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.



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
Please try again
Oil - US Crude
Wall Street
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
  • Bitcoin and Litecoin are moving higher after Tesla CEO Elon Musk's Twitter dealings injected volatility into the crypto market. Get your #cryptocurrency market update from @FxWestwater here:
  • 9 out of 11 S&P 500 sectors ended lower, with 79.2% of the index’s constituents closing in the red. Energy (-2.63%), industrials (-1.47%) and financials (-1.34%) were among the worst performers, whereas real estate (+0.17%) outperformed.
  • Gold Price Forecast: XAU/USD Bid on Weak Dollar, Softer Yields -via @DailyFX Link to Full Analysis: $XAUUSD $GLD $GC_F
  • The US Dollar is losing ground against a few ASEAN counterparts. USD/SGD, USD/IDR and USD/PHP seem to be maintaining a downside bias. USD/THB may rise. Get your market update from @ddubrovskyFX here:
  • Treasury Sec. Yellen: - Investments and tax proposals in "Jobs Plan" will enhance net profitability of corporations, improve global competitiveness - These are investments to make the economy more competitive and sustainable
  • Treasury Sec. Yellen: - Corporate sector must bear its fair share, plan to return corporate tax toward the historical norm - We will target incentives for companies to move funds, operations overseas
  • Treasury Sec. Yellen: - We must improve public R&D to maintain America's technological edge - We must build support systems to improve quality of life and opportunities for those most impacted by wealth inequality
  • Treasury Sec. Yellen: - We must reorient the framing of US fiscal policy - Poor US fiscal policy has meant infrastructure wasn't maintained or modernized
  • Treasury Sec. Yellen: - Innovation required from public & private sector to improve the economy - We must invest in public infrastructure and institutions that drive productivity
  • Treasury Sec. Yellen: - Wage gains and profits have benefitted the top families in America - Middle class families have faced wage stagnation
Gold Tags Fresh Record High Price as Extreme RSI Reading Persists

Gold Tags Fresh Record High Price as Extreme RSI Reading Persists

David Song, Strategist

Gold Price Talking Points

The price of gold tags a fresh record high ($1988) on the first day of trade for August, and the extreme reading in the Relative Strength Index (RSI) may continue to be accompanied by higher gold prices like the behavior seen earlier this year.

Gold Tags Fresh Record High Price as Extreme RSI Reading Persists

The price of goldcontinues to trade to fresh yearly highs during every single month so far in 2020, and it remains to be seen if/how the precious metal will respond to the psychologically important $2000 mark as the bullish price action coincides with the crowding behavior in the US Dollar.

Nevertheless, it seems as though current market conditions will keep gold prices afloat as the Federal Reserve remains on track to “increase its holdings of Treasury securities and agency MBS (Mortgage-Backed Security) and agency CMBS (Commercial Mortgage-Backed Security) at least at the current pace, and thedepreciation in the US Dollar may heighten the appeal of gold as the DXY indexplummets for sixth consecutive weeks.

In turn, the bullish momentum appears to be carrying into August as the RSI holds above 70, while the net-long US Dollar bias looks poised to persist as the IG Client Sentiment report continues to show retail traders net-long USD/CHF, USD/CAD and USDJPY, while the crowd remains net-short AUD/USD, NZD/USD, EUR/USD and GBP/USD.

Image of IG Client Sentiment

With that said, the extreme reading in the RSIalong with the crowding behavior in the US Dollar may push bullion towards the $2000 mark, and the low interest rate environment along with the ballooning central bank balance sheets may continue to act as a backstop for the price of gold as market participants look for an alternative to fiat-currencies.

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 price daily chart

Source: Trading View

  • The technical outlook for the price of gold remains constructive as it trades to fresh yearly highs during every single month so far in 2020, with the bullish behavior also taking shape in August as precious metal tags a new 2020 high ($1988).
  • The price of gold cleared the previous record high price recorded in September 2011 ($1921) even though the Relative Strength Index (RSI) failed to retain the upward from June, but the indicator registered a new extreme reading (88) for 2020 as the oscillator pushed into overbought territory for the third time this year.
  • The extreme reading in the RSI is likely to be accompanied by higher gold prices amid the price action seen in February, and the bullish behavior may persist as long as the indicator holds above 70.
  • As a result, the psychologically important $2000 mark sits on the radar, and a break/close above the Fibonacci overlap around $1971 (100% expansion) to $1985 (261.8% expansion) may push the price of gold towards the $2024 (78.6% expansion) region as the RSI sits in overbought territory.
  • However, lack of momentum to close above the $1971 (100% expansion) to $1985 (261.8% expansion) region may spur a move towards the overlap around $1907 (78.6% expansion) to $1920 (161.8%), and the RSI may help to validate when the price of gold has hit resistance once the indicator flashes a textbook sell signal and slips below 70.

--- 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.