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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
Real Time News
  • Becoming a forex trader means living and breathing the excitement, risk and reward of trading in the biggest and most liquid market in the world. Do you have what it takes? Read here to discover the qualities and processes it takes to build consistency:
  • Global stocks bounce back from recent pullback as key resistance levels lie ahead. Get your weekly equities forecast from @HathornSabin here:
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here:
  • Dealing with the fear of missing out – or FOMO – is a highly valuable skill for traders. Not only can FOMO have a negative emotional impact, it can cloud judgment and overshadow logic. Learn how you can control FOMO in your trading here:
  • Bitcoin (BTC) started the day on the front foot on the Twitter news before the latest China crypto ban hammered the market lower. Get your weekly crypto forecast from @nickcawley1 here:
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here:
  • Technical analysis of charts aims to identify patterns and market trends by utilizing differing forms of technical chart types and other chart functions. Learn about the top three technical analysis tools here:
  • The US Dollar continues to push higher against ASEAN currencies after the FOMC rate decision. This leaves the USD/SGD, USD/THB, USD/PHP and USD/IDR outlook mostly tilted higher. Get your market update from @ddubrovskyFX here:
  • The US Dollar seems to be back on the offensive against its major counterparts, pressuring EUR/USD and NZD/USD lower as USD/JPY consolidates. USD/CHF surges past key resistance. Get your market update from @ddubrovskyFX here:
  • The Japanese Yen remains in focus with strength potential on risk aversion themes to go along with weakness on themes around higher rates. Get your weekly $JPY technical forecast from @JStanleyFX here:
Gold Price Outlook: XAU/USD Shows Signs of Life on Coronavirus Panic

Gold Price Outlook: XAU/USD Shows Signs of Life on Coronavirus Panic

Michael Boutros, Strategist

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

Gold prices are weaker this week but are well off the lows with XAU/USD trading at 1495 ahead of the New York close on Friday. Price responded to a long-term support pivot with a near-term consolidation range in focus within this week’s opening-range. While the broader risk remains weighted to the downside, the decline has taken gold into downtrend support and leaves the immediate short-bias vulnerable at these levels. These are the updated targets and invalidation levels that matter on the XAU/USD technical 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 XAU/USD had, “broken below uptrend support,” with the decline, “exposing more meaningful technical support around 1550s.” A break and retest of the 2019 high-day close at 1552 fueled a leg lower in price withgold testing long-term Fibonacci support at 1451 early in the week. Price is poised to mark an outside-day reversal within the weekly opening-range and threatens a near-term recovery heading into the close of the week.

Initial daily resistance stands at 1547/52 with broader bearish invalidation at the monthly open / 61.8% retracement at 1585/86- look for a larger reaction there IF reached. A break lower from here exposes subsequent daily support objectives at the 50% retracement at 1431 and the highlighted trendline confluence near ~1400.

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 continuing to trade within the confines of a descending pitchfork formation we’ve been tracking for weeks now. A failed attempt to break the lower parallel has settled into a contractionary range just above. Yearly open resistance at 1520 backed by the median-line / weekly open at 1529- look for a breach there to shift the near-term focus higher with such a scenario exposing 1552. A downside break of this formation / 1431 could fuel accelerated losses for gold towards longer-term support at 1400 and the 61.8% retracement/2016 high-close at 1367.

Bottom line: The gold price breakdown has responded to a long-term support pivot and the immediate focus is on a break of the initial weekly open range- a break lower from here could see accelerated losses for bullion. From a trading standpoint, the short-bias is vulnerable while above 1431/51 with a topside breach / close above the weekly open needed to suggest a larger recovery is underway. 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 +3.87 (79.45% of traders are long) – bearishreading
  • Long positions are10.72% higher than yesterday and 2.89% higher from last week
  • Short positions are 13.34% lower than yesterday and 12.70% lower 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. Traders are further net-long than yesterday and last week, and the combination of current positioning and recent changes gives us a stronger Gold-bearish contrarian trading bias from a sentiment standpoint.


Active Trade Setups

- Written by Michael Boutros, Technical Strategist with DailyFX

Follow Michael on Twitter @MBForex

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