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
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
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
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
USD/JPY
Mixed
More View more
Real Time News
  • Commodities Update: NYM WTI Crude 35.39 (-2.13%), ICE Brent Crude 37.68 (-1.52%), NYM NYH Gasoline 104.60 (-0.52%). [delayed]
  • USD/ZAR: New support may be established at the 16.1000 zone as the price pushed off this level after uncertainty around US stimulus negotiations. Get your $USDZAR market update from @WVenketas here:https://t.co/AQaNSMuZce https://t.co/K5yNYufxLX
  • What are some factors affecting the $USD this quarter? With the US #Elections2020 on Tuesday. Get your free forecast here.https://t.co/7G7pWntiyY https://t.co/6tyRkIXNIe
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.38%, while traders in NZD/USD are at opposite extremes with 64.38%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/FK6WQOsr0r
  • Speaker Pelosi says she has a major difference of opinion with White House administration on relief - BBG
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Silver: 1.85% Gold: 0.79% Oil - US Crude: -1.53% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/nJC51ehlu4
  • The price of gold bounces back from a fresh monthly low ($1860) on the back of US Dollar weakness. Get your $XAUUSD market update from @DavidJSong here:https://t.co/kFDANiwAm1 https://t.co/yPgmAR4P8Y
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.08% 🇬🇧GBP: 0.08% 🇨🇦CAD: 0.07% 🇨🇭CHF: -0.14% 🇳🇿NZD: -0.14% 🇪🇺EUR: -0.23% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/86MpRGrAms
  • Daily virus cases rise to 31,084 in Italy, new record - BBG
  • "Exquisitely Focused" Great conversation and takeaways on a call this morning with @GuyAdami and the @DailyFX, @IG_US, @Nadex teams!
Gold Price: Eyes On Breakout Levels - XAU/USD Technical Forecast

Gold Price: Eyes On Breakout Levels - XAU/USD Technical Forecast

2020-01-31 11:30:00
Mahmoud Alkudsi, Analyst
Share:

Gold Price - XAU/USD Technical Outlook

  • Bullish signals spotted on XAU/USD Chart
  • Levels and key trading zones to watch

XAU/USD Price – Bulls Hold Fire

On Friday, Gold rallied to $1,575 – its highest level in two week then closed the weekly candlestick in the green with 0.9% gain. This week, the market resumed trading higher and printed $1,588.

The Relative Strength Index (RSI) pointed lower from 68 to 60 then remained flat after highlighting a paused uptrend momentum.

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

Gold daily chart price 31-01-20 Zoomed out
Gold Forecast
Gold Forecast
Recommended by Mahmoud Alkudsi
Get Your Free Gold Forecast
Get My Guide

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

Gold daily chart price 31-01-20 Zoomed in

Looking at the daily chart, we notice on Jan 5 Gold opened with a breakaway gap to the upside providing a bullish signal. On Jan 8, the Gold bulls led the price to its highest level in nearly seven years then some seemed to cut back.

On Jan 20, bulls came back and rallied XAU/USD to a higher trading zone $1,555- $1,625 eyeing a test of the high end of it. This week, the market opened with an upward gap ( runaway gap) generating another bullish signal.

A close above the high end of the zone could encourage XAUUSD bulls to push towards $1,672. In that scenario, the weekly resistance levels underlined on the chart should be monitored as some traders may join/exit around theses points.

In turn, a close below the low end of the zone could lead some bulls to exit the market. This may send the price towards $1,526. Further close below this level reflects more bull’s hesitation and possibly opens the door for bears to take charge and press towards $1,453. Nevertheless, the weekly support levels underscored on the chart should be watched along the way.

Building Confidence in Trading
Building Confidence in Trading
Recommended by Mahmoud Alkudsi
Building Confidence in Trading
Get My Guide

Gold Four-HOUR PRICE CHART (DEC 30 – Jan 31,2020)

gold four hour price chart 31-01-20

From the four-hour chart, we noticed that on Jan 23 Gold resumed bullish price action and created a higher low with a higher high. Yesterday, the market paused its upward move and started developed a double top pattern. Any violation to the neckline of this pattern located at $1,563 could kick start a downtrend move.

A break below $1,553 may send the price towards $1,535. Yet, the weekly support level underlined on the chart should be kept in focus. On the other hand, a break above $1,590 could cause a rally towards $1,610. Although, the weekly 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.

Written By: Mahmoud Alkudsi

Please feel free to contact me on Twitter: @Malkudsi

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

DISCLOSURES