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.

0

Notifications

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

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Mixed
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Mixed
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.99%, while traders in Germany 30 are at opposite extremes with 65.01%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/jxZYSBpAt4
  • Article and webinar recording can be found here - https://www.dailyfx.com/forex/market_alert/2021/03/03/Dow-Jones--Nasdaq-100-Forecasts-for-the-Week-Ahead.html?ref-author=phanks&QPID=917701&CHID=9
  • Indices Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Wall Street: -0.01% US 500: -0.01% FTSE 100: -0.42% Germany 30: -0.43% France 40: -0.49% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/hHbUxemSVz
  • A “PIP” – which stands for Point in Percentage - is the unit of measure used by forex traders to define the smallest change in value between two currencies. Learn how to understand pips in forex here: https://t.co/AfAhmIoVZv https://t.co/MR33o8KmJM
  • MACD who? The Moving Average Convergence Divergence (MACD) is a technical indicator which simply measures the relationship of exponential moving averages (EMA). Find out how you can incorporate MACD into your trading strategy here: https://t.co/ZNs4Qi8ieG https://t.co/NNR3IO1gZ7
  • $NDX extends intraday losses as fears over rising yields continue to haunt high-flying equities https://t.co/RswgSX3Rk6
  • Commodities Update: As of 19:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.16% Gold: -1.47% Silver: -2.30% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/GVZ4EpYejd
  • This smells like a head-and-shoulders pattern from the Nasdaq 100 ($NDX) but we don't see the same picture from the S&P 500, Dow or Russell 2000 https://t.co/GekQLeiCEg
  • Lot's of things down today, but know what isn't? Yup, longer-term #Treasury yields An average of the 10Y and 30Y having best day in about a week = portfolio rebalancing play still front and center Fed's Evans expressed little concern about yields https://t.co/tmqCSHTnIG https://t.co/MqUumhMNxI
  • - Non-labor input costs rose moderately, particularly steel and lumber prices - Rising costs attributed to strong demand and supply chain issues - Several districts anticipate modest price increases over the next several months
Gold Sell-Off May Continue as Traders Return to Risk

Gold Sell-Off May Continue as Traders Return to Risk

Nick Cawley, Strategist

Gold Price and News

- Gold gave back its recent gains after US economic advisor Kudlow said the US preferred to negotiate.

- Gold chart shows support around $1,316/oz.

The new DailyFX Q2 Gold Forecast is now available to help traders navigate the market.

The latest IG Retail Sentiment Indicatorshows that traders are 67.6% long of gold - see what this means.

Gold Slips Lower as Trade Tensions Ease, For Now

Safe-haven favorite Gold fell to its lowest level in around a week after US economic advisor Larry Kudlow said that the recent retaliatory Chinese tariffs on US goods were still proposals and that the US preference would still be for negotiations. These views were echoed by the Chinese Ambassador to the US Cui Tiankai would also said that negotiations were preferable before adding that “it takes two to tango”.

And in the ongoing NAFTA talks Canadian Foreign Minister Chrystia Freeland said that good progress had been made between the US, Canada and Mexico, although “we’re not there yet”. Market sources say that that the three countries, led by the US, want to announce a preliminary deal by the end of next week, which would ease tensions further.

After hitting a peak of $1,366/oz in late January, gold faded lower before the recent heightening of US-Chinese trade relations bought back a strong safe-haven bid with the precious metal hitting $1,357/oz last Wednesday. The recent fall back has seen gold trade below the 20- and 50-day moving averages with support now pegged at the 38.2% Fibonacci retracement level at $1,316/oz.

Gold Price Chart Daily Time Frame (September 10, 2017 – April 5, 2018)

Gold Sell-Off May Continue as Traders Return to Risk

Chart by IG

Are you new to Gold or FX trading or are you looking to improve your trading skill sets? We can help you along your journey with a comprehensive range of constantly updated guides and trading tools – they are all Free to Download Here.

What’s your opinion on Gold?Share your thoughts with us using the comments section at the end of the article or you can contact the author via email at nicholas.cawley@ig.com or via Twitter @nickcawley1.

--- Written by Nick Cawley, Analyst

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

DISCLOSURES