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
Bullish
Wall Street
Bullish
Gold
Mixed
GBP/USD
Bullish
USD/JPY
Mixed
More View more
Real Time News
  • 🇰🇷 Inflation Rate YoY (JUL) Actual: 0.3% Expected: 0.35% Previous: 0.0% https://www.dailyfx.com/economic-calendar#2020-08-03
  • Heads Up:🇰🇷 Inflation Rate YoY (JUL) due at 23:00 GMT (15min) Expected: 0.35% Previous: 0.0% https://www.dailyfx.com/economic-calendar#2020-08-03
  • The Japanese Yen saw large inflows with bullish positioning rising some $1.1bln to $3.4bln as the precipitous decline in US yields dragged USD/JPY lower.Get your market update from @JMcQueenFX here: https://t.co/SJN9QC3kEF https://t.co/xcXG9Qk3Da
  • President Donald Trump: There will be competition to Amazon - BBG $SPX
  • President Donald Trump states he will discuss suspending payroll tax collection - BBG $USD
  • Trump says signs pointing to virus receding in the U.S. $SPX
  • $USDJPY Daily Pivot Points: S3: 101.69 S2: 103.54 S1: 104.71 R1: 106.56 R2: 107.23 R3: 109.08 https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • Recent US Dollar momentum continued this morning as the ISM manufacturing report for July crossed the wires at 54.2, beating expectations of 53.6. Get your market update from @FxWestwater here: https://t.co/SjyF4Isusa https://t.co/OLjcnYc6Yy
  • Fed's Evans says negative interest rates not likely to be used 'at any point' - BBG
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.15% 🇬🇧GBP: -0.06% 🇯🇵JPY: -0.06% 🇳🇿NZD: -0.27% 🇦🇺AUD: -0.28% 🇨🇭CHF: -0.48% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/kuUc4jMe1y
Gold Price Outlook: XAU/USD Recovery Eyes Resistance- GLD Levels

Gold Price Outlook: XAU/USD Recovery Eyes Resistance- GLD Levels

2019-11-19 18:20:00
Michael Boutros, Strategist
Share:

Gold prices are reversed course last week with XAU/USD rebounding off a key support zone we’ve been tracking for months now. The recovery is in focus this week as the bulls attempt to reassert their footing. These are the updated targets and invalidation levels that matter on the XAU/USD weekly chart. Review my latestWeekly Strategy Webinar for an in-depth breakdown of gold this setup and more.

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

Gold Price Chart - XAU/USD Weekly

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

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

Notes: In my last Gold Price Weekly Outlook we noted that the plunge in XAU/USD was, “testing the first major hurdle and the immediate focus is on key support at 1451/61 with the short-bias vulnerable while above this threshold.” Price briefly registered a low at 1445 before reversing sharply with bullion up more-than 1.7% off the lows.

Gold has been testing multi-year median-line resistance for the past two weeks with more significant resistance eyed at the highlighted trendline confluence around ~1490 – a breach / close above this threshold would be needed to validate a larger reversal with such a scenario targeting another run on 1522/26. A break below critical support here at 1451/56 would risk accelerated losses for gold with subsequent support objectives eyed at the median-line / 100% extension at 1420- look for a bigger reaction there IF reached.

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

Bottom line: Gold is responding to a key support zone here and the immediate focus is on this rebound. From at trading standpoint, looking sideways to higher from here – I’ll be looking for a reaction closer to 1490s IF reached or guidance. Review my latest Gold Price Outlook for a closer look at the near-term XAU/USD technical trading levels.

Gold Trader Sentiment - XAU/USD Price Chart

Gold Trader Sentiment - XAU/USD Price Chart
  • A summary of IG Client Sentiment shows traders are net-long Gold- the ratio stands at +2.83 (73.9% of traders are long) – bearishreading
  • Long positions are2.10% lower than yesterday and 6.87% lower from last week
  • Short positions are 1.73% lower than yesterday and 7.58% 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 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!

---

Previous Weekly Technical Charts

Learn how to Trade with Confidence in our Free Trading Guide

--- Written by Michael Boutros, Technical 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

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.