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.

Free Trading Guides
EUR/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
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
Gold
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
Bitcoin
Mixed
More View more
Real Time News
  • Forex Update: As of 05:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.25% 🇦🇺AUD: 0.25% 🇨🇭CHF: -0.02% 🇳🇿NZD: -0.12% 🇬🇧GBP: -0.13% 🇨🇦CAD: -0.25% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/JM70E0rhCL
  • The New Zealand Dollar may be on average at risk to further losses against its major counterparts such as the US Dollar and Japanese Yen. Where to for NZD/USD and NZD/JPY from here #NZD $NZDUSD $NZDJPY - https://www.dailyfx.com/forex/technical/article/special_report/2020/01/23/New-Zealand-Dollar-Outlook-May-Shift-Bearish-NZDUSD-NZDJPY.html?CHID=9&QPID=917702 https://t.co/4CrXQGOv47
  • Indices Update: As of 05:00, these are your best and worst performers based on the London trading schedule: Wall Street: -0.23% US 500: -0.23% Germany 30: -0.38% France 40: -0.40% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/Ur3OkrqGnr
  • The $GBP may be on the cusp resuming a 12-year downtrend against the US Dollar as signs of topping emerge at pivotal chart resistance. Get oyur market update from @IlyaSpivak here:https://t.co/9rM3OjWmBA https://t.co/PPzPnSlo2o
  • 🇯🇵 JPY All Industry Activity Index (MoM) (NOV), Actual: 0.9% Expected: 0.4% Previous: -4.8% https://www.dailyfx.com/economic-calendar#2020-01-23
  • In fact, the very same forces that keep rates low stoke political friction (asset owners vs not) and boost misallocation risk, stoking liquidity demand further https://t.co/VRk6oAlfGu
  • Commentary from #Davos suggests many think a low-yield slog is ahead. As a result, "cash is trash", to quote @RayDalio. Given the broad range of risks however (geopolitical, etc), falling yields make owning liquidity both attractive & relatively cheap... #USD
  • Heads Up:🇯🇵 JPY All Industry Activity Index (MoM) (NOV) due at 04:30 GMT (15min), Actual: N/A Expected: 0.4% Previous: -4.3% https://www.dailyfx.com/economic-calendar#2020-01-23
  • My trading video for today: 'S&P 500 and VIX May Be As Exposed to #ECB as the $EURUSD' https://www.dailyfx.com/forex/video/daily_news_report/2020/01/23/SP-500-and-VIX-May-Be-As-Exposed-to-ECB-as-the-Euro.html?ref-author=Kicklighter?CHID=9&QPID=917719
  • The $USD may fall against the Swedish Krona and Norwegian Krone if commentary from officials at the Davos forum uplift market mood and pressure haven-linked currencies. Get your market update from @ZabelinDimitri here:https://t.co/SZAG0yMu3d https://t.co/JVwCtDFWH4
Gold Price Outlook: XAU Defends Yearly Lows– Breakout Levels Defined

Gold Price Outlook: XAU Defends Yearly Lows– Breakout Levels Defined

2019-05-24 16:30:00
Michael Boutros, Technical Strategist
Share:

Gold prices are poised to close higher on the week after yet another failed attempt to break below long-term technical support. These are the updated targets and invalidation levels that matter on the XAU/USD charts heading into next week. Review this week’s Strategy Webinar for an in-depth breakdown of this setup and more.

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

Gold Daily Price Chart (XAUUSD)

Gold Price Chart - XAU USD Daily

Technical Outlook: In my latest Gold Price Weekly Outlook we noted that the, “immediate focus is on the weekly close in relation to the 1275/76 zone.” – a region defined by the yearly opening-range low, the 38.2% retracement of the 2018 advance and the August trendline. XAU/USD briefly tested the yearly low-day close at 1270 before reversing sharply with the advance taking price back into the May open at 1283. Gold is poised to close above this long-term support zone for a sixth consecutive week and keeps the broader short-bias vulnerable while above- focus remains on a break of the monthly opening-range.

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

Gold 120min Price Chart (XAUUSD)

Gold Price Chart - XAUUSD 120minute

Notes: A closer look at price action shows Gold trading within the confines of an embedded ascending channel formation off the weekly lows. Initial support rests with at 1280 with near-term bullish invalidation now raised to the weekly open at 1277.

Topside resistance objectives are eyed at the highlighted trendline confluence around ~1288 and the 61.8% retracement of the monthly decline at 1290 – look for a reaction there. Ultimately a breach / close above the upper parallel / May high-day close at 1296 would be needed to validate a larger reversal in price targeting 1302.

Learn how to Trade with Confidence in our Free Trading Guide

Bottom line: Gold prices have responded to multi-month slope support – the focus remains on a break of the recent consolidation range for broader guidance. From a trading standpoint, the immediate threat is for a larger rebound while above 1277 but look for possible near-term exhaustion near 1290 for a pullback. Ultimately a breach above 1296 is needed to suggest a more significant low may be in place. Weakness below the yearly low-day close at 1270 would mark resumption and shift the focus back towards the 100% extension at 1258.Review our latest Gold 2Q forecasts for a longer-term look at the technical picture for XAU/USD prices.

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 - XAU USD Price Chart
  • A summary of IG Client Sentiment shows traders are net-long Gold- the ratio stands at +3.71 (78.8% of traders are long) – bearishreading
  • Long positions are9.5% lower than yesterday and 1.2% higher from last week
  • Short positions are1.3% higher than yesterday and 4.7% lower 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 but more 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!

---

Active Trade Setups

- Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex

https://www.dailyfx.com/forex/video/live_events/2019/05/20/Weekly-Trade-Levels-for-US-Dollar-Euro-Sterling-Loonie-Gold-Oil-MBCS5.html?ref-author=Boutros

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

DISCLOSURES

News & Analysis at your fingertips.