News & Analysis at your fingertips.

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. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
Gold
Bullish
Low
High
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
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.86% 🇨🇦CAD: 0.66% 🇬🇧GBP: 0.41% 🇪🇺EUR: 0.33% 🇯🇵JPY: 0.30% 🇦🇺AUD: 0.28% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/aedAWqGkhx
  • In the aftermath of the FOMC's taper talk, the US 2Q GDP miss has added to the Dollar's tumble but not weighed the S&P 500. DailyFX's @JohnKicklighter 👇 https://t.co/639Y34LoWI
  • In the aftermath of the FOMC's taper talk, the US 2Q GDP miss has added to the Dollar's tumble but not weighed the S&P 500. DailyFX's @JohnKicklighter discusses Down pointing backhand index👇 https://t.co/hJbVcsxyER
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: US 500: 0.54% Wall Street: 0.52% Germany 30: -0.05% FTSE 100: -0.08% France 40: -0.18% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/KovwTZk8iu
  • $GBPUSD not far off the big 1.4000 psych level that has been in focus for much of the year https://t.co/ieYPFxCX3l
  • $USDCAD has dropped below its 20-day moving average for the first time in 38 trading days. As far as monetary policy focused crosses go, this is a good one; and the BOC has already tapered twice as the Fed drags its feet https://t.co/18gBHWKzJ8
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.76% 🇬🇧GBP: 0.51% 🇨🇦CAD: 0.44% 🇪🇺EUR: 0.33% 🇦🇺AUD: 0.23% 🇯🇵JPY: 0.20% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/6IgbcOeZDZ
  • Seeing some continued US Dollar weakness post-FOMC as expected. $DXY hitting fresh monthly lows with weekly jobless claims data and the 2Q GDP report released this morning both disappointing relative to consensus. Link to Analysis - https://www.dailyfx.com/forex/market_alert/2021/07/29/us-dollar-hits-monthly-low-as-jobless-claims-q2-gdp-disappoint.html https://t.co/MnaABIzbRr
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.88% US 500: 0.52% France 40: 0.50% Wall Street: 0.49% Germany 30: 0.36% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/7PWjwTJE5Y
  • The US 2Q GDP was technically better than the previous quarter at 6.5% (prev 6.3% revised down), but far more tame than the 8.4% forecasted. The $DXY Dollar Index is responding to the data with its fourth consecutive slide https://t.co/GsLyQwGaLC
Gold and Silver Prices Attempt to Press Higher after NFP Miss

Gold and Silver Prices Attempt to Press Higher after NFP Miss

Research, Research Team

Key Takeaways:

  • The US labor market not as strong as analysts expected.
  • Gold and Silver prices are holding range support and turning higher.
  • There is a lot of time for speculation over QE3 until the next Fed meeting.

After several days of choppy prices, precious metals’ prices have started to drift higher. Gold and Silver prices are back at the topside of recent ranges – periods of consolidation in price since the middle of January. Precious metals have been a good indicator of broader market sentiment: price has been rather directionless as traders and investors grapple with the near term slowdown in US economic data versus the longer term impact of the Federal Reserve tapering QE3.

The data at the end of the first week of February did not meet the market standard that would lead a trader to step up their speculation of the QE3 tapering. The weak US jobs report showed that the labor market added only 113,000 jobs, far beneath the 187,000 that many analysts forecasted. In recent history, precious metals have needed weak US economic data in order to rally, and this proved to be true once more on Friday. After several days of consolidation in price (going back to the middle of January), Gold and Silver may have found the fundamental boost they have needed to escape their ranges.

Gold Price Daily Chart (XAU/USD)

gold-silver-prices-press-higher-nfp-0006_body_Image10.jpg, Gold and Silver Prices Attempt to Press Higher after NFP Miss

Gold price has turned away from $1275 on several occasions this past week, but early signs may be pointing to an eventual breakout higher. The closing high in 2014 is $1269.89, and therefore should be considered an important level of “closing resistance.” While highs and lows are important reference points, experts often point to closing prices as being more important as they are the final agreed upon price for the day – the market equilibrium at that time. A close above $1269.89 would suggest that traders have reevaluated their bearishness towards the price of Gold earlier in the year. Thus, there are two ranges here in Gold to watch.

The first is the “closing range,” which when rounded, sees a tunneling of price between $1236 and $1270 (these are not the exact closing highs and lows but rather the closest round figure for simplicity). When price closes beyond either side of these barriers, it would give evidence for a more significant breakout in that direction. We see that price is testing the topside of the recent range, which puts our initial bias in favor of Gold to rally. A daily close above $1270 would suggest that the absolute highs above $1275 are due to be tested. After NFPs, we see that traders might have less of reason to be optimistic about the US labor market today, which could serve as the catalyst for a breakout. The Slow Stochastic indicator (SSI) remains bullish after its “buy” signal on February 4th.

Silver Prices Daily Chart (XAG/USD)

gold-silver-prices-press-higher-nfp-0006_body_Image11.jpg, Gold and Silver Prices Attempt to Press Higher after NFP Miss

When we look at Silver prices we see that they may be leading Gold. Silver prices broke lower at the end of January and Gold inched lower towards the bottom of its recent range near $1230. The rebound in Silver from the lows near $18.880 coincided with the rally in Gold as well. Now, both precious metals are on the verge of breaking higher. If Gold is to break and close above $1275, the price of Silver will likely have to settle above $19.850. So far so good, with Silver prices closing on Friday at $20.001.

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

DISCLOSURES