Gold
Gold continues to make headway along the six week uptrend. However, with yesterday’s slip back into the lose turning a positive session into a concerning one, there is less conviction in the run higher. For now, the market remains positive, trading around the support of the 23.6% Fibonacci retracement (of $1445/$1611) which comes in at $1472, whilst also maintaining the support of the six week bull trend. This trendline comes in as a basis of support today at $1570 and there is the support of the recent breakout support band is at $1562/$1568. However, the failure to push on above $1586 (Monday’s high) could begin to weigh on the run higher. Momentum reflects this, as the MACD lines continue to edge lower and Stochastics begin to wane under 80. The 21 day moving average is a good gauge at $1562 today, whilst this week’s low coming in also at $1562 adds to the importance of this as support near term. We remain positive on gold whilst the $1538 key support remains intact, but the gold bull move is beginning to look a little tired. Yesterday’s failure again at $1586 adds to the resistance.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Latest Forex Analysis
Editors’ Picks
EUR/USD holds losses below 1.0900 amid cautious mood
![EUR/USD holds losses below 1.0900 amid cautious mood](https://editorial.fxstreet.com/images/Markets/Currencies/Majors/EURUSD/money-59004818_XtraSmall.jpg)
EUR/USD is posting small losses while below 1.0900 in the European session on Tuesday. The pair treads water amid a cautious market mood, as traders weigh the US political updates and China slowdown worries. The US Dollar holds steady, in the absence of top-tier economic data.
GBP/USD stays pressured toward 1.2900 as US Dollar stabilizes
![GBP/USD stays pressured toward 1.2900 as US Dollar stabilizes](https://editorial.fxstreet.com/images/Markets/Currencies/Majors/GBPUSD/iStock-900067218_XtraSmall.jpg)
GBP/USD is on the defensive toward 1.2900, lacking firm direction in European trading on Tuesday. The US Dollar looks to stabilize after the early decline, weighing on the pair. Traders await mid-tier US housing data for fresh trading impetus.
Gold price remains at bay with US data in focus
![Gold price remains at bay with US data in focus](https://editorial.fxstreet.com/images/Markets/Commodities/Metals/Gold/gold-nuggets-14424039_XtraSmall.jpg)
Gold price trades with caution in the countdown to a string of US economic data. Firm Fed rate cut hopes to keep the upside in the US Dollar limited.
Bitcoin price struggles around $67,000 as US Government transfers, Mt. Gox funds movement weigh
![Bitcoin price struggles around $67,000 as US Government transfers, Mt. Gox funds movement weigh](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Bitcoin/bitcoin_forex_XtraSmall.jpg)
Bitcoin struggles around the $67,000 mark and declines by 1.7% at the time of writing on Tuesday at around $66,350. BTC spot ETFs saw significant inflows of $530.20 million on Monday.
Big tech rebound ahead of earnings, Oil slips
![Big tech rebound ahead of earnings, Oil slips](https://editorial.fxstreet.com/images/TechnicalAnalysis/Volatility/Bands%20(bollinger)/stock-market-graph-gm532464153-55981218_XtraSmall.jpg)
Tesla and Google are due to report earnings today after the bell, and their results could shift the wind in either direction. Despite almost doubling its stock price between April and July, Tesla sees appetite for its cars and its market share under pressure.