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
Mixed
Wall Street
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
Gold
Bearish
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • The market’s preferred ‘fear indicator’ shows a persistent uncertainty around the near future. What can our current conditions and history tell us what to expect from the #VIX through the final two months of the year?https://t.co/jlhcFhH4sI https://t.co/zIrEjxqymJ
  • #Stock market performance is considered an important predictor of the economic outlook. What else can it be used to project? https://t.co/ViTMl19TW3 #Elections2020 https://t.co/methLCaBho
  • What are some monetary policies that could affect Gold this quarter? Get your Gold free forecast here: https://t.co/b9XwwYS9uJ https://t.co/8OIZVJnaD6
  • A #Euro reversal off technical downtrend resistance now risks a larger correction in price. Here are the levels that matter on the $EURUSD weekly chart. Get your #currencies update from @MBForex here: https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2020/10/31/Euro-Technical-Outlook-EURUSD-Breakdown-Aims-For-Multi-month-Lows.html?QPID=30472&CHID=9 https://t.co/iVhmCXi9EG
  • We are days away from the US Presidential election and the markets are caught in the vortex. A contested outcome would raise serious volatility for the markets whereas a decisive outcome seems to support bullish $SPX and Dollar views from the market rank. https://www.dailyfx.com/forex/video/daily_news_report/2020/10/31/SP-500-and-Dollar-Forecast-Leads-Global-Markets-with-Elections-Expectations-.html https://t.co/JnJbyu6TRT
  • The future implications of the #Elections2020 may influence $AUDUSD following the #RBA and #Fed rate decisions as Congress struggles to pass another round of fiscal stimulus. Get your #currencies update from @DavidJSong here: https://t.co/soPu0Wefz2 https://t.co/UWsERr2AYh
  • Gold prices declined in the aftermath of bearish technical cues, but a key zone of support was reinforced. $XAUUSD volatility risk is elevated ahead of the #Elections2020. Get your #metals update from @ddubrovskyFX here: https://t.co/gWOxdqk8OL https://t.co/gBMgF0YNjH
  • USD awakens, placing GBP/USD on the backfoot, while EUR/GBP cracks 0.90. Get your #currencies update from @JMcQueenFX here: https://t.co/fndMQJLul8 https://t.co/elz5gNAKrB
  • What are some factors impacting Euro’s forecast this quarter? Get your free forecast here: https://t.co/kpBYVz31Bd https://t.co/7EzMPg9Kqg
  • Emotions are often a key driving force behind #FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Read on and get your emotions in check here:https://t.co/eILWbFgHRE https://t.co/DjMdgL5x19
Gold Price Could Decline to Monthly Support -XAU/USD Technical Forecast

Gold Price Could Decline to Monthly Support -XAU/USD Technical Forecast

2020-01-14 10:40:00
Mahmoud Alkudsi, Analyst
Share:

Gold - XAU/USD Outlook

  • XAU/USD price action.
  • Gold Chart and technical analysis
    Gold Forecast
    Gold Forecast
    Recommended by Mahmoud Alkudsi
    Get Your Free Gold Forecast
    Get My Guide

    Gold Price – Multi-Year High

    Last week, Gold rallied to $1,611- its highest level in over six years. The price declined after and settled below $1,600 handle as some buyers took profit. On Friday, the weekly candlestick closed with 0.6% loss. Yet, with a Doji pattern highlighting a possible reversal of current uptrend momentum.

    Alongside that, the Relative Strength Index (RSI) dipped below 50 indicating that uptrend move lost momentum.

    Having trouble with your trading strategy?Here’s the #1 Mistake That Traders Make

    Gold DAILY PRICE CHART (MaY 31, 2018 – Jan 14, 2020) Zoomed out

    Gold price daily chart 14-01-20 Zoomed out

    Gold DAILY PRICE CHART (July 31 – Jan 14,2020) Zoomed In

    Gold price daily chart 14-01-20 Zoomed in

    Looking at the daily chart, we notice yesterday Gold pointed lower and returned to the lower trading zone $1,555 - $,1526 signalling that more buyers were taking profits.

    A close below $1,526 could encourage more buyers to exit the market. This opens the door for sellers to take charge and peruse sending the price towards $1,453. In that scenario, the weekly support levels and area marked on the chart should be considered as some traders may exit/ join the marker nearby these points.

    Having said that, another close above $1,558 reflects some buyer’s reluctance to exit the market. This could lead the price towards $1,625 contingent on clearing the weekly resistance level underlined on the chart.

    How to Use IG Client Sentiment in Your Trading
    How to Use IG Client Sentiment in Your Trading
    Recommended by Mahmoud Alkudsi
    Improve your trading with IG Client Sentiment Data
    Get My Guide

    Gold Four-HOUR PRICE CHART (Oct 15 – Jan 14,2020)

    Gold price four hour chart 14-01-20

    From the four-hour chart, we notice yesterday XAUUSD broke below the uptrend line originated from the Jan 9 low at $1,540 eyeing a test of the low end of current trading zone discussed above on the daily chart.

    A break below $1,517 could lead XAU/USD towards $1,498. Yet, the weekly support level underscored on the chart should be watched closely. On the flip side, any break above the Jan 10 high at $1,563 may push the price towards $1,590. Although, the daily resistance level underlined on the chart would be worth monitoring.

    See the chart to know more about key levels Gold would encounter in a further bearish scenario.

    Just getting started?See our Beginners’ Guide for FX traders

    Written By: Mahmoud Alkudsi

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

DISCLOSURES