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
Bearish
Oil - US Crude
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
Wall Street
Mixed
Gold
Bearish
GBP/USD
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
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
  • Have you been catching on your @DailyFX podcast "Global Markets Decoded"? Catch up on them now, before new episodes release! https://t.co/Twr44cZ1GB https://t.co/oo0ClrQKLK
  • The Malaysian #Ringgit fell today after Malaysian Q2 GDP contracted -17.1% y/y (vs -10.9% expected) This leaves $USDMYR closer towards facing key resistance above Dominant outlook remains bearish however, check out this week's #ASEAN tech outlook here - https://t.co/yR4bEV3NCe https://t.co/xjPPs3RD5D
  • It’s important for traders to be familiar with FX spreads as they are the primary cost of trading currencies. Understand a pair's spread here: https://t.co/S9CEcB4urE https://t.co/XhXvSI8ECM
  • 🇯🇵 Tertiary Industry Index MoM (JUN) Actual: 7.9% Previous: -2.1% https://www.dailyfx.com/economic-calendar#2020-08-14
  • Heads Up:🇯🇵 Tertiary Industry Index MoM (JUN) due at 04:30 GMT (15min) Previous: -2.1% https://www.dailyfx.com/economic-calendar#2020-08-14
  • Multiple time frame analysis follows a top down approach when trading and allows traders to gauge the longer-term trend while spotting ideal entries on a smaller time frame chart. Learn how to incorporate multiple time frame analysis here: https://t.co/HnzQcAXWLU https://t.co/nRLUAAEc7t
  • #EURUSD may be forming a Head and Shoulders top on the daily chart. Confirmation on a break of neckline support may open the door for a break toward the 1.15 figure. https://t.co/iXOwXxCEjc
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here: https://t.co/3FsnNdo7VK https://t.co/lC69rPbkcJ
  • $AUDUSD just weakened slightly following disappointing Chinese industrial production and retail sales data What is the Aussie facing over the next 24 hours and heading into next week? #AUD https://www.dailyfx.com/forex/market_alert/2020/08/14/Australian-Dollar-Outlook-Eyes-SP-500-Retail-Sales-After-Chinese-Data.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/b9pmxMkp8o
  • 🇨🇳 Unemployment Rate (JUL) Actual: 5.7% Previous: 5.7% https://www.dailyfx.com/economic-calendar#2020-08-14
XAU/USD Price Analysis: Gold Bounces from Fibonacci Support

XAU/USD Price Analysis: Gold Bounces from Fibonacci Support

2018-07-25 16:30:00
Michael Boutros, Strategist
Share:

Gold prices are down nearly 2% month-to-date but the recent rebound off long-term support may yet offer some further upside for the battered metal near-term. Here are the levels that matter for XAU/USD heading into the close of July trade.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 that the price decline, “saw a strong reaction at the key 61.8% retracement at 1215 into the close of the week and while the broader risk remains lower, a recovery of sorts may be on the cards in the days ahead. Keep in mind, gold prices have seen just 4 up-weeks in the last 14! It’s too risky to begin positioning for a turn, but the threat of a near-term recovery remains evident while above the lower 50-line / 2017 March low-week close at ~1204.

A look at the daily chart highlights momentum divergence into last week’s low with a multi-month RSI resistance trigger pending. Initial resistance stands at the December lows at 1236 with key near-term resistance eyed at 1241- a region defined by the 100% extension of the recent advance, the 7/2 reversal-day close and the 2015/2016 trendline. This region is a make-or-break level for the bulls and will serve as our bearish invalidation mark.

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 sees gold trading within the confines of an ascending pitchfork formation extending off the lows. An outside reversal bar just ticks away from the upper 50-line sees the threat of a pullback here but the near-term outlook remains constructive while above 1220 (interim support 1225).

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

Bottom line:Gold has responded to long-term Fibonacci support and while the broader outlook remains weighted to the downside, the risk for larger correction remains while within this formation. From a trading standpoint, I’ll favor fading weakness above 1220 targeting 1236 and 1241/44- a region of interest for possible exhaustion / short-entries IF reached. A break below 1214 would invalidate the reversal play with such a scenario targeting the March low-week close at 1204.Keep in mind we get the release of US 2Q GDP figures on Friday with the event likely to fuel some volatility in both the USD and gold.

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

Spot Gold IG TraderSentiment

Gold Trader Sentiment
  • A summary of IG Client Sentiment shows traders are net-long Gold- the ratio stands at +6.06 (85.8% of traders are long) – strong bearishreading
  • Long positions are0.6% higher than yesterday and 6.6% lower from last week
  • Short positions are 4.7% higher than yesterday and 7.9% 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. Yet traders are less net-long than yesterday and compared with last week. Recent changes in sentiment warn that the current Gold price trend may soon reverse higher despite the fact traders remain net-long.

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

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.