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
EUR/USD
Bearish
Oil - US Crude
Mixed
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
Mixed
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
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.28%, while traders in EUR/GBP are at opposite extremes with 64.12%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/7OJ5FXh4rF
  • another nasty week in Cable $GBPUSD but most of that sell-off was Monday and Tuesday, after which support came into play. 2712 has now helped to hold the lows for three (going on four) days - even as $USD rally has continued https://t.co/kKURzmx61S https://t.co/eHZZ9rZC9X
  • Commodities Update: As of 13:00, these are your best and worst performers based on the London trading schedule: Gold: -0.32% Silver: -0.93% Oil - US Crude: -1.02% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/fdLE2SYbFA
  • While risks may be starting to skew to the upside in Brexit negotiations, GBP/USD continues to trade in choppy fashion, with pullbacks finding support at 1.2720-30. Get your $GBPUSD market update from @JMcQueenFX here:https://t.co/TOrUJKapR1 https://t.co/txDbUikOFZ
  • Indices Update: As of 13:00, these are your best and worst performers based on the London trading schedule: FTSE 100: -0.21% US 500: -0.30% Wall Street: -0.50% France 40: -1.37% Germany 30: -1.72% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/eOrhf8Ozhy
  • Heads Up:🇺🇸 Fed Williams Speech due at 13:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-09-25
  • 🇺🇸 Durable Goods Orders Ex Transp MoM (AUG) Actual: 0.4% Expected: 1.2% Previous: 2.4% https://www.dailyfx.com/economic-calendar#2020-09-25
  • 🇺🇸 Durable Goods Orders MoM (AUG) Actual: 0.4% Expected: 1.5% Previous: 11.2% https://www.dailyfx.com/economic-calendar#2020-09-25
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.29%, while traders in EUR/GBP are at opposite extremes with 64.27%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/Pr6fmzDXyZ
  • Forex Update: As of 12:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.07% 🇬🇧GBP: -0.07% 🇯🇵JPY: -0.08% 🇨🇭CHF: -0.14% 🇦🇺AUD: -0.22% 🇪🇺EUR: -0.31% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/vRMbDk8nMT
Gold Price Forecast: XAU/USD – Eyes on Key Neckline Support

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

2020-07-20 09:30:00
Mahmoud Alkudsi, Analyst
Share:

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 Forecast
Gold Forecast
Recommended by Mahmoud Alkudsi
Get Your Free Gold Forecast
Get My Guide

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.

Building Confidence in Trading
Building Confidence in Trading
Recommended by Mahmoud Alkudsi
Building Confidence in Trading
Get My Guide

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