A measure of the US dollar's value against a basket of six major currencies (euro, yen, pound, Canadian dollar, krona, franc), with the euro weighted heaviest (~57.6%). A rising DXY means a stronger dollar, which is usually a headwind for gold and other dollar-priced assets.

The current price to buy or sell an asset for immediate delivery, as opposed to a future-dated (futures) price. 'Gold spot' (XAUUSD) is the live cash price of one ounce of gold in US dollars.

The highest and lowest price an asset has traded at over the past year. It frames where the current price sits relative to its recent extremes.

The highest price an asset has ever reached. '% from ATH' shows how far below that peak the current price is.

A price level where buying interest has historically been strong enough to halt or reverse a decline — a 'floor' the price has tended to bounce from.

A price level where selling interest has historically capped advances — a 'ceiling' the price has struggled to break above.

A price the market is paying close attention to — a significant support, resistance, or psychological round number where reactions are likely.

The smallest standard price increment in forex — usually 0.0001 (the fourth decimal), or 0.01 for yen pairs. Used to measure price moves and spreads.

The big-picture economic forces — growth, inflation, interest rates, employment, central-bank policy — that drive markets as a whole, as opposed to factors specific to a single asset.

Assessing an asset's direction from underlying economic and financial drivers (data, policy, supply/demand) rather than from chart patterns.

The monthly US jobs report (excluding farm workers), released on the first Friday. One of the largest scheduled market movers, especially for the dollar and gold.

A key inflation gauge tracking the change in prices paid by consumers. Hotter-than-expected CPI tends to support the dollar and pressure gold by raising rate-hike expectations.

CPI excluding volatile food and energy prices, giving a cleaner read on underlying inflation trends that central banks watch closely.

Measures price changes received by producers — an early indicator of inflation that often feeds through to consumer prices later.

Purchasing Managers' Index surveys of business activity (manufacturing and services). A reading above 50 signals expansion, below 50 contraction. ISM is the prominent US version.

Weekly count of new filings for unemployment benefits — a timely gauge of the labour market's health.

A central-bank stance favouring higher interest rates to fight inflation. Hawkish signals typically strengthen a currency and pressure non-yielding assets like gold.

A central-bank stance favouring lower rates to support growth and employment. Dovish signals typically weaken a currency and support gold — the opposite of hawkish.

Weekly US Energy Information Administration data on oil stockpiles. A larger-than-expected build is generally bearish for crude; a draw is bullish.

Gold bought by national central banks for reserves. Sustained official-sector buying is a structural source of long-term demand supporting gold.

A trend of countries reducing reliance on the US dollar in reserves and trade, often cited as a structural tailwind for gold.

The interest rate (return) on US government bonds. Yields on the 2-year, 10-year and 30-year are closely watched gauges of rate expectations and economic outlook.

A bond's stated interest rate before adjusting for inflation.

A bond yield after subtracting expected inflation. Rising real yields raise the opportunity cost of holding non-yielding gold, and are one of gold's most important headwinds.

One hundredth of a percentage point: 1 bp = 0.01%, so 25 bps = 0.25%. Rate changes and yield moves are quoted in basis points.

A plot of bond yields across maturities (e.g. 2Y to 30Y). Its shape signals market expectations for growth and rates.

The gap between the 10-year and 2-year Treasury yields. A positive spread is a normal upward-sloping curve; a negative ('inverted') spread has historically preceded recessions.

When shorter-dated yields exceed longer-dated ones (a negative 2s10s spread) — historically a warning sign of economic slowdown.

Government bonds of Germany (Bunds), the UK (Gilts) and Japan (JGBs). Their yields gauge European and Japanese rate expectations alongside US Treasuries.

A weekly CFTC report breaking down how trader groups (commercials, managed money, etc.) are positioned in futures markets — a key window into institutional positioning.

The US Commodity Futures Trading Commission, the regulator that publishes the weekly COT positioning report.

How individual (retail) traders are positioned long vs short. It's often used as a contrarian signal — crowded retail longs can mark vulnerability to a reversal.

The positioning and outlook of large professional players (funds, banks). Tends to carry more weight than retail flows for sustained moves.

A COT category covering speculative funds (hedge funds, CTAs). Heavy managed-money positioning can signal crowded trades at risk of unwinding.

The aggregate direction of positioning after offsetting longs against shorts. Net long means more bullish bets than bearish, and vice versa.

Money moving into or out of exchange-traded funds (e.g. gold ETFs). Inflows signal investor demand; sustained outflows signal de-risking.

When several independent factors or signals point the same way at once, reinforcing a setup. Higher confluence generally means higher conviction.

The degree to which a price moves around. Higher volatility means larger, faster swings and greater risk in both directions.

The market's forecast of how much an asset will move, derived from option prices. Rising implied volatility signals growing expected turbulence.

The CBOE Volatility Index — the market's expected 30-day volatility of the S&P 500. Known as the 'fear gauge'; spikes accompany risk-off, falling-equity episodes.

The CBOE's gold volatility index — implied volatility for gold, effectively the gold-market equivalent of the VIX.

A measure of an asset's typical price range over a recent period. Used to size stops and targets relative to current volatility.

The major forex market windows — Asian, London and New York. Liquidity, volatility and the assets in focus shift as each session opens and closes.

When two trading sessions are open at once (notably London and New York, ~13:00–17:00 GMT) — typically the highest-liquidity, highest-volatility window of the day.

Seasonal clock changes that shift market hours by an hour. Relevant to when sessions and data releases land in local time.

Greenwich Mean Time, the reference time zone for market hours. BST (British Summer Time) is GMT+1, used in the UK during summer.

Recurring, calendar-based tendencies in an asset's behaviour (e.g. gold's autumn strength). A historical tilt, not a guarantee.

The US central bank. Its interest-rate decisions and guidance are among the most powerful drivers of the dollar, gold and global markets.

The Federal Open Market Committee — the Fed body that sets US interest rates, meeting roughly every six weeks.

The European Central Bank, Bank of England and Bank of Japan — the central banks for the euro, pound and yen respectively.

How a central bank manages interest rates and money supply to influence inflation and growth. The single biggest macro lever for currencies.

Quantitative Easing (a central bank buying assets to inject liquidity and ease policy) and Quantitative Tightening (the reverse, draining liquidity).

An increase or decrease in a central bank's policy interest rate. Hikes tend to support the currency and pressure gold; cuts do the opposite.

Studying price charts, patterns and indicators to anticipate future moves, based on the idea that price action reflects all known information.

The average price over a set number of periods, smoothing out noise to reveal trend. A Simple MA (SMA) weights all periods equally; an Exponential MA (EMA) weights recent prices more.

The 200-day moving average (simple or exponential) — a widely watched marker of the long-term trend. Price above it is broadly bullish; below, bearish.

The prevailing direction of price — up (higher highs and lows), down (lower highs and lows), or sideways/ranging.

The speed and strength of a price move. Strong momentum suggests a move may continue; fading momentum can warn of a reversal.

When price pushes decisively through a support or resistance level, often signalling the start of a new move.

A temporary move against the prevailing trend before it potentially resumes — often watched as an entry opportunity.

A phase where price moves sideways between support and resistance rather than trending, as the market pauses or accumulates.

Checking an asset's trend and signals across several timeframes (e.g. daily, 4-hour, 1-hour) to confirm alignment before committing to a view.

Going long means buying to profit from a price rise; going short means selling (often borrowed) to profit from a price fall.

Bullish expects prices to rise, bearish expects them to fall, neutral expects no clear direction. Colour-coded green / red / amber throughout the playbook.

The overall lean of a trade idea — bullish, bearish or neutral — formed by weighing the available evidence.

The ratio of potential profit to potential loss on a trade. A 1:2 setup risks one unit to make two; higher ratios mean more reward per unit of risk.

The price area at which a trade idea suggests entering, rather than a single exact price.

A predefined exit price that caps a trade's loss if the market moves against the position.

A predefined price at which to take profit if the trade moves in the intended direction.

Using borrowed capital to control a larger position than your own funds would allow. It magnifies both gains and losses.

The deposit required to open and maintain a leveraged position — effectively collateral held by the broker.

The peak-to-trough decline in an account or strategy, measuring how much was lost from a high before recovering.

The difference between the buy (ask) and sell (bid) price. A narrower spread means lower trading cost and usually higher liquidity.

The difference between the price you expect on a trade and the price actually filled, common in fast or thin markets.

How easily an asset can be bought or sold without moving its price. High liquidity means tight spreads and smooth execution; thin liquidity exaggerates moves.

Assets investors move into during stress or uncertainty — typically gold, the US dollar, Japanese yen, Swiss franc and government bonds.

The market's mood. Risk-on means appetite for riskier assets (equities, high-beta currencies); risk-off means a flight to safety, often lifting gold and the dollar.

Borrowing in a low-interest currency to invest in a higher-yielding one, profiting from the rate difference — until volatility or rate shifts unwind it.

A statistical measure of how two assets move relative to each other, from +1 (move together) through 0 (no relationship) to −1 (move oppositely). Gold and the dollar are often negatively correlated.

Studying the relationships between different markets (e.g. dollar vs gold, yields vs equities) to read cross-asset signals.

A low-probability but high-impact event that sits in the 'tail' of the distribution — unlikely, but capable of moving markets sharply if it occurs.

The market's expected value for an upcoming economic release. The reaction usually depends on how the 'actual' figure compares to this expectation.

In an economic calendar, 'actual' is the released figure and 'previous' is the prior period's value. Surprises versus forecast tend to move markets most.

A rating of how much an economic release is likely to move markets. High-impact events (CPI, NFP, rate decisions) warrant the most attention.