Wall Street
Mixed
Gold
Mixed
GBP/USD
Bearish
USD/JPY
Bearish
More View more
Real Time News
  • Rollover is the interest paid or earned for holding a currency spot position overnight. Learn how to earn rollover interest on your open positions here: https://t.co/SRsG8CxjEn https://t.co/2AR1qgx0tz
  • The New Zealand Dollar is in a tricky spot. On one hand, rising stocks can propel NZD. On the other, a dovish RBNZ ahead could cool bond yields as the government tackles soaring housing costs. Get your market update from @ddubrovskyFX here: https://t.co/5rjm2gr3EL https://t.co/aLwhWHMPqz
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here: https://t.co/QszmdZFxlk https://t.co/obH0RFLKhC
  • It was a big Q1 for $USDJPY but so far Q2 has been a far different tone. Which side will prevail? Get your market update from @JStanleyFX here: https://t.co/TxlD3zoglZ https://t.co/rUQnokAx30
  • The continuity seen across these volatility cycles is a good thing. Historical precedence offer a blueprint for identifying conditions supportive for a vol-event to occur, and how they may unfold. Deepen your knowledge of historical volatility here: https://t.co/vg7w10la3j https://t.co/ycjWjCETQJ
  • The RBA highlighting several key risks to the local economy in its semi-annual FSR may drive AUD lower against haven-associated currencies despite the expectation of strong Q1 GDP figures out of China. Get your market update from @DanielGMoss here: https://t.co/kLZ8DQxH3z https://t.co/KubqA24TLH
  • Get your snapshot update of the of relative currency strength and exchange status from around the globe here: https://t.co/H19vRDCpUJ https://t.co/36Sy4DOnFD
  • Though the $SPX hit a record high through Friday, there was little momentum and far less correlation across various risk assets. Can we find more serious traction - or a reversal - amid earnings, inflation-Fed forecasting, US-China trade negotiations? https://www.dailyfx.com/forex/video/daily_news_report/2021/04/10/SP-500-Outlook-Carries-Risk-Trends-Dollar-Event-Heavy-on-USDJPY-USDCNH.html https://t.co/AVTM9QvEGQ
  • The Spinning Top candlestick pattern forms part of the vast Japanese candlestick repertoire with its own distinct features. Gain a better understanding of the spinning top candlestick here: https://t.co/DWm7cBMUg9 https://t.co/Gd6eIbE1mb
  • There’s a strong correlation between interest rates and forex trading. Forex is ruled by many variables, but the interest rate of the currency is the fundamental factor that prevails above them all. Learn how interest rates impact currency markets here: https://t.co/J0EPMD2Cfi https://t.co/Jf96VhFDOp
XAU/USD Technical Outlook: Gold Price Breakdown Testing Support

XAU/USD Technical Outlook: Gold Price Breakdown Testing Support

Michael Boutros, Strategist

Gold prices are down more than 4.4% from the July highs with a break below key support fueling an accelerated sell-off in prices. Here are the levels that matter for XAU/USD heading into the close of the week.Review this week’s Strategy Webinar for an in-depth breakdown of this setup and more.

Gold Daily Price Chart (XAU/USD)

Gold Daily Price Chart

Technical Outlook: In my last Weekly Gold Forecast, we highlighted that prices were “flirting with disaster as prices were testing a critical support barrier at “1236/39- a region, “defined by the 78.6% retracement of the December lows & the 78.6% retracement and converges on basic uptrend support extending off the late 2016-low as well as the median-line of the descending pitchfork formation we’ve been tracking since the April high.”

Gold crashed below this support barrier on Tuesday with the decline breaking below the objective monthly opening range and taking daily RSI deep into oversold-territory - momentum is on the side of the bears for now. The first major support barrier is being tested here at 1214/17 where the 2017 May low / July low-day close converge on the 61.8% retracement of the late-2016 advance. Price has probed below this level today, but look for a daily close to validate with a break lower targeting the 50-line / March low-day close at 1204.

New to Trading? Get started with this Free Beginners Guide

Gold 120min Price Chart (XAU/USD)

Gold 120min Price Chart

Notes: A closer look at price action highlights this week’s break with gold trading just above the 1214/15 support barrier ahead of the New York close. Initial resistance stands at the trendline confluence at ~1230 with bearish invalidation now back at 1239. A break lower from here targets the lower 50-line around 1210 backed closely by 1204.

Why does the average trader lose? Avoid these Mistakes in your trading

Bottom line: Gold has broken key support & the monthly opening-range lows, but prices are already at initial support targets. Expecting some back-and-fill here towards the July trendline resistance / the median-line before resumption. From a trading standpoint, looking for a rebound off these levels for now- ultimately the recovery may offer more favorable short-entries in the days ahead.

For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy

Gold Trader Sentiment

Please add a description for the image.
  • A summary of IG Client Sentiment shows traders are net-long Gold- the ratio stands at +6.22 (86.1% of traders are long) – strong bearishreading
  • Long positions are1.4% lower than yesterday and 12.8% lower from last week
  • Short positions are 14.0% lower than yesterday and 4.9% higher from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Spot Gold prices may continue to fall. Traders are more net-long than yesterday but less net-long from last week and the combination of current positioning and recent changes gives us a further mixed Spot Gold trading bias from a sentiment standpoint.

See how shifts in Gold retail positioning are impacting trend- Learn more about sentiment!

---

Economic Calendar - latest economic developments and upcoming event risk

Other Setups in Play

- Written by Michael Boutros, Currency Strategist with DailyFX

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

https://www.dailyfx.com/free_guide-new-to-fx.html?ref-author=Boutros

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

DISCLOSURES