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
Mixed
GBP/USD
Mixed
USD/JPY
Mixed
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
Oil - US Crude
Bullish
Bitcoin
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
More View more
Real Time News
  • What is #forex risk management? As a trader why is it important to know the basics of it? https://t.co/zndCrZlnqE #tradingstyle https://t.co/qFChCgr41P
  • RT @onlyyoontv: Watching #HongKong elections Sunday. 4mln ppl hit polls. Seen as referendum on pro-democracy movement. Security tight. Fear…
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 98.02%, while traders in France 40 are at opposite extremes with 79.87%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/MsDN4XgJAR
  • What are the truths and myths of #forex trading? Find out from @DailyFX analysts here: https://t.co/uF75VPzstr https://t.co/soLloKxMYl
  • Commodities Update: As of 11:00, these are your best and worst performers based on the London trading schedule: Silver: 0.65% Gold: 0.51% Oil - US Crude: -0.57% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/t2PxpO1HEm
  • Forex Update: As of 11:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.16% 🇯🇵JPY: 0.13% 🇨🇦CAD: -0.02% 🇨🇭CHF: -0.06% 🇪🇺EUR: -0.06% 🇬🇧GBP: -0.27% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/iI1uVqA6M3
  • Gold Price: Signals to Break the Deadlock - XAU/USD Forecast More details in the link below: https://www.dailyfx.com/forex/technical/home/analysis/xau-usd/2019/11/22/Gold-Price-Signal-to-Break-the-Deadlock-XAUUSD-Forecast-MK.html?CHID=9&QPID=917714 https://t.co/0pz8KRXUxG
  • Indices Update: As of 11:00, these are your best and worst performers based on the London trading schedule: US 500: 0.21% Wall Street: 0.19% France 40: 0.14% Germany 30: -0.03% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/b315HhEW59
  • Crptos getting really ugly...Bitcoin trades with a 6-handle... #btc #eth #bch #xrp @DailyFX Latest prices from @IGcom https://t.co/aRrOWqrklw
  • LIVE NOW! Currency Strategist @PaulRobinsonFX runs through his favorite charts and potential set-ups for the week ahead in the FX and CFDs market here - https://www.dailyfx.com/webinars/108721147?CHID=9&QPID=917720
Gold Prices at Risk with ECB Rate Decision, FOMC Minutes in Focus

Gold Prices at Risk with ECB Rate Decision, FOMC Minutes in Focus

2019-04-06 22:00:00
Ilya Spivak, Sr. Currency Strategist
Share:
Gold

GOLD FUNDAMENTAL FORECAST: BEARISH

  • Gold prices mark time after second-largest weekly drop this year
  • Diverging US Dollar, bond yields make for competing influences
  • FOMC minutes, ECB policy decision might trigger risk aversion

Check out the latest gold price forecast and see what is expected to drive prices through mid-year!

Gold prices spent the past six sessions locked in a narrow consolidation range, digesting after the prior week’s outsized drop. That move seemed to mark the culmination of building pressure from a recovering US Dollar and lower Treasury bond yields since mid-March. These moves sapped the appeal of anti-fiat and non-interest-bearing assets epitomized by the yellow metal.

By contrast, last week’s torpor appeared to reflect divergence in these drivers. A rebound in risk appetite capped haven-inspired demand for the Greenback and nudged it lower. Investors’ brighter disposition also translated in higher lending rates however, cutting off a pathway to the upside. US-China trade deal hopes were cited as the risk-on catalyst, but end-of-quarter flows seem at least as plausible of an influence.

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

FOMC MINUTES, ECB RATE DECISION MAY SPOOK THE MARKETS

The week ahead may see the macro backdrop recapture the spotlight. US and Chinese trade officials have returned to their respective corners without a big-splash announcement. Meanwhile, the UK government asked the EU to postpone Brexit through June. A respite from such potent headline risk might set the stage for a reassessment of the broader landscape, where a downshift in global growth remains underway.

A worried tone from jittery central bankers may spur the pivot. Minutes from last month’s FOMC meeting – which marked a major dovish shift in the policy stance – will help illustrate what officials are afraid of. An ECB interest rate decision will almost certainly leave the current stance intact, but the occasion will give President Draghi a platform to bemoan lackluster performance and assorted downside risks.

If downbeat rhetoric translates into risk-off trading conditions, a premium on liquidity may drive the US Dollar higher even as yields retreat. The relative magnitude of these moves will determine which one ultimately sways gold prices. Absent some “black swan” outcome, Fed and ECB policy is probably locked in through 2019. This might mean that the lead from USD takes precedence, pushing the metal downward.

--- Written by Ilya Spivak, Sr. Currency Strategist for DailyFX.com

To contact Ilya, use the comments section below or @IlyaSpivakon Twitter

GOLD TRADING RESOURCES

OTHER FUNDAMENTAL FORECASTS:

Australian Dollar Forecast – Australian Dollar Could Ride US-China Trade Hopes Higher Again

Oil Forecast– Crude Oil Prices Risk Fresh 2019 Highs as RSI Sits in Overbought Territory

British Pound Forecast – Leaning Towards a Softer Brexit?

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

DISCLOSURES

News & Analysis at your fingertips.