Open an Account
☰
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Open an Account
✖

Has gold finally found a floor?

By :   Matt Simpson , Market Analyst
July 22, 2022 6:51 AM

Asian Indices:

  • Australia's ASX 200 index fell by -8.2 points (-0.12%) and currently trades at 6,786.10
  • Japan's Nikkei 225 index has risen by 128.35 points (0.46%) and currently trades at 27,931.35
  • Hong Kong's Hang Seng index has risen by 14.75 points (0.07%) and currently trades at 20,589.38
  • China's A50 Index has risen by 33.37 points (0.24%) and currently trades at 14,007.50

 

UK and Europe:

  • UK's FTSE 100 futures are currently up 14 points (0.19%), the cash market is currently estimated to open at 7,284.51
  • Euro STOXX 50 futures are currently down -5 points (-0.14%), the cash market is currently estimated to open at 3,591.51
  • Germany's DAX futures are currently down -27 points (-0.2%), the cash market is currently estimated to open at 13,219.64

 

US Futures:

  • DJI futures are currently down -60 points (-0.19%)
  • S&P 500 futures are currently down -109 points (-0.86%)
  • Nasdaq 100 futures are currently down -18.75 points (-0.47%)

 

 

China’s share markets slipped on Friday due to reports of another outbreak in the region. The Nikkei is on track for its best week in four months, with growth stocks and shipping firms taking the lead. US futures have opened lower, roughly taking around half of yesterday’s gains away. European bourses are also lower, although the FTSE has bucked the trend and trades 0.2% higher from yesterday’s close.

 

Oil prices made minor gains overnight, but it appears more likely that the markets printed a swing high on Tuesday and could be set to fall further over the near-term. A stronger US dollar would clearly help with that outlook, so on that front it is encouraging to see the US dollar index has found support at the 20-day eMA and be may forming a swing low.

 

 

Gold daily chart:

Gold remains within an established bearish channel, although recent price action suggests an important swing low has formed. Yesterday’s low held above the August 2021 low (with the March 2021 low ~$5 beneath it). We highlighted the importance of these lows in yesterday’s Gold Wrap report. A bullish engulfing pattern has formed on the daily chart and tested a 4-day high, and provides a bullish bias over the near-term and potential for a rally to $1750 resistance. Retracements towards the $1700 / monthly S3 pivot would be desirable to increase the potential reward to rise ratio, otherwise a direct break of yesterday’s high assumes bullish continuation.

 

 

 

 

Economic events up next (Times in BST)

 

 

 

How to trade with FOREX.com

Follow these easy steps to start trading with FOREX.com today:

  1. Open a Forex.com account, or log in if you’re already a customer.
  2. Search for the pair you want to trade in our award-winning platform.
  3. Choose your position and size, and your stop and limit levels.
  4. Place the trade.

  

The information on this web site is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.

Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Losses can exceed your deposits. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents. Products and services available depend on your location and the entity holding your account. Before deciding to trade forex, commodity futures, or digital assets, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein is intended as general information about the subject matter covered and is provided with the understanding that we do not provide any investment, legal, or tax advice. You should consult with appropriate counsel or other advisors on all investment, legal, or tax matters. References to FOREX.com or GAIN Capital refer to StoneX Group Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.

FOREX.com is a registered FCM and RFED with the CFTC and member of the National Futures Association (NFA # 0339826). Forex trading involves significant risk of loss and is not suitable for all investors. Full Disclosures and Risk Warning. Increased leverage increases risk.

GAIN Capital Group LLC (dba FOREX.com) 30 Independence Blvd, Suite 300 (3rd floor), Warren, NJ 07059, USA. GAIN Capital Group LLC is a wholly-owned subsidiary of StoneX Group Inc.

© FOREX.COM 2026