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 Download
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
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
  • We are cognisant of the fact that with month-end looming, given the outperformance in bonds over equities (US bonds outperforming S&P 500 by over 6%). Where is the market heading while #coronavirus continues to spark panic. Find out from @JMcQueenFX here:https://t.co/NZN1yuel13 https://t.co/n5GrdImX3B
  • US 7-Year Notes Draw 1.247% Primary Dealers Awarded: 23.9% Indirect Bidders Accepted: 63.0% Direct Bidders Accepted: 13.1% B/C Ratio: 2.49
  • some tech issues today so may be intermittent interruptions. but given vol the show must go on. webinar starts right now https://www.dailyfx.com/webinars/643096611
  • Right now at the White House @RampCapitalLLC https://t.co/LXGGmrXWvM
  • Fed's Evans: - Have more capacity for accommodation if necessary - Policy action change is premature until more data gathered - Monitoring impact from virus closely $DXY $SPX
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.07%, while traders in USD/CAD are at opposite extremes with 68.92%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/1ZBu6ad3CP
  • spoooz 90 handles off the lows... think this report his helping out https://t.co/CjF9SBeoN8 https://t.co/DPFlJGydyv
  • The #Dow Jones is sitting on the 200-day and June 2019 slope, a break through there might not extend to this point, but the next level of price support is near the 25,700/300-area.Get your #equities technical analysis from @PaulRobinsonFX here: https://t.co/VeB7yZTFAE https://t.co/JbwyWK7ngZ
  • Commodities Update: As of 17:00, these are your best and worst performers based on the London trading schedule: Gold: 0.20% Silver: -0.97% Oil - US Crude: -2.79% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/aDLxbVyb1U
  • Italy Emergency Chief says 650 coronavirus cases in country - BBG
Gold Price Targets: XAU/USD Surges Towards Monthly High- GLD Outlook

Gold Price Targets: XAU/USD Surges Towards Monthly High- GLD Outlook

2019-10-31 15:30:00
Michael Boutros, Technical Strategist

Gold prices are attempting a near-term breakout with the post-FOMC rally taking prices back towards the monthly range highs. These are the updated targets and invalidation levels that matter on the XAU/USD charts this week. Review my latest Weekly 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 - Technical Forecast

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

Technical Outlook: In my latest Gold Price Outlook we noted that XAU/USD was continuing to range just below channel resistance extending off the yearly highs – a topside breach late last week failed just below key resistance / the monthly opening-range highs at 1520/22. The pullback failed ahead of the monthly range lows with price posting and outside-day reversal on the back of yesterday’s FOMC interest rate decision.

Look for support at yesterday’s reversal close at 1495 IF this break is legit with a breach above 1520/22 needed to mark resumption of the broader uptrend. Ultimately, gold remains within the confines of the monthly opening-range (literally the first three days of the month) and we’re looking for the break for further guidance on our medium-term outlook.

Gold Price Chart - XAU/USD 120min

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

Notes: A closer look at gold price action shows XAU/USD trading within the confines of an ascending pitchfork formation extending off the monthly lows. I’ve had to tweak this slop a few times, but the gradient seems to be holding. Note that the 1.382% parallel converged on the 61.8% retracement yesterday, catching the lows on the post-FOMC washout- so was that the low? Price is now testing the median-line / objective weekly opening-range highs a 1508- a breach / close above this threshold is needed to keep the focus on 1520/22.

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

Bottom line: Gold prices reversed sharply off confluence support this week with the advance now eyeing the monthly range highs. From a trading standpoint, a good spot to raise protective stops – look to reduce long-exposure on a stretch towards 1519/22. IF price fails here today, watch for support into 1495 to keep the long-bias viable – ultimately weakness below 1482 would be needed to suggest a that in fact a larger correction is underway. 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 Senitment - XAU/USD Price Chart - GLD Trade Outlook - Technical Forecast
  • A summary of IG Client Sentiment shows traders are net-long Gold- the ratio stands at +2.22 (68.96% of traders are long) – bearishreading
  • Long positions are11.20% lower than yesterday and 2.60% higher from last week
  • Short positions are7.18% higher than yesterday and 2.52% 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 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 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

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


News & Analysis at your fingertips.