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
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 may continue to exhibit a bullish behavior in June as the pullback from the yearly high ($1765) reverses ahead of the May low ($1670). Get your Gold market update from @DavidJSong here: https://t.co/OeaYtCpcIo https://t.co/UQVPIVCTCP
  • 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/GzEp3gCAe5
  • US equities continue to run higher with the Nasdaq 100 setting a fresh all-time-high, not even three months after giving back almost a third of its value in about a month. Get your #Nasdaq technical analysis from @JStanleyFX here: https://t.co/1LI54uvI8x https://t.co/e9FvSLqfaA
  • 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/UyQ4i0AihI
  • 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/AJlT2YKeCu
  • USD/JPY is approaching medium-term uptrend resistance and while the outlook remains constructive, the advance may be vulnerable near-term while below confluence resistance. Get your $USDJPY technical analysis from @MBForex here: https://t.co/93D7AyhHtG https://t.co/KQcLLrkMP3
  • AUD/USD has had the most impressive show of trend over the past couple of months with the pair gaining almost 1500 pips from the March low. Get your $AUDUSD technical analysis from @JStanleyFX here: https://t.co/vLz4Rpln3u https://t.co/AOwnJja5V8
  • Has the #Euro been saved? Find out from @CVecchioFX here: https://t.co/eiXfOTyGa6 https://t.co/AyRiYpb4cN
  • U.S. Market Analyst at https://t.co/JsVsSmefgR, Shain Vernier covers - ✔️ Safe haven assets in volatile markets ✔️ Central banks and governments ✔️ How will commodities trade in a recession Only on Trading Global Markets Decoded #podcast. Tune in here: https://t.co/1UmEzEbwiy https://t.co/ygwjGNvS61
  • The $USD, Euro, British Pound and Australian Dollar will all be at the mercy of political developments in Asia, Europe and North America this week. An avalanche of PMI data will set the backdrop. Find out from @ZabelinDimitri here: https://t.co/L8cfAgVx94 https://t.co/THWhPAS6AM
Gold Price May Soon Rally to Big Long-term Resistance

Gold Price May Soon Rally to Big Long-term Resistance

2020-04-30 12:30:00
Paul Robinson, Strategist
Share:

Gold Price Technical Highlights:

  • Gold setting up near-term to rally again soon
  • Levels created post-2011 spike-high are eyed near 1800

Gold setting up near-term to rally again soon

The long-term trend in gold price since 2018 has mostly been up with only the March move really shaking the tree to a serious extent. The recent trend off the March low has developed with a fair amount of structural soundness, which underpins the notion of higher prices still.

At the moment gold is undergoing what appears to be a consolidation phase versus the development of a top. This of course could be the wrong outlook but there are signposts to watch to help validate or invalidate this bias.

The key for longs is that the reversal-day low at 1658 created on April 21 is held, at a minimum. A close below that point could usher in a meaningful pullback. Stay above and a horizontal digestion phase can develop further.

But it appears that gold may be putting in higher low from that point via Tuesday’s low at 1692, which is even better than a horizontal correction. If this the case then a wedge indeed may be developing that could given gold more power to push on to new heights. An eventual break through 1747 will be needed to get this scenario in full-play.

Even with a generally bullish bias it may not be long though before gold is put to the test at a major resistance zone from around 1770 up to 1803. This zone was created via three peaks from November 2011 to October 2012 that formed in the wake of the September 2011 bull market blow-off.

This resistance zone is not to be taken lightly given its significance as part of the topping process that led to a multi-year bear market. The bottom of the same topping process around 1540 was a point of focus for us in August. That led to an intermediate-term congestion phase. A similar outcome or worse could happen on a further run from here.

But should gold bust on through aforementioned zone then we will have to start talking about the bull market high at 1921, a level that at some point looks likely to be exceeded, but could take some time to achieve. In any event, the short-term picture appears to be shaping up for at least a test of the 2011/12, perhaps better. But only if 1658 doesn’t buckle.

Top Trading Lessons
Top Trading Lessons
Recommended by Paul Robinson
Find Out the #1 Mistake Traders Make
Get My Guide

Gold Price Daily Chart (setting up well so far)

Gold price daily chart

Gold Price Chart by TradingView

Gold Price Weekly Chart (big levels ahead from 2011/12)

Gold price weekly chart

Gold Price Chart by TradingView

Resources for Forex 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

News & Analysis at your fingertips.