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
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
Oil - US Crude
Mixed
Wall Street
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
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • A plethora of UK data, however, external factors remain the key driver as GBP/USD edges towards 200DMA. Get your #currencies update from @JMcQueenFX here: https://t.co/bWJGyiUSpQ https://t.co/qAg8NrAZor
  • The Japanese #Yen may rise if a growing number of coronavirus cases around the world puts a premium on anti-risk assets. JPY’s gains may be amplified if corporate earnings fail to impress investors. Get your #currencies update from @ZabelinDimitri here: https://t.co/yP4revKq6J https://t.co/7smgRKspLU
  • The US Dollar index (DXY) may face range bound conditions over the coming days amid the failed attempt to test the June low (95.75). Get your #currencies update from @DavidJSong here: https://t.co/GsBcE6Z4G6 https://t.co/HIJ4vvcBIg
  • The Dow Jones could fall based on positioning signals, will the growth-linked Australian Dollar and Canadian Dollar follow? If so, what are the technical barriers ahead? Find out from @ddubrovskyFX here:https://t.co/yJrlR5C00P https://t.co/FzkIBlJLHG
  • Further gains in USD/IDR could be curbed as USD/PHP establishes a floor around 2017 lows. USD/MYR may fall next as USD/SGD fast approaches a key falling trend line.Get your #ASEAN currencies market update from @ddubrovskyFX here:https://t.co/9JgZm2n8Fl https://t.co/FeBuqJ64qB
  • Japanese Yen Outlook Bullish on Coronavirus Surge, US Earnings Seasonhttps://fxnews.org/?/forex/fundamental/forecast/weekly/jpy/2020/07/11/Japanese-Yen-Outlook-Bullish-on-Coronavirus-Surge-US-Earnings-Season.html
  • The New Zealand Dollar is aiming higher, with NZD/USD eyeing fresh yearly highs while AUD/NZD may be carving out a bearish Head and Shoulders chart pattern. Get your $NZDUSD market update from @DanielGMoss here:https://t.co/osFxXvq5xF https://t.co/sKBkNvMvPz
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out: https://t.co/td5WA4hCZC https://t.co/3qXauAsm2Q
  • The Dow Jones and S&P 500 nervously face the earnings season as coronavirus deaths could reimpose lockdowns. The DAX 30 eyes an EU rescue package as the FTSE 100 awaits GDP data. Get your #equities update from @ddubrovskyFX here: https://t.co/A0k6JMMBOg https://t.co/iihbEYsfgi
  • It was a surprisingly quiet week in oil, with the net of this week’s price action showing a doji. But a longer-term formation has built that may open the door to that next trend. Get your #commodities update from @JStanleyFX here: https://t.co/zz6M2ce55V https://t.co/UxlbpgLBkq
Gold Price Latest - Rally Running Out of Steam, Supportive Trend Needs to Hold

Gold Price Latest - Rally Running Out of Steam, Supportive Trend Needs to Hold

2020-06-30 11:00:00
Nick Cawley, Strategist
Share:

Gold Price (XAU/USD) Analysis, Prices and Charts

  • Supportive trendline needs to hold.
  • Thursday’s US nonfarm payrolls the key data of the week,
Top Trading Lessons
Top Trading Lessons
Recommended by Nick Cawley
Learn From Other Trader’s Mistakes
Get My Guide

Gold Struggles Near Multi-Year Highs

Gold is up over $100/oz. since the June swing-low and a series of higher lows remain in place. The steep uptrend line off the $1,671/oz. low is likely to be tested again and needs to hold if gold is to push back towards the next upside target at $1,794/oz. made in October 2012. Monday’s indecision doji suggests that the recent rally is weakening and trend support, currently around $1,761/oz. may soon be under threat. The support line has held all month but the steepness of this trend was always likely to cause it to be tested, especially with the precious metal at multi-year highs. Below trend, the $1,747/oz. area is likely the next zone of support. A clean break above last week’s $1,779/oz. high will leave the October 2012 peak the likely next target.

Gold Daily Price Chart (December 2019 – June 30, 2020)

Gold price chart
How to Use IG Client Sentiment in Your Trading
How to Use IG Client Sentiment in Your Trading
Recommended by Nick Cawley
Improve your trading with IG Client Sentiment Data
Get My Guide

This month’s US nonfarm payrolls are released on Thursday – a day earlier than usual – due to a US holiday on Friday. Last month’s US labor report smashed analysts bearish expectations when 2.5 million jobs were added against expectations of 7.5 million jobs being lost. The US unemployment rate fell to 13.3% from a prior 14.7% and expectations of a near-20% reading. The official US BLS report noted however that due to the way the data was interpreted, a ‘miscalculation error’ occurred and the unemployment rate could be about three percentage points higher than reported. This week’s release will be very closely watched for any further ‘errors’ or revisions.

For all data releases and events, see the brand new FxNews Calendar

What is your view on Gold – are you bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.

FxNews 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.