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
Bullish
GBP/USD
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
USD/JPY
Bullish
Gold
Bullish
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
Real Time News
  • The $JPY continues to struggle against the US Dollar but there seems little appetite to push USD/JPY much beyond a range which has tended to reassert itself since late last year. Get your market update from @DavidCottleFX here: https://t.co/iaVfPSuXy4 https://t.co/1QPhJmYlQv
  • The #Euro may bounce after hitting the lowest level in close to three years against the US Dollar. While the broader trend points firmly lower, selling pressure may be ebbing. Get your market update from @IlyaSpivak here: https://t.co/697SQ9j5FY https://t.co/6SEvwQyod8
  • GBP/CAD has broken below the September uptrend while EUR/CAD may be ending its consecutive 12 day decline with EUR/CHF approaching key resistance as NZD/CAD aims at November lows. Get your currencies update from @ZabelinDimitri here: https://t.co/GpRB7IKhTA https://t.co/hlHlGdhkHc
  • The $GBP recoiled from chart resistance against the US Dollar, setting the stage for prices to resume a bearish trend reversal triggered mid-January. Get your market update from @IlyaSpivak here:https://t.co/lVpyZkIfJt https://t.co/9oXusxs0Kg
  • The #Euro may have more room to fall versus its major peers such as the US Dollar, Japanese Yen and British Pound. What is the technical picture of EUR/USD, EUR/JPY and EUR/GBP? Get your market update from @ddubrovskyFX here: https://t.co/M6fLA9g3BK https://t.co/HMwQgr1WP5
  • The $USD’s aggressive rise versus ASEAN currencies such as the Singapore Dollar, Indonesian Rupiah, Malaysian Ringgit and Philippine Peso prolonged. What is the technical road ahead? Find out from @ddubrovskyFX here:https://t.co/RsFptNzODf https://t.co/u8meQUSsVG
  • $AUD broke critical range support against its US counterpart, suggesting deeper losses are ahead even after prices hit an 11-year low. Get your market update from @IlyaSpivak here:https://t.co/45YpJRjDYj https://t.co/zWAzaL78Sc
  • After negotiating a series of economic and geopolitical risks in 2019, the S&P 500 rounded out the year more than 30% higher. Will the stock market crash in 2020? Find out from @PeterHanksFX here: https://t.co/8KsjB9YkBB https://t.co/4ph9bdMxz9
  • Italy reports first death from coronavirus - BBG
  • Bullish signals from IG Client Sentiment earlier this week correctly forecasted that $EURUSD could rise in the near-term. A close above 1.0852 opens the door to near-term strength while downside resumption entails taking out 1.0778 - https://t.co/YySE3VulgC https://t.co/mr7jIWtoVW
Gold Weekly Outlook: Trade War Fears Battle US Dollar Weakness

Gold Weekly Outlook: Trade War Fears Battle US Dollar Weakness

2019-10-19 19:00:00
Nick Cawley, Analyst
Share:
Gold 2-Hour Price Chart

Gold Price Forecast: Neutral

  • US dollar weakness should be pushing gold back above $1,500/oz. and higher.
  • US-China ‘phase one’ talks and Brexit negotiations weigh on risk-off assets.

Brand New Q4 2019 Gold Forecast and Top Trading Opportunities

Gold in Limbo on Balanced Risk Sentiment

The outlook for gold next week is neutral with the precious metal expected to remain rangebound as markets swing gently from risk-on to risk-off. There are a number of conflicting forces are in-play currently with no single driver gaining the upper hand.

The US dollar has been weakening over the last 3 weeks, off its highest level since May 2017, as traders’ price in further interest rate cuts in 2019 with a 0.25% cut nearly fully priced in for this month. A weaker US dollar is normally a positive driver for gold, but this has not been the case for the last few weeks with the inverse-correlation between the two asset classes seemingly broken for now. A weaker USD makes gold cheaper to buy for investors.

US-China trade talks continue with US officials saying that both sides are working on ‘phase one’ of a trade deal text with President Trump and Chinese President Xi Jinping expected to meet next month to hopefully sign off on the deal. Any cessation of the 15-month old US-China trade war would be met by a boost to riskier assets, to the detriment of gold any other safe-haven asset classes.

The long-running Brexit saga may well be coming to a close this weekend with the UK parliament voting on whether to ratify a newly agreed deal between the UK and the EU. The vote is expected to be very close and if UK PM Johnson is successful in getting the bill passed, riskier assets will again get an uplift. If the deal is not agreed, it is likely that the UK will have to seek an extension to the October 31 Brexit date, adding risk back into the market.

The recent state of uncertainty in risk markets is showing in the price of gold with the precious metal stuck in a symmetrical triangle and nearing a breakout. While this formation normally precedes a break higher, the 20- and 50-day moving averages are acting as short-term resistance and cloud the outcome.

How to Trade Gold: Top Gold Trading Strategies and Tips

Gold Price Chart (February – October 11, 2019)

Gold Price Chart

IG Client Sentiment shows that how traders are positioned in a wide range of assets and markets.Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on Gold – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author at nicholas.cawley@ig.comor via Twitter @nickcawley1.

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

DISCLOSURES

News & Analysis at your fingertips.