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
  • There are three major forex trading sessions which comprise the 24-hour market: the London session, the US session and the Asian session. Learn about the characteristics of each session here:
  • What is your forex trading style? Take the quiz and find out:
  • RBNZ's Hawkesby talking "considered steps" when setting monetary policy, leaning towards 25bps - With money markets pricing in 31bps worth of tightening at the October meeting. Room for disappointment.
  • Gold has plunged nearly 5% off the Monthly high with the sell-off now probing key weekly support here at 1738/47- looking for a pivot here with the Fed interest rate decision on tap. Get your $XAUUSD market update from @MBForex here:
  • RBNZ: - We have benefitted from a robust rebound in China, our main trading partner - The interruption to the economy's supply side has lasted longer than expected
  • RBNZ: - Vaccination program has aided a stronger-than-expected rebound in the global economy - Demand for our exports has fared better than previous recessions
  • Between the volatile risk trend picture at the moment along with the Fed rate decision and expected 100bp hike from the Brazilian central bank both on Wednesday, $USDBRL is going to be a very interesting pair to watch...
  • RT @EricBalchunas: $SPY traded more than the Top 5 stocks combined. Just when you think $SPY is fading away like an aging legend you realiz…
  • Bitcoin sharply lower on the day, but well off session lows around $42,500 $BTCUSD #Bitcoin
  • You know what index didn't suffer an overtly threatening reversal this past session? The Russell 2000. It didn't continue the same steady climb through 2021 that the Dow, SPX and Nasdaq enjoyed; so not as much excess premium
Gold Price Back Below March High, Levels to Watch

Gold Price Back Below March High, Levels to Watch

Paul Robinson, Strategist

Gold Price Technical Highlights:

  • Gold breakout above March high failing
  • A bit of support below around 1637/45 to watch short-term

Gold breakout above March high failing

Gold hasn’t been the easiest handle since the corona crisis hit markets, with it rising and falling in manners that caught many market participants off guard. It traded as both a risky asset and as it typically does in times of uncertainty, as a safe-haven.

The recent breakout above the March high looked promising for gold to continue higher even though it looked a bit extended off last month’s low. But the breakout as of Friday is failing. The decline below 1703 also has price below the trend-line off the March low.

This opens up a path for more weakness in the near-term, with the confluent level breaking. The next level of support arrives around 1645/37, a high from late last month that held as support a couple of weeks back.

For those short-term traders looking for more downside there appears to be some room before shorts could get challenged. For would-be longs, a rejection from the 1637/45-area may offer a solid dip-buying opportunity with good risk/reward. If it breaks then further damage could result down below 1570.

Long-term, gold is in an uptrend and even a sizable drop from here won’t damage that. If anything it might provide a solid spot for longs to re-enter with more upside to be gained later on. The short-term picture is more doubtful, but as noted above there are levels to watch that can help shape trades with short time horizons.

Gold Price Daily Chart (below March high, 1645 could be next)

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.