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. See our updated Privacy Policy here.

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
Subscribe
Please try again
Wall Street
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
More View more
Real Time News
  • EUR/USD extends the series of lower highs and lows from the previous week as European Central Bank (ECB) officials defend the dovish forward guidance for monetary policy. Get your $EURUSD market update from @DavidJSong here:https://t.co/4dgXe9lMik https://t.co/5CkSsQKawh
  • There are reasonable disputes over where technical boundaries exist from people with different views, charts, time frames, etc. I think this $SPX gap down and drive below the 50-day SMA clearly qualifies as a break https://t.co/M15HsOyvoG
  • Some people like a quiet market that edges higher consistently day in and day out. I am not one of those people. I like volatility
  • 🇺🇸 NAHB Housing Market Index (SEP) Actual: 76 Expected: 74 Previous: 75 https://www.dailyfx.com/economic-calendar#2021-09-20
  • The Fed has a rate decision on Wednesday which means that they’re in a blackout period now, preventing the possibility of Fed-speak to perk markets up until we hear the rate decision later this week. Get your market update from @JStanleyFX here:https://t.co/bYjo3Blq51 https://t.co/F51NbRoIOi
  • Heads Up:🇺🇸 NAHB Housing Market Index (SEP) due at 14:00 GMT (15min) Expected: 74 Previous: 75 https://www.dailyfx.com/economic-calendar#2021-09-20
  • quick write-up ahead of the us equity open https://www.dailyfx.com/forex/market_alert/2021/09/20/stocks-hit-as-evergrande-risk-begins-to-spread.html https://t.co/e1KeExz369
  • Airliners hitting session highs following these reports - IAG +7.7% https://t.co/6l9YeffkIy
  • US to relax EU/UK travel restrictions for vaccinated - FT
  • S&P 500 Weekly chart for perspective we're < 5% off of ath's set in early-Sept, at this point $ES $SPY $SPX https://t.co/XO0GWRe2Ov https://t.co/dkYu360DoA
Gold Price Outlook: XAU/USD Bulls Eye Trend Resistance- GLD Levels

Gold Price Outlook: XAU/USD Bulls Eye Trend Resistance- GLD Levels

Michael Boutros, Strategist

Gold Technical Price Outlook: XAU/USD Near-term Trade Levels

Gold prices are virtually unchanged since the start of the week with XAU/USD carving out the weekly opening range just below key technical resistance. The risk remains for further losses near-term with the sell-off now approaching initial support targets. These are the updated targets and invalidation levels that matter on the XAU/USD charts. Review my latest Weekly Strategy Webinar for an in-depth breakdown of this gold trade setup and more.

Gold Price Chart - XAU/USD Daily

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

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

Technical Outlook: In my last Gold Price Outlook we noted that the, “immediate threat is lower while below the median-line but look for a reaction into 1546/48 for guidance IF reached.” XAU/USD registered a low at 1547 last week before rebounding sharply higher with a four-day rally testing near-term confluence resistance this week at 1575- a region defined by the 61.8% retracement of decline off the January highs and the monthly high-day reversal close. Key daily support steady at the 2019 high-day close at 1552.

Gold Price Chart - XAU/USD 120min

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

Notes: A closer look at Gold price action sees XAU/USD trading within the confines of a near-term descending pitchfork formation extending off the yearly highs with the upper parallel further highlighting near-term resistance ahead of 1575 – look for a reaction here. Failure to mount this threshold leaves the immediate advance vulnerable with a break of the weekly range lows exposing subsequent support objectives at 1562 and 1558. A topside breach from here would be needed to shift the focus higher again targeting critical resistance at 1582/86and the objective monthly open at 1590- a close above this threshold is needed to mark resumption of the broader uptrend.

Bottom line: The gold recovery is testing near-term downtrend resistance here and leaves XAU/USD vulnerable while below 1575. From at trading standpoint, a good spot to reduce long-exposure / raise protective stops- be on the lookout for possible topside exhaustion while within this formation – ultimately a larger decline may offer more favorable entries closer to trend support. For now, the immediate focus is on a break of the weekly opening-range for guidance. Review my latest Gold Weekly Price 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 - GC Technical Forecast
  • A summary of IG Client Sentiment shows traders are net-long Gold- the ratio stands at +1.96 (66.26% of traders are long) – bearishreading
  • Long positions are 1.54% lower than yesterday and 6.51% lower from last week
  • Short positions are 10.18% higher than yesterday and 13.22% 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.

---

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