We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
Oil - US Crude
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • #NOK, #SEK and #AUD are expected to be the most-active #G10 FX against the US Dollar with one-week implied volatility at 10.05, 9.05 and 8.68 respectively -BBG [delayed]
  • The #ASX 200 stock index hit record highs this year but those days seem unlikely to return anytime soon as even equity buckles before the #coronavirus outbreak. Get your market update from @DavidCottleFX here: https://t.co/HlZhPBbnIn https://t.co/UbCNbaPtX4
  • LIVE NOW: In this session, Currency Analyst @ddubrovskyFX discusses traders' positioning as a key element of market analysis to determine the prevailing and future price trends. https://www.dailyfx.com/webinars/998956395
  • South Korea #coronavirus cases top 1,000. For perspective, it was 51 a week ago.
  • Markets after realizing they may have to contend with reignited US-China trade tensions, #coronavirus and a neutral Fed all at the same time: https://t.co/PlC75iOY13
  • The $USD may rise against the Malaysian Ringgit after Prime Minister Mahathir Mohamad resigned. Bank of Malaysia may cut rates on #coronavirus fears with fiscal stimulus uncertain. Get your market update from @ddubrovskyFX here: https://t.co/WSx7FEf6W6 https://t.co/byzavtwAo5
  • LIVE IN 30 MIN: In this session, Currency Analyst @ddubrovskyFX discusses traders' positioning as a key element of market analysis to determine the prevailing and future price trends. https://www.dailyfx.com/webinars/998956395
  • The British Pound, #Euro and Japanese #Yen rose versus the US Dollar. #Coronavirus fears sank stocks and increased #Fed rate cut bets. The $GBPUSD technical bias still points lower #USD - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2020/02/26/British-Pound-Euro-Yen-Gain-as-US-Dollar-Weakens-in-Tense-Session.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/qupkKdbHms
  • Join @ddubrovskyFX 's #webinar at 8:00 PM ET/1:00 AM GMT to find out what information you can gain from knowing what other traders are buying or selling. Register here: https://t.co/Bb3CTDaWVC https://t.co/BlxHOemKwy
  • China is "fully expected" to meet terms outlined in "Phase 1" of the US-China trade deal despite the outbreak of the #coronavirus according to top US officials (SCMP) - First Squawk Could you imagine the pandemonium if markets had to contend with #covid19 and reignited tensions?
Guest Commentary: Gold Price Daily Outlook 09.23.2011

Guest Commentary: Gold Price Daily Outlook 09.23.2011

2011-09-23 16:12:00
Lior Cohen, Energy Analyst for Trading NRG,

Gold Price - Daily Outlook September 23

Gold and silver took a real hit to the chin yesterday as they have plummeted to their monthly low. On the other hand most of the major commodities and currencies (AUD, CAD) have also suffered sharp falls yesterday. It's hard to attribute all of yesterday's falls in commodities prices to the recent FOMC decision, but this decision may have triggered this avalanche in the Forex, commodities, US Treasuries and US stock markets.

Today, an ECB press conference will be held in which Trichet will speak; the World Bank and IMF will hold a meeting over the weekend to talk about the global economic condition.

Gold sharply declined on Thursday by 3.67% to $1,741; silver plummeted by 9.61% to $36.58. During September, gold declined by 4.9% and silver fell by 12.4%.

Guest_Commentary_Gold_Price_Daily_Outlook_09.23.2011_body_Gold_price_forecast__silver_prices_outlook_2011_September_23.png, Guest Commentary: Gold Price Daily Outlook 09.23.2011

On Today's Agenda:

ECB conference Trichet speaks: following the recent announcement of the ECB along with other central banks, Trichet will give a speech regarding the economic stability of the Euro Area and the debt crisis in the Europe;

World Bank and IMF meeting: over the weekend there will be a meeting of the IMF and World Bank that will address the financial crisis in Europe and the global economic slowdown.

U.S. Treasuries / Gold– September Update

The US 10-year Treasury yields sharply fell 0.16 percent points to 1.72% - their lowest level in 2011; during September they have fallen by 0.51 percent points. The recent FOMC decision is likely to keep this downward trend and further reduce the LT US securities yields as traders dump other investments and run towards LT US securities before the Fed's new plan will further decrease their yields. There was a negative correlation between the US long term Treasury yields and gold daily percent changes in the last few months, but this pattern has shifted as seen in the chart below. It seems that many traders have started to shift from holding gold towards increasing their holding in LT US securities.

Guest_Commentary_Gold_Price_Daily_Outlook_09.23.2011_body_Chart_Gold_Price_and_10_Yr_Daily_Treasury_Yield_September_2011_September_23.png, Guest Commentary: Gold Price Daily Outlook 09.23.2011

Gold and Silver Outlook:

Gold and silver have sharply fallen yesterday and they may continue their decline today – the August upward trend won't repeat itself in September. The FOMC plan wasn't received well by many traders as it may have triggered the recent dive in the financial markets. The shift in the markets might accompany with an ongoing strengthening of USD against major currencies, a decrease in long term securities yields and a decline in commodities prices. That being said, during the rest of September I still speculate thatgoldwill slowly recover from its sharp falls, but will most likely finish the month below their initial price levels from the beginning of the month.Silver that usually is more unstable may remain even further below its initial price level.

For further reading:

Gold and silver prices outlook for September 2011

Lior Cohen, M.A. commodities analyst and blogger at Trading NRG.

By: Lior Cohen, Energy Analyst for Trading NRG

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.


News & Analysis at your fingertips.