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
Mixed
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
Bearish
Gold
Bullish
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
Bearish
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in NZD/USD are at opposite extremes with 69.04%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/IJcnNf27Os
  • Commodities Update: As of 11:00, these are your best and worst performers based on the London trading schedule: Silver: 0.52% Gold: 0.27% Oil - US Crude: 0.05% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/l5ibUSvT23
  • Forex Update: As of 11:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.12% 🇨🇭CHF: 0.12% 🇪🇺EUR: -0.04% 🇨🇦CAD: -0.29% 🇳🇿NZD: -0.30% 🇦🇺AUD: -0.41% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/MTsEq7hKxa
  • Heads Up:🇧🇷 BCB Focus Market Readout due at 11:30 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-01-18
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/9S5tXIs3SX https://t.co/XAFYM7zDJh
  • Indices Update: As of 11:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.07% FTSE 100: 0.00% France 40: -0.06% Wall Street: -0.12% US 500: -0.13% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/gxgRguXtKH
  • Human error in the forex market is common and often leads to familiar trading mistakes. These trading mistakes crop up particularly with novice traders on a regular basis. Learn about the top ten trading mistakes and how you can avoid them here: https://t.co/i8E2AXtzF3 https://t.co/mQbf0KPldQ
  • USDCNH trend break may have legs... https://t.co/7eSxRtiOfI
  • 🇮🇹 Inflation Rate YoY Final (DEC) Actual: -0.2% Expected: -0.1% Previous: -0.2% https://www.dailyfx.com/economic-calendar#2021-01-18
  • 🇮🇹 Inflation Rate YoY Final (DEC) Actual: -0.2 Expected: -0.1% Previous: -0.2% https://www.dailyfx.com/economic-calendar#2021-01-18
Gold Price Technical Outlook: XAU Pullback to Threaten 2019 Range Low

Gold Price Technical Outlook: XAU Pullback to Threaten 2019 Range Low

2019-01-23 18:30:00
Michael Boutros, Strategist

Gold prices broke a multi-week consolidation range last week with the subsequent sell-off defending the January range lows. These are the updated targets and invalidation levels that matter on the XAU/USD charts.

New to Gold Trading? Get started with this Free How to Trade Gold -Beginners Guide

Gold Daily Price Chart (XAU/USD)

Gold Price Chart - XAU/USD - Daily Timeframe

Technical Outlook: In my latest Gold Weekly Technical Outlook we highlighted a pending consolidation break in price while noting that the broader long-bias remains vulnerable while below 1302, “a breach there is needed to mark resumption of the broader uptrend with such a scenario targeting 1321.” Gold broke to the downside with the decline testing the January opening-range lows at 1276 early in the week – a break / close below this level would shift the focus lower heading into the close of the month with such a scenario exposing the 23.6% retracement of the August advance at 1266.

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

Gold 120min Price Chart (XAU/USD)

Gold Price Chart - XAU/USD - 120min Timeframe

Notes: A closer look at price action highlights the breakdown with a near-term recovery in price now targeting initial resistance at 1286. Ultimately a breach above the slope confluence around 1293 would be needed to fuel another attempt at 1302. Initial yearly open support rests at 1280 backed by 1276.

Learn how to Trade with Confidence in our Free Trading Guide

Bottom line: The breakdown of a multi-week consolidation structure in Gold does leave the risk lower, but price needs to break the monthly range lows to validate a deeper correction. From a trading standpoint, the near-term focus is lower sub-1293 but we’re looking to fade weakness – ultimately a larger pullback would offer more favorable long-entries targeting a topside break of this multi-year pitchfork resistance.

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

Gold Trader Sentiment

Gold Trader Sentiment
  • A summary of IG Client Sentiment shows traders are net-long Gold - the ratio stands at +2.11 (73.0% of traders are long) – bearishreading
  • Long positions are0.6% lower than yesterday and 2.2% lower from last week
  • Short positions are 5.8% higher than yesterday and 22.7% higher from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Gold prices may continue to fall. Yet traders are less net-long than yesterday & compared with last week and 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!

---

Active Trade Setups

- Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex

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

DISCLOSURES