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.



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

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

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
Wall Street
More View more
Real Time News
  • Gold Forecast - via @DailyFX “Gold price outlook still hinges on stimulus deal expectations and corresponding swings in real yields.” What will I have my eyes on in the week ahead? Link to Analysis: $GC_F $XAUUSD $GLD
  • Forex liquidity makes it easy for traders to sell and buy currencies without delay, and also creates tight spreads for favorable quotes. Low costs and large scope to various markets make it the most frequently traded market in the world. Learn more here:
  • Talks between the EU and UK restarted today and will continue over the weekend as negotiators from both sides battle against the clock. Get your #currencies update from @nickcawley1 here:
  • The London trading session accounts for around 35% of total average forex turnover*, the largest amount relative to its peers. The London forex session overlaps with the New York session. Learn about trading the London forex session here:
  • There is a great debate about which type of analysis is better for a trader. Is it better to be a fundamental trader or a technical trader? Find out here:
  • There are three major forex trading sessions which comprise the 24-hour market: the London session, the US session and the Asian session. Learn about the characteristics of each session here:
  • The US Dollar is losing ground against ASEAN FX, with USD/SGD and USD/IDR possibly readying to extend declines. Will USD/PHP and USD/MYR follow? Find out from @ddubrovskyFX here:
  • There are many different types of forex orders, which traders use to manage their trades. While these may vary between different brokers, there tends to be several basic FX order types all brokers accept. Learn about different FX order types here:
  • The US Dollar has spent much of October giving back September’s gains. Is there any hope for change? Get your #currencies update from @JStanleyFX here:
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here:
Gold Prices Risk Larger Pullback on Hopes for US-China Trade Deal

Gold Prices Risk Larger Pullback on Hopes for US-China Trade Deal

2019-09-11 00:50:00
David Song, Strategist

Gold Price Talking Points

The price of gold extends the decline from the monthly-high ($1557) as US Treasury Secretary Steven Mnuchin insists the Trump administration is making “a lot of progress” in negotiating a trade deal with China, and recent price action points to a larger pullback as the precious metal continues to carve a series of lower highs and lows.

Gold Prices Risk Larger Pullback on Hopes for US-China Trade Deal

Gold prices remain under pressure as US Treasury yields recover from yearly lows, and the current environment may continue to drag on the price for bullion as China Premier Li Keqiang states that “we welcome enterprises from all over the world, including the United Sates, to expand economic and trade investment in China for win-win results.”

Signs of a looming US-China trade deal may continue to sap the appeal of gold as Vice Premier Liu He plans to visit the states next month, and it remains to be seen if the Federal Reserve will take additional steps to insulate the economy as President Donald Trump tweets “there is no recession.”

Image of Fed Fund futures

Keep in mind, Fed Fund futures still highlight overwhelming expectations for back-to-back rate cuts even though Chairman Jerome Powell asserts that the economic outlook remains “favorable,” and the ongoing shift in US trade policy may spur a growing dissent within the Federal Open Market Committee (FOMC) as St. Louis Fed President James Bullard, a 2019-voting member, argues that the central bank “should have a robust debate about moving 50 basis points” at its quarterly meeting scheduled for September 18.

With that said, the threat of a policy error may encourage market participants to hedge against fiat currencies, and the weakening outlook for global growth along with the inverting US yield curve are likely to keep gold prices afloat as there appears to be a flight to safety.

However, recent price action points to a larger pullback as the price for gold continues to carve a series of lower highs and lows, with the Relative Strength Index (RSI) snapping the bullish formation from earlier this year.

Sign up and join DailyFX Currency Strategist David Song LIVE for an opportunity to discuss potential trade setups.

Gold Price Daily Chart

Image of gold daily chart

Source: Trading View

  • The broader outlook for gold prices remain constructive as both price and the Relative Strength Index (RSI) clear the bearish trends from earlier this year, with the precious metal breaking out of a near-term holding patternfollowing the failed attempt to close below the $1402 (78.6% expansion) region.
  • Moreover, gold prices have pushed to a fresh yearly-high ($1557) in September, but recent developments in the RSI suggests the bullish momentum will continue to abate ahead of the Fed meeting as the oscillator fails to preserve the upward trend carried over from April.
  • In turn, gold remains at risk for a larger pullback as it carves a series of lower highs and lows following the failed attempt to close above $1554 (100% expansion), with the break/close below $1488 (61.8% expansion) bringing the $1467 (50% expansion) region on the radar.
  • Next area of interest comes in around $1467 (50% expansion) followed by the former-resistance zone around $1447 (38.2% expansion) to $1457 (100% expansion).

For more in-depth analysis, check out the 3Q 2019 Forecast for Gold

Additional Trading Resources

Are you looking to improve your trading approach? Review the ‘Traits of a Successful Trader’ series on how to effectively use leverage along with other best practices that any trader can follow.

Want to know what other currency pairs the DailyFX team is watching? Download and review the Top Trading Opportunities for 2019.

--- Written by David Song, Currency Strategist

Follow me on Twitter at @DavidJSong.

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