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
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
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
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
Mixed
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/FuLPdCLpKs
  • Elections anticipation may sabotage trend development next week, but that won't curb volatility between stimulus talks, Covid cases, FAANG earnings and 3Q GDP updates. Top of my watch list this week will be $EURUSD. My video on it all: https://www.dailyfx.com/forex/video/daily_news_report/2020/10/24/EURUSD-a-Top-Volatility-Risk-This-Week-but-Election-Anxiety-May-Keep-Markets-From-Trends.html?ref-author=Kicklighter&QPID=917719&CHID=9 https://t.co/t14eT2SMa7
  • An economic calendar is a resource that allows traders to learn about important economic information scheduled to be released. Stay up to date on the most important global economic data here: https://t.co/JdvW6HNuqV https://t.co/RfUWJdNjzk
  • Brush up your knowledge on trade-wars with this tool from DailyFX research briefly outlining trade-war history dating back to the early 1900s here: https://t.co/ZWaL6laTU5 https://t.co/EzdjTZEbx2
  • The Dow Jones, S&P 500 and AUD/USD could be at risk of extending losses as retail investors increase upside exposure. What are key technical levels to watch for? Find out from @ddubrovskyFX here:https://t.co/ivQmFUTGdU https://t.co/KuIoM7g9E3
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/38gTDn8ejP https://t.co/FBT1eSZdjF
  • 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/ERyiY47G5H https://t.co/LRL1iD3JDt
  • Even though the Australian Dollar lost some ground this week, support levels held. Bearish developments are brewing in $AUDUSD and $AUDJPY but remain unconfirmed. What else does #AUD face ahead technically? - https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2020/10/24/Australian-Dollar-Technical-Forecast-AUDUSD-AUDJPY-EURAUD-GBPAUD.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/0gHyXW1vHh
  • Forex sentiment analysis can be a useful tool to help traders understand and act on price behavior. Learn how to get the most out of understanding trader sentiment here: https://t.co/LjEjTexrCg https://t.co/9qcanKW0uT
  • Third wave? We haven’t beaten the first wave. Until the virus is under control, the US economy won’t be able to properly heal, plain & simple. The lack of a competent response saps courage. Defeat the virus, then get people back to work. In that order. https://t.co/8R8IyTZejM
Gold Price Targets: XAU/USD Range Breakout Imminent- GLD Outlook

Gold Price Targets: XAU/USD Range Breakout Imminent- GLD Outlook

2019-10-16 15:30:00
Michael Boutros, Strategist
Share:

Gold prices are virtually unchanged since the start of the week with XAU/USD setting a well-defined weekly opening range just below resistance. These are the updated targets and invalidation levels that matter on the XAU/USD charts this week. Review my latestWeekly Strategy Webinar for an in-depth breakdown of this gold price setup and more.

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

Gold Price Chart - XAU/USD Daily

Gold Price Chart - XAU/USD Daily - GLD Trade Outlook - Gold Technical Forecast

Chart Prepared by Michael Boutros, Technical Strategist; Gold on Tradingview

Technical Outlook: In my latest Gold Price Outlook we noted that, “The recent gold price recovery is vulnerable here while below near-term downslope resistance,” with the risk lower while within this descending channel formation. XAU/USD fell nearly 2% in the following days with price holding just above monthly open support at 1472. The monthly opening-range is set just above a critical support confluence at 1451/61 and we’re looking for the break.

Gold Price Chart - XAU/USD 120min

Gold Price Chart - XAU/USD 120min - GLD Trade Outlook - Gold Technical Forecast

Notes: A closer look at gold price action shows XAU/USD continuing to trading within the confines of a near-term descending pitchfork formation extending off the late-September highs. The weekly opening-range has taken shape just below the upper parallel and we’re looking for the break to offer guidance. A topside breach / close above 1497 is needed to validate a near-term breakout targeting 1502- look for a reaction there IF reached.

Interim support rests with the October trendline (currently around ~1480) with a break / close below the monthly open / 78.6% retracement at 1472 needed to mark resumption of the broader downtrend targeting key confluence support at 1460/61.

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

Bottom line: We’re looking for a break of the weekly opening-range in Gold prices with the risk lower while with the confines of this formation. From a trading standpoint, we’ll favor fading strength sub-1496 targeting a downside break of the monthly trendline. We’ll be on the lookout for downside exhaustion on a test of the 1460/61 key support zone IF reached. Review my latest Gold Price Weekly Outlook for a closer look at the longer-term XAU/USD technical trading levels.

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

Gold Trader Sentiment - XAU/USD Price Chart

Gold Trader Sentiment - XAU/USD Price Chart - GLD Trade Outlook - Gold Technical Forecast
  • A summary of IG Client Sentiment shows traders are net-long Gold- the ratio stands at +2.4 (70.62% of traders are long) – bearishreading
  • Long positions are9.07% higher than yesterday and 12.16% higher from last week
  • Short positions are2.87% lower than yesterday and 14.32% 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. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger Gold-bearish contrarian trading bias.

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