- Gold prices retreat off long-term slope insurgency forward of Fed
- Updated targets cancellation levels
- Looking for some-more trade ideas? Review DailyFX’s 2017 Trading Guides. Join Michael for Live Weekly Trading Webinars on Mondays at 13:30GMT (8:30ET)
Technical Outlook: Gold has done an initial response to slope insurgency fluctuating off a May high leaves prices exposed to serve waste while next today’s high. Keep in mind we posted an outward weekly annulment off insurgency on building bearish dissimilarity final week and has me looking for a new low in cost before resuming higher.
Notes: A newly identified near-term slope fluctuating off a highs serve highlights insurgency during today’s high during 1212 (keep in mind a monthly open now comes in during 1210) with prices branch only pips from a 50% retracement during 1198. Heading into a FOMC rate preference we would be looking to blur strength while within this arrangement targeting 1193, 1187 1182. Note that a widen into 1177 1171 would paint areas of seductiveness for depletion / long-entries with a crack / tighten above 1219 indispensable to symbol resumption of a broader uptrend.
- A outline of a DailyFX Speculative Sentiment Index (SSI) shows traders are prolonged Gold- a ratio stands during +1.75 (64% of traders are long)- diseased bearish reading
- Long positions are 7.1% aloft than yesterday though 3.8% next levels seen final week
- Short positions are 6.6% reduce than yesterday though 8.1% above levels seen final week
- Open seductiveness is 1.6% aloft than yesterday though 8.3% next a monthly normal
- Although a stream energetic gives a churned signal, a new boost in prolonged positions on building open seductiveness highlights a risk for serve debility near-term.
Relevant Data Releases
Looking for trade ideas? Review DailyFX’s 2017 1Q Projections
Other Setups in Play:
- NZD/USD Breakout or Fake-out? NZ Employment to Offer Cues
- Weekly Strategy Webinar: Dollar Crosses Brace for Key Event Risk
- Gold Prices Back Below 1200- Here’s a Game Plan
- EUR/USD Eyes 1.0580 Support Ahead of 4Q GDP
—Written by Michael Boutros, Currency Strategist with DailyFX
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