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.

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
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.84%, while traders in GBP/JPY are at opposite extremes with 76.20%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/IMWFZ1FT51
  • 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: https://t.co/EfWEACQ6Cz https://t.co/FxRLDVBvLq
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.58% 🇦🇺AUD: 0.56% 🇪🇺EUR: 0.35% 🇨🇦CAD: 0.29% 🇬🇧GBP: 0.29% 🇯🇵JPY: 0.18% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/5fwfLGIp36
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: France 40: 0.15% Germany 30: 0.13% FTSE 100: 0.09% US 500: 0.01% Wall Street: -0.04% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/v4CQ9vY94q
  • Further your forex knowledge and gain insights from our expert analysts @ddubrovskyFX and @FxWestwater on JPY with our free Q4 market analysis guide, available for free today.https://t.co/mzeJ5x73N3 https://t.co/hF59qq3gyG
  • The Fed 2022 rate forecast is at nosebleed levels, but the Dollar still isn't following along. Will it be drug lower if the outlook sours? And what will happen to the S&P 500 as it closes back in on its record high? https://www.dailyfx.com/forex/video/daily_news_report/2021/10/19/SP-500-Rally-to-Record-Will-Flag-Dollar-Anchored-as-Fed-Forecasts-Surge.html https://t.co/5QL5QSMFnc
  • Markets move in cycles, and stocks do too, with certain sectors carrying more attraction in various backdrops. Learn more here:https://t.co/HMyeIy09Wm https://t.co/qCYioLzj2f
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Silver: 0.85% Gold: 0.39% Oil - US Crude: -0.10% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/YY6JSwEzA8
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.43% 🇦🇺AUD: 0.39% 🇬🇧GBP: 0.20% 🇪🇺EUR: 0.19% 🇨🇭CHF: 0.17% 🇯🇵JPY: 0.13% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/rt5z1zLiE0
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.32%, while traders in GBP/JPY are at opposite extremes with 74.70%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/HABEfndEWn
Gold Forecast: XAU/USD Price – Rally Set to Resume?

Gold Forecast: XAU/USD Price – Rally Set to Resume?

Mahmoud Alkudsi, Analyst

Gold Price - XAU/USD Technical Outlook

  • Gold price stabilized above $1,700/oz.
  • Bullish signals on XAU/USD price chart

Reversed Higher

On Wednesday, Gold retreated and made an over two-week low at $1,694 however, the price rallied after and settled above the $1,700 handle. As a result, the weekly candlestick closed on Friday with a bullish Doji pattern signaling a possible bullish comeback.

Alongside that, the Relative Strength Index (RSI) remained flat above 50 highlighting a stalled bullish momentum.

Gold DAILY PRICE CHART (DEC 5, 2018 – June 1, 2020) Zoomed out

Gold daily chart price 01-06-20 Zoomed out

Gold DAILY PRICE CHART (April 9 – June 1, 2020) Zoomed In

Gold daily chart price 01-06-20 Zoomed in

On May 14, Gold resumed bullish price action and broke above the downtrend line originated from the April 14 high at $1,747. On Wednesday, the price failed to break below the 50-day moving average, then closed above the aforementioned downtrend line indicating that bullish sentiment was still intact.

At present, the yellow metal eyes a test of the high end of the current trading zone $1,685- $1,752. Any successful close above this level signals that bulls may push towards $1,796. A further close above that level could extend this rally towards $1,859.

On the other hand, any failure in closing above the high end of the current trading zone reflects a weaker bullish bias and could reverse XAU/USD towards the low end of the zone. A further close below that level could send Gold even lower towards $1,635.

It’s worth noting that, the weekly support and resistance levels underlined on the daily chart (zoomed in) should be monitored in both bullish/ bearish scenarios.

Gold Four-HOUR PRICE CHART (April 20 – June 1, 2020)

gold four hour price chart 01-06-20

On May 26, XAU/USD rebounded then closed above the uptrend line originated from the April 21 low at $1,660 reflecting that bulls were still in charge. On Friday, the price violated the downtrend line originated from the May 18 high at $1,765 and generated a bullish signal.

Therefore, a break above the aforementioned above May 18 high could trigger a rally towards $1,796. In turn, any break in the other direction i.e. below $1,712 could send XAU/USD for a test of the last-week low at $1,694.

That said, the daily and weekly resistance/support marked on the four-hour chart should be kept in focus.

Written By: Mahmoud Alkudsi, Market Analyst

Please feel free to contact me on Twitter: @Malkudsi

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

DISCLOSURES