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.

Free Trading Guides
EUR/USD
Bearish
Oil - US Crude
Mixed
Wall Street
Bullish
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
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
  • The price of #gold plunged 1% immediately after the stunning US jobs report crossed the wires. Get your market update from @RichDvorakFX here: https://t.co/8i0L6YIqjy https://t.co/y9dIXazJf9
  • S&P 500, Dow Jones, Nasdaq explode higher with stocks surging in response to shockingly better-than-expected monthly jobs data. Get your #equities market update from @RichDvorakFX here: https://t.co/nuMVWOzzuC https://t.co/M3nGBjd7kZ
  • The record-breaking NFPs increase behind us and the FOMC rate decision on Wednesday sets the tone for my trading video: 'Dow Soars Above 200-Day Average on NFPs, Will the #Fed Keep the Dollar Sliding' https://www.dailyfx.com/forex/video/daily_news_report/2020/06/06/Dow-Soars-Above-200-Day-Average-on-NFPs-Will-the-Fed-Keep-the-Dollar-Sliding.html?ref-author=Kicklighter&QPID=917719&CHID=9 https://t.co/kquvec5HVc
  • Seasonal factors, oversupply issues and the outbreak of COVID-19 has seen the price of liquefied #naturalgas (LNG) fall to 22-year lows (1.519), with the situation exacerbated by ‘fuller-than-normal’ storage facilities. Get your market update here:https://t.co/VOqfkBQ4aR https://t.co/OsaphmqEmu
  • Are recent gains in the Indian Rupee and Nifty 50 warranted? Risks are brewing in the background, leaving USD/INR in a consolidative setting as the Nifty pressures resistance. Get your $USDINR market update from @ddubrovskyFX here:https://t.co/svDaSdprvN https://t.co/kgddX1ZHe4
  • I approve of this dry humor. https://t.co/b42GmIZDlL
  • The US Dollar may be at risk to losses against some of its #ASEAN counterparts. USD/SGD, USD/PHP, USD/MYR and USD/IDR have recently broken to the downside. Will losses continue? Find out from @ddubrovskyFX here: https://t.co/0RTlj6maTT https://t.co/59cdbPc4l7
  • The #Nikkei 225 trades at 4-month highs after a 50% surge from the March low, while the RSI registers its first overbought readings since November 2019. Get your market update from @DanielGMoss here: https://t.co/pOEt698Ooi https://t.co/EHD2EHmQLW
  • The British Pound technical outlook still seems to favor the downside. GBP/CAD may pressure key rising support from August as GBP/AUD could prolong its downtrend. GBP/CHF may fall. Get your $GBP market update from @ddubrovskyFX here: https://t.co/hBOpDKXmfW https://t.co/8gGfGuw87o
  • The $USD breakdown has taken the index into confluence support at the objective yearly open. Get your USD technical analysis from @MBForex here: https://t.co/A16XEv6n4d https://t.co/VFxFMFWJ5L
Gold Price Outlook: XAU/USD Breakout Stalls into March Close

Gold Price Outlook: XAU/USD Breakout Stalls into March Close

2020-03-31 16:30:00
Michael Boutros, Strategist
Share:

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

Gold prices surged more than 13% off the monthly lows with last week’s breakout stalling into the close of March trade. While the broader outlook remains weighted to the topside, the advance remains vulnerable into the April open and we’re looking to a reaction off support for guidance. 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.

Starts in:
Live now:
Jun 08
( 12:06 GMT )
Live Weekly Strategy Webinars on Mondays at 12:30GMT
Weekly Scalping Webinar
Register for webinar
Join now
Webinar has ended

Gold Price Chart - XAU/USD Daily

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

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

Technical Outlook: In my last Gold Price Outlook we noted key support, “at 1547/52 with a breach higher from here exposing subsequent resistance objectives at 1649.” XAU/USD registered a high at the 76.4% retracement at 1643 last week before settling with price continuing to range just above the March open / 61.8% retracement at 1585- now key near-term support. Broader bullish invalidation remains steady at 1547/52 with a topside breach exposing subsequent resistance objectives at the high-day close at 1678.

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 breaching above descending pitchfork resistance with subsequent breakout failing to offer any follow-through. Price is now riding former slope resistance as support. Key lateral levels eyed at 1585 backed by1569- a break there would risk a larger decline with such a scenario eyeing subsequent support objectives eyed at 1547/52 and the yearly open at 1520. Weekly open resistance stands at 1617 with a breach above 1643 needed to fuel the next leg higher towards the high-day close at 1678- look for a larger reaction there IF reached.

Gold Forecast
Gold Forecast
Recommended by Michael Boutros
Download our latest quarterly Gold Price Forecast
Get My Guide

Bottom line: The gold price breakout has stalled here and while the broader outlook remains weighted to the topside, the immediate recovery may be vulnerable while below last week’s high. From at trading standpoint, look for downside exhaustion / possible long-entries while above the monthly open but ultimately a larger pullback may offer more favorable entries with a breach of the highs needed to keep long-bias viable. Keep in mind we’re heading into the close of the month / quarter – use caution heading into the April opening-range. 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 Technical Forecast - GC Trade Outlook
  • A summary of IG Client Sentiment shows traders are net-long Gold- the ratio stands at +2.73 (73.22% of traders are long) – bearishreading
  • Long positions are2.29% lower than yesterday and 12.95% lower from last week
  • Short positions are 15.39% higher than yesterday and 23.59% 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.
Gold BEARISH
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -2% -8% -4%
Weekly 0% -14% -3%
Learn how shifts in Gold retail positioning impact trend
Get My Guide

---

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.

DISCLOSURES

News & Analysis at your fingertips.