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
Mixed
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
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • $EURUSD Daily Pivot Points: S3: 1.1629 S2: 1.1694 S1: 1.1718 R1: 1.1783 R2: 1.1825 R3: 1.189 https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.51% 🇨🇦CAD: 0.39% 🇪🇺EUR: 0.38% 🇳🇿NZD: 0.04% 🇬🇧GBP: -0.12% 🇯🇵JPY: -0.36% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/qEABm6nDyn
  • US Treasury Yields: 2-Year: 0.159% 3-Year: 0.188% 5-Year: 0.299% 7-Year: 0.496% 10-Year: 0.671% 30-Year: 1.369% $TNX
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Silver: 2.87% Gold: 0.40% Oil - US Crude: -0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/9zzrCQMv2s
  • S&P 500 price is within striking distance of hitting all-time highs as stocks continue to rally. Get your market update from @RichDvorakFX here: https://t.co/pKvJ9wv9VY https://t.co/kkbBSDDVo8
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 95.94%, while traders in US 500 are at opposite extremes with 78.38%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/Ycy6nhUEDm
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.09% US 500: -0.02% Wall Street: -0.07% France 40: -0.14% FTSE 100: -0.32% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/6KHC1wW7Wo
  • Ugly numbers but (always a but with data), June monthly GDP +8.7% gives hope.... https://t.co/CYevGpL7g5
  • Fed's Daly: #Fed committed to making inflation goal of 2% - BBG
  • With the S&P 500 just topping its all-time record high and the 10YR Treasury yield up again now to 67-bps, yesterday's selloff in stocks looks more like it had to do with margin calls related to the sharp reversal in precious metals.
Gold Price Outlook: XAU/USD Breakout to Record Highs- What Now?

Gold Price Outlook: XAU/USD Breakout to Record Highs- What Now?

2020-07-28 19:00:00
Michael Boutros, Strategist
Share:

Gold Technical Price Outlook: XAU/USD Weekly Trade Levels

Gold prices surged higher for an eighth consecutive week with the XAU/USD breakout marking fresh record highs. Gold is now trading in uncharted territory and while we have no historic price action at these levels, we do have some measured levels in focus just higher. These are the updated targets and invalidation levels that matter on the gold weekly charts heading into tomorrow’s FOMC interest rate decision and the close of July trade. Review my latest Strategy Webinar for an in-depth breakdown of this XAU/USD trade setup and more.

Starts in:
Live now:
Aug 17
( 12:08 GMT )
Live Weekly Strategy Webinars on Mondays at 12:30GMT
Weekly Scalping Webinar
Register for webinar
Join now
Webinar has ended

Gold Price Chart - XAU/USD Weekly

Gold Price Chart - XAU/USD Weekly - GLD Trade Outlook - GC Technical Forecast

Chart Prepared by Michael Boutros, Technical Strategist; Gold on Tradingview

Notes: In my last Gold Weekly PriceOutlook we noted that a six-week rally had taken XAU/USD into multi-year resistance and to be on the lookout for, “downside exhaustion ahead of 1747 IF price is indeed heading higher with a topside breach keeping the focus on objectives towards the record highs.” Three-days later, a breach higher fueled a rally of more than 13% with gold registering fresh record highs early in the week.

Initial weekly resistance stands at the 2.618% Fibonacci extension of the late-2015 advance at 1983 – note that a parallel of the 2018 trendline extending off the 2016 highs also converges on this region and further highlights its’ technical significance. A topside breach / close above this threshold is needed to keep the long-bias viable with such a scenario exposing the 200% measured move of the 2016-2019 consolidation breakout at 2032. Initial weekly support rests at the previous record highs at 1920 backed by the 2011 high-week close at 1881. Broader bullish invalidation now raised to 1795.

Gold Forecast
Gold Forecast
Recommended by Michael Boutros
Download our latest quarterly Gold Price Forecast
Get My Guide

Bottom line: The gold breakout is underway with the rally now approaching initial topside resistance objectives. From a trading standpoint, the immediate advance may be vulnerable heading into confluence resistance near 1983 a good region to reduce long-exposure / raise protective stops– keep an eye out for downside exhaustion ahead of 1881 IF price is heading higher on this stretch with a breach exposing 2000 and beyond. Review my latest Gold Price Outlook for a closer look at the near-term XAU/USD technical trading levels.

For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy

Gold Trader Sentiment – XAU/USD Price Chart

Gold Trader Sentiment - XAU/USD Price Chart - GLD Outlook - Technical Forecast
  • A summary of IG Client Sentiment shows traders are net-long Gold- the ratio stands at +2.23 (69.06% of traders are long) – bearishreading
  • Long positions are4.45% lower than yesterday and 18.33% higher from last week
  • Short positions are10.83% lower than yesterday and 2.65% higher from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Gold prices may fall. Traders are further net-long than yesterday and last week, and the combination of current positioning and recent changes gives us a stronger Gold-bearish contrarian trading biasfrom a sentiment standpoint.
Gold BEARISH
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 4% -3% 2%
Weekly 15% -26% 1%
Learn how shifts in Gold retail positioning impact trend
Get My Guide

---

Previous Weekly Technical Charts

- Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex

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

DISCLOSURES

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.