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.

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
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
Wall Street
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
Gold
Bullish
GBP/USD
Mixed
USD/JPY
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
More View more
Real Time News
  • Looking for a new way to trade reversals? One of the most used reversal candle patterns is known as the Harami. Like most candlestick formation patterns, the Harami tells a story about sentiment in the market. Get better with trading reversals here: https://t.co/rfwUWJfbz9 https://t.co/CrpXuYgfRO
  • 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/VzEbQn8blk
  • Brush up your knowledge on trade-wars with this tool from DailyFX research briefly outlining trade-war history dating back to the early 1900s here: https://t.co/bZEFtp8kFe https://t.co/ETF52Q2sLz
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out https://t.co/c51s3IBcEu https://t.co/AXZxK8Abrh
  • Global stock markets may see turbulent volatility if darkening clouds over Washington’s relations with Beijing turn into a geopolitical storm. Which assets will be the lifeboat? Find out here:https://t.co/RkFI6qAyik https://t.co/9Ppa4d48Ql
  • The Dow Jones and S&P 500 outlook appears bleak in the near term as retail traders increase their upside exposure. At the same time, these indices confirmed bearish technical warning signs. Get your market update from @ddubrovskyFX here:https://t.co/fKCHELbOxo https://t.co/e0liqVDzw6
  • The Japanese Yen may fall against its major peers, but there is room for a near-term climb that wouldn’t necessarily overturn a bearish technical bias. USD/JPY is eyeing support. Get your market update from @ddubrovskyFX here:https://t.co/AEnQCXnwAL https://t.co/tuq7DDF3jE
  • Protests in Colombia may continue to pressure the Peso, but surging commodity prices and a weaker Greenback could curb USD/COP gains. Get your market update here:https://t.co/vcVH75xuKI https://t.co/kEvbsagB4a
  • Money never sleeps.... https://t.co/mAkpWd2M3O
  • The US exchanges are closed and now we have to turn over to the cryptocurrency charts to monitor developments in risk trends over the weekend. Unfortunately, it can be difficult to separate systemic sentiment influences vs isolated issues (like a celebrity's tweet about a coin)
Gold Price Analysis: Heavy Sell-Off Continues - $1,204/oz Beckons?

Gold Price Analysis: Heavy Sell-Off Continues - $1,204/oz Beckons?

Nick Cawley, Strategist

Gold Price News and Analysis

  • Spot gold continues to slump but RSI looking oversold.
  • Retail remain heavily long of the precious metal despite recent falls.

The DailyFX Q3 Gold Forecast is now available to help traders navigate the market.

Gold Price Analysis – Support Continues to be Broken

The price of gold has fallen more than 10% since touching a $1,365/oz. high just over three months ago as the ongoing strength of the US dollar negates the attraction of the precious metal. In addition, the correlation to the Chinese yuan remains strong with the Chinese central bank letting the currency depreciate by over 8% in the past three months in response to US President Trump’s trade tariffs.

Chinese Yuan/USD vs Gold Price Daily Price Chart

Gold Price Analysis: Heavy Sell-Off Continues - $1,204/oz Beckons?

(Chart by @ValentinAufrand - @DailyFXFrance using TradingView)

What’s Behind US-China Tariffs Primer

The latest move lower in gold has seen the precious metal take out the December 12 low at $1,236.5/oz. with ease and head towards the next band of support between $1,215.4/oz. (61.8% retracement of the December 2016 – April 2018 move) and the May 9, 2017 low at $1,214.4/oz. Below here, $1,204.9/oz. comes into play ahead of the psychological $1,200/oz. level. The downtrend from the April 2018 high remains in place and will also need to be broken for gold to invalidate its current. bearish tone. The RSI indicator is currently in oversold territory and may act as a short-term buffer.

On the upside, the previously mentioned $1,236.5/oz. now turns into initial resistance ahead of 50% Fibonacci retracement at $1,244/oz.

Gold Spot Price Chart Daily Time Frame (October 2017 – July 19, 2018)

Gold Price Analysis: Heavy Sell-Off Continues - $1,204/oz Beckons?

The latest IG Retail Sentiment Indicatorshows that traders are nearly 6-1 net-long of the precious metal despite the recent heavy falls and this may act as a brake of further falls.We take a contrarian view to retail sentiment, and the fact traders are net-long suggests spot gold prices should continue to fall. However, recent retail positional changes show traders are less net-long than yesterday and compared with last week. Recent changes in sentiment warn that the current spot gold price trend may soon reverse higher despite the fact traders remain net-long

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.

We are interested in your opinion on Gold – Please share your thoughts, views or analysis 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