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
EUR/USD
Bearish
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
GBP/USD
Mixed
USD/JPY
Bullish
Gold
Bearish
Oil - US Crude
Mixed
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
Bitcoin
Bearish
More View more
Notice

DailyFX PLUS Content Now Available Freely to all DailyFX Users

Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.89%, while traders in France 40 are at opposite extremes with 80.42%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/5V2W1dOsju
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.11% 🇪🇺EUR: 0.08% 🇯🇵JPY: -0.04% 🇬🇧GBP: -0.14% 🇳🇿NZD: -0.17% 🇦🇺AUD: -0.37% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/gz9kHUlzLu
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: US 500: -0.03% Wall Street: -0.04% Germany 30: -0.06% France 40: -0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/vqDHe5UIBO
  • Greed has proven to be a hindrance more than assistance for traders. How does greed lead to #FOMOintrading? Find out from @RichardSnowFX here: https://t.co/aT8TZjlFqP https://t.co/xIBfALzMg3
  • What is the Regional Comprehensive Economic Partnership (RCEP) and why does it matter to Asian markets? https://www.dailyfx.com/forex/market_alert/2019/09/17/Asia-FX-Markets-Eye-RCEP-Trade-Talks-as-Regional-Growth-Sputters.html?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr https://t.co/7o1dCvz3d6
  • The Singapore Dollar is driven by the Monetary Authority of Singapore, which manages exchange rate instead of short-term interest rates. Learn more on the $SGD and how to trade it from @ddubrovskyFX here: https://t.co/eWLM9XZs5Y https://t.co/FzPUyH8bq6
  • Japanese Foreign Minister Motegi has said he wants the US to put in writing that it will refrain from imposing auto tariffs against Japan - Reuters (JIJI) #JPY
  • #DidYouKnow traders generally prefer using candlestick charts for day-trading because they offer an enjoyable visual perception of price. Find out how you can utilize it in your trading strategy here: https://t.co/yFn12QgmxO https://t.co/f4f915g643
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Silver: 0.30% Gold: 0.14% Oil - US Crude: -1.43% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/vfGcTFIcZ1
  • [correction] Japan's Motegi has confirmed that there are no new auto tariffs in the finalized trade agreement between the US and Japan -BBG #JPY #USD
Gold Price Rally May Stall on a Trade War Resolution

Gold Price Rally May Stall on a Trade War Resolution

2019-02-23 22:00:00
Peter Hanks, Junior Analyst
Share:

Gold Chart

Forecast: Bearish

Gold Talking Points:

  • Trade wars and Fed speak will likely dictate gold’s price in the week ahead
  • A continuation of the recent rally may stall as global growth risk is reduced
  • Want to try your hand at trading Gold? Check out our Trading Guides.

Looking for a technical perspective on the Gold? Check out the Weekly Gold Technical Forecast.

Gold recorded a solid week last week as it traded near $1350 and notched a 10-month high on Wednesday before retracing later in the session. In the week ahead, the precious metal will have plenty of event risk and economic data to guide price action.

Gold Price Chart: Daily Time Frame (January 2018 – February 2019) (Chart 1)

Gold Price Chart

The forefront of risk next week lies in trade wars. On Friday, President Trump announced the US and China had made considerable progress on trade and would likely reach a deal. The statements were echoed by Chinese President Xi Jinping and equities rallied while gold traded slightly lower as the optimism worked to reduce market fears.

In the week ahead, gold may be due for a brief stall in the recent rally barring a new trade war front. That said, the resolution of the US-China trade war is an undeniable reduction in global economic risk which clouds the picture for gold. Further, it may cause inflation expectations to shift. With a major headwind for growth lifted, GDP forecasts may be revised upward, and a recently dovish Fed could in turn strike a more hawkish tone.

Wednesday will offer market watchers an opportunity to hear the Fed’s tone when Fed Chairman Jerome Powell offers his semi-annual testimony before a House panel. After last Wednesday’s Fed minutes revealed a unanimous vote to pause rate hikes, the reduction of global growth risk may prove a catalyst for change. Follow me on Twitter @PeterHanksFX for updates and analysis on trade wars, equities and currencies.

Read more: Consumer Confidence Ticks Higher, Inflation Expectations Plummet

--Written by Peter Hanks, Junior Analyst for DailyFX.com

Contact Peter on Twitter at @PeterHanksFX

DailyFX forecasts on a variety of currencies such as the US Dollar or the Yen are available from the DailyFX Trading Guides page. If you’re looking to improve your trading approach, check out Traits of Successful Traders. And if you’re looking for an introduction to the Forex market, check out our New to FX Guide.

.

Other Weekly Fundamental Forecasts:

Australian Dollar Forecast – Australian Dollar Market May be Calmer, But Watch Trade Headlines

Oil Forecast – Crude Oil Prices Risk Overbought RSI Signal Despite Record U.S Output

British Pound Forecast – Sterling Refuses to Believe in No Deal Brexit

US Dollar Forecast – US Dollar Eyes Powell Speech, US- China Trade Talks, Data Deluge

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

DISCLOSURES

News & Analysis at your fingertips.