collected by :kiven Dixter
Here are the levels that matter for XAU/USD heading deeper into June trade. Review this week's Strategy Webinar for an in-depth breakdown of this setup and more. Gold Daily Price Chart (XAU/USD)Technical Outlook: In last week's Gold Technical Outlook, we noted a bearish bias, "sub-1266 with near-term bearish invalidation up at the objective weekly opening-range highs at 1272. Avoid these Mistakes in your tradingBottom line: Gold has responded to key weekly support and the immediate focus is on the June opening range with the broader downtrend at risk near-term while above 1236. See how shifts in Gold retail positioning are impacting trend- Learn more about sentiment!
Here are the levels that matter for XAU/USD heading deeper into June trade. Review this week's Strategy Webinar for an in-depth breakdown of this setup and more. Gold Daily Price Chart (XAU/USD)Technical Outlook: In last week's Gold Technical Outlook, we noted a bearish bias, "sub-1266 with near-term bearish invalidation up at the objective weekly opening-range highs at 1272. Avoid these Mistakes in your tradingBottom line: Gold has responded to key weekly support and the immediate focus is on the June opening range with the broader downtrend at risk near-term while above 1236. See how shifts in Gold retail positioning are impacting trend- Learn more about sentiment!
Gold Price Analysis: Risk Aversion May Slow Recent Collapse
Gold Price News and Analysis- Two-month downtrend looks ominous for gold bulls. The DailyFX Q2 Gold Forecast is now available to help traders navigate the market. The latest IG Retail Sentiment Indicatorshows that traders are 84.4% net-long of the precious metal but recent changes in net-longs gives us a mixed spot gold trading bias. Spot Gold Price Determined by Fundamental DriversGold has fallen sharply by nearly $100/oz. Gold Spot Price Chart Daily Time Frame (July 2017 – June 20, 2018)Are you new to Gold or FX trading or are you looking to improve your trading skill sets?Gold Price Outlook Mired by Extreme Retail Positioning
as mentioned in Gold Talking PointsBroader outlook for gold prices remain tilt to the downside as the precious metal extends the bearish trend from earlier this year, and the recent rebound appears to stalling at a near-term pivot as the precious metal quickly falls back from the July-high ($1266). Gold Price Outlook Mired by Extreme Retail PositioningA look at the monthly opening range suggests a near-term top is in place amid the failed attempts to close above the $1260 (23.6% expansion) hurdle, and gold prices may continue to consolidate over the days ahead as trader sentiment sits at an extreme. The IG Client Sentiment Report shows 88.2% of traders are still net-long gold, with the ratio of traders long to short at 7.45 to 1. The update reinforces a bearish outlook for gold as retail interest remains heavily skewed, with recent price action curbing the threat for a larger recovery as both price and the Relative Strength Index (RSI) preserve the bearish formations from earlier this year. For more in-depth analysis, check out the Q3 Forecast for GoldInterested in having a broader discussion on current market themes?Gold Price Forecast: Bearish MAs capping gains
Gold's corrective rally gathered steam on Monda, but bearish moving averages (MA) are playing spoilsport. The hard currency seems to have bottomed out at $1,238 (July 3 low), but the descending (bearish) 5-week and 10-week MAs are complicating price recovery. Further, the 50-hour MA, 100-hour MA and 200-hour MA located one above the other, indicating the path of least resistance is on the higher side. Daily chartClearly, the odds are stacked in favor of a stronger corrective rally, however, the descending 5-week MA is proving a tough nut to crack. Weekly chartThe metal's failure to hold on to gains above the descending 5-week MA has only bolstered the bearish view put forward by the descending (bearish) 5-week MA and 10-week MA and has weakened the case for a stronger corrective rally.
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