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.

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
EUR/USD
Mixed
Oil - US Crude
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
Wall Street
Bullish
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
Gold
Bullish
GBP/USD
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
USD/JPY
Bullish
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
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.49% US 500: 0.27% Germany 30: 0.26% France 40: 0.21% FTSE 100: 0.18% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/jU8pwdzPYc
  • EUR/USD holding proven support level. Pullback may be over, but hurdles yet to cross. Get your $EURUSD market update from @PaulRobinsonFX here:https://t.co/v06OWd3Vqp https://t.co/acFOm0Jtq9
  • The price of oil pulls back from a fresh monthly high ($66.76) despite a larger-than-expected contraction in US inventories. Get your market update from @DavidJSong here: https://t.co/uxLol8LbDH https://t.co/7pcNZa2kSC
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.61% 🇨🇭CHF: 0.53% 🇪🇺EUR: 0.50% 🇯🇵JPY: 0.12% 🇳🇿NZD: -0.02% 🇬🇧GBP: -0.10% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/G1tbmnQXlH
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.19% Wall Street: 0.12% France 40: 0.02% Germany 30: -0.16% US 500: -0.19% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/7TV6gNkFhX
  • The Dollar's drop was not as clean against all of its major counterparts, but the $DXY's trade weighting translated EURUSD's rally into a bearish wedge break here. That said, this still qualifies as an inverse head-and-shoulders pattern https://t.co/FNg92kAOfP
  • IMF says downside risks are materializing in India $USDINR #NIFTY50
  • Dallas Fed's Kaplan: -Fed likely to achieve 'substantial progress' metric faster than expected -There are side effects from bond purchases -Still supports bond purchases but economy has improved faster than anticipated -Fed to reach full jobs, price goals some time in 2022
  • Key break higher for gold this morning as it pushes above $1800 for the first time since February https://t.co/Ih2e5I7ddS
  • Hey traders! Risk trends continue to struggle for clarity of direction. Get your Thursday market update from @DailyFX Chief Strategist @JohnKicklighter 👇 https://t.co/TYFzIJxlvR
Gold Price Forecast: XAU/USD – Eyes on Key Neckline Support

Gold Price Forecast: XAU/USD – Eyes on Key Neckline Support

Mahmoud Alkudsi, Analyst

XAU/USD Technical Analysis

  • Markets adjusted between fears of Covid-19 and hopes for a vaccine
  • XAU/USD price chart exposes a reversal pattern

Gold Price – Bulls Eased Up

Last week, Gold hit a one week high of $1,814 then retreated after. However, the price closed the weekly candlestick modestly in the green with a 0.6% gain. Alongside that, the Relative Strength Index (RSI) abandoned the overbought territory reflecting a weaker bullish momentum.

The market invested in riskier assets amid positive news about a coronavirus vaccine. Meanwhile, the US-China tensions combined with the accelerating trend of Covid-19 infections in the US and elsewhere kept the demand on safe havens intact.

Gold DAILY PRICE CHART (Jan 1, 2019 – July 20, 2020) Zoomed out

Gold daily chart price 20-07-20 Zoomed out

Gold DAILY PRICE CHART (March 6 – July 20, 2020) Zoomed In

Gold daily chart price 20-07-20 Zoomed in

On July 8, Gold climbed to the current trading zone $1,796- $1,859, and since then the price has failed on multiple occasions to break through the lower trading zone, repeatedly rebuffing efforts to put bears back in charge.

Another close above the high end of the current zone $1,796 may open up a push behind Gold towards the high end of the zone $1,859 - the Fibonacci 161% extension. A further close above that could encourage bulls to extend the rally towards 1,920- a monthly resistance level.

On the flip-side, a close below the low end of the zone may ultimately guide XAU/USD’s fall towards the monthly support level at $1,752, and any further close below that level may encourage bears to send the price even lower towards the following monthly support at $1,685.

Gold Four-HOUR PRICE CHART (JuLy 3 – July 20, 2020)

gold four hour price chart 20-07-20

On July 9, XAU/USD paused its bullish move and traded in a Double Top pattern where the neckline resided at $1,790. Hence, a break below this level would generate a bearish signal, while any break above the downside trendline resistance originating from the July 8 high at$1,818 may keep the bullish potential alive.

To conclude, a break above the July 8 high $1,818 may trigger a rally towards $1,830, while any break below the aforementioned neckline at $1,790 could send Gold towards $1,772. As such, the daily resistance and support levels underscored 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