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
Subscribe
Please try again
EUR/USD
Bullish
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Bullish
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • Looking for a new way to trade reversals? One of the most used reversal candle patterns is known as the Harami. Like most candlestick formation patterns, the Harami tells a story about sentiment in the market. Get better with trading reversals here: https://t.co/rfwUWJfbz9 https://t.co/rChAkNqPL2
  • Long wick candles are recurrent within the forex market. This makes understanding the meaning behind these candles invaluable to any trader to comprehend the market dynamics during a specific period. Learn about the importance of extended wicks here: https://t.co/SIpslvhX0J https://t.co/jVxcE1QUBs
  • Safe haven stocks also allow traders to diversify their portfolio and reduce risk. Learn if safe-haven stocks are made for you here: https://t.co/MTc4tUDD6c https://t.co/DOQ6tyzep9
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here: https://t.co/QszmdZFxlk https://t.co/WQLZ1X7gIY
  • but the next major point in my view to monitor will be 52.76 - at least in the short term.
  • #Brent having broken above the pre-OPEC drop off at 45.51 is a huge deal considering it failed to crack resistance there in August (leading to the invalidation of "uptrend 2") and the psychological significance of that level https://t.co/LkEyRxFhnq
  • The New Zealand Dollar looks poised to extend its push higher against its haven-associated counterparts on robust economic data and a less dovish stance from the RBNZ. Get your $NZD market update from @DanielGMoss here:https://t.co/vytr4OR1Jy https://t.co/ZcxEUWIm8O
  • It seems the markets are riding high, but risk is always lurking around the corner. Consider your escape plan before you find yourself in collapsing market. What are the top havens for different conditions in 2020? Find out from @JohnKicklighter here: https://t.co/1oeXWEsJkb https://t.co/x8uyOHLtgE
  • The Swiss Franc may continue higher against the US Dollar as technical pressure favors USD/CHF bears..Get your $USDCHF market update from @FxWestwater here:https://t.co/yqJbbhAWiu https://t.co/CaMR0Vqd1m
  • The US Dollar lost ground to most ASEAN currencies as Emerging Market assets climbed despite US economic woes. USD/INR is eyeing third-quarter Indian GDP at the end of the week. Get your market update from @ddubrovskyFX here:https://t.co/urDN2b5Nwd https://t.co/toSDbVZCSi
Gold Price Consolidation Setting XAU/USD Up for Another Run

Gold Price Consolidation Setting XAU/USD Up for Another Run

2020-02-18 12:00:00
Paul Robinson, Strategist
Share:

Gold Price Technical Highlights:

  • Gold price working on breaking out of congestion pattern
  • Some more sideways movement may help it out even more though

Gold price working on breaking out of congestion pattern

Whether the 5-weeks or so of consolidation in gold prices is ready to breakout now, or if another few weeks of sideways movement is ahead of us, the yellow metal is poised to launch again. It appears though there is a good chance we may see gold rally sooner rather than later.

Let’s rewind and play forward from near the middle of 2018.

Gold advanced up to the high in February 2019 before building a three-month bull-flag/wedge pattern. From there is rallied strongly higher into the end of June before undergoing a consolidation phase that lasted about five weeks. This then led gold higher yet again into the September high. That high then gave-way to another three-month bull-flag/wedge pattern. Gold eventually broke out in December with the rally ending on January 8. Since then another shorter-term congestion phase looks to be nearing its end.

The orderly run with repeating price action suggests gold could soon be ready to string together a rally towards 1700 or better. But even if it isn’t ready just yet, and gold turns back down, as long as it doesn’t break strongly through 1536 the near-term congestion pattern will remain intact.

Really, to bring a bullish outlook into serious question, a breakdown well into the 1400s is required at this time. Otherwise, gold is setting up for more gains in the weeks/months ahead. This time it could finally leave behind the pesky 2011/12 resistance levels...

Gold Forecast
Gold Forecast
Recommended by Paul Robinson
Get Your Q1 Fundamental & Technical Gold Forecast Today
Get My Guide

Gold Price Daily Chart (congestion ready to give-way to higher prices soon?)

Gold price daily chart

Gold Price Chart by TradingView

***Updates will be provided on the above technical outlook in webinars held at 1030 GMT on Tuesday and Friday. If you are looking for ideas and feedback on how to improve your overall approach to trading, join me on Thursday each week for the Becoming a Better Trader webinar series.

Resources for Forex & CFD Traders

Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

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

DISCLOSURES