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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
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
Oil - US Crude
Wall Street
More View more
Real Time News
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here:
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here:
  • Looking for a new way to trade reversals? One of the most used reversal candle patterns is known as the Harami. Like most candlestick formation patterns, the Harami tells a story about sentiment in the market. Get better with trading reversals here:
  • MACD who? The Moving Average Convergence Divergence (MACD) is a technical indicator which simply measures the relationship of exponential moving averages (EMA). Find out how you can incorporate MACD into your trading strategy here:
  • Forex quotes reflect the price of different currencies at any point in time. Since a trader’s profit or loss is determined by movements in price, it is essential to develop a sound understanding of how to read currency pairs. Learn how to read quotes here:
  • (Weekly Outlook) Australian Dollar Outlook: AUD/USD Divergence With Wall Street Risks Continuing #AUD $AUDUSD #Fed #Stocks
  • The US Dollar steadied against most ASEAN currencies this past week. Key support levels remain in play looking at USD/SGD, USD/THB and USD/PHP. USD/IDR may rise with a new trendline. Get your market update from @ddubrovskyFX here:
  • EUR/USD has been looking toppy since late May as bearish technical signals played out. But, rising Euro short bets from retail traders hint that the currency may hold its footing. Get your market update from @ddubrovskyFX here:
  • The Japanese Yen may rise as retail investors increase their long exposure in pairs like USD/JPY and EUR/JPY. Will these pairs turn lower? What are key levels to watch for? Find out from @ddubrovskyFX here:
  • Natural gas spot prices have been on the rise, recapturing a key trendline, following the EIA’s Short-Term Energy Outlook. Where can prices head from here? Find out from @FxWestwater here:
Gold Price Outlook: Gold Breakout Imminent – XAU/USD Levels for NFP

Gold Price Outlook: Gold Breakout Imminent – XAU/USD Levels for NFP

Michael Boutros, Strategist

Gold Technical Price Outlook: XAU/USD Near-term Trade Levels


Gold prices rallied more than 1% into the start of the month and while the broader outlook remains constructive, the immediate rally may be vulnerable as the focus shifts to a multi-week range as we head into major US event risk tomorrow. These are the updated targets and invalidation levels that matter on the XAU/USD technical charts heading into Non-Farm Payrolls. Review my latest Strategy Webinar for an in-depth breakdown of this gold technical setup and more.

Gold Price Chart - XAU/USD Daily

Gold Price Chart - XAU/USD Daily - GLD Trade Outlook - GC Technical Forecast - NFP Levels

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

Technical Outlook: In last month’s Gold Price Outlook we noted that the XAU/USD, “rally may be vulnerable here into confluent technical resistance” as price probed into the upper parallels in late-April. Resistance held at the 2012 swing high at 1795 with this threshold now marking the weekly / monthly opening-range highs. Just higher rests the 100% extension of the March advance at 1804 – both levels of interest for possible inflection IF reached. Daily support steady at the 1764/67 Fibonacci confluence with a break below pitchfork support needed to suggest a larger reversal is underway.

Gold Price Chart - XAU/USD 120min

Gold Price Chart - XAU/USD 120min - GLD Trade Outlook - GC Technical Forecast - NFP Levels

Notes: A closer look at Gold price action shows XAU/USD carving a well-defined weekly opening-range between 1763-1795, a zone that has governed gold prices since April 16th – we’re on breakout watch. A breach / close above 1804 would be needed fuel the next leg higher with such a scenario exposing subsequent resistance objectives at 1818 and the February open / 61.8% retracement at 1848/51. A break lower would risk a larger correction towards 1752 with near-term bullish invalidation now raise to the March high-close / lower parallel at ~1745- an area of interest for possible downside exhaustion IF reached.

Bottom line: Gold prices continue to trade within a well-defined range just below resistance heading into US Non-Farm Payrolls tomorrow. From at trading standpoint, the focus is on a breakout of the 1763-1804 level for guidance with the broader rally vulnerable while below the upper bounds – be on the lookout for a possible exhaustion high tomorrow with a broader setback likely to offer more favorable opportunities closer to trend support. Ultimately, a close above the upper parallel is needed to fuel the next accelerate leg higher in price- stay nimble into the close of the week. Review my latest Gold Weekly Price Outlook for a closer look at the longer-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 Retail Positioning - GC Technical Forecast - NFP Levels
  • A summary of IG Client Sentiment shows traders are net-long Gold- the ratio stands at +4.33 (81.24% of traders are long) – typically bearishreading
  • Long positions are0.77% higher than yesterday and 6.67% lower from last week
  • Short positions are8.69% lower than yesterday and 2.14% higher from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Gold prices may continue to fall. Trader are more net-long than yesterday but less net-long from last week. The combination of current positioning and recent changes gives us a further mixed Gold trading bias a sentiment standpoint.


Active Technical Setups

- Written by Michael Boutros, Technical Strategist with DailyFX

Follow Michael on Twitter @MBForex

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