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
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
Mixed
Wall Street
Mixed
Gold
Bullish
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
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • 🇨🇭 CHF PMI Manufacturing (MAR), Actual: 43.7 Expected: 42.2 Previous: 49.5 https://www.dailyfx.com/economic-calendar#2020-04-01
  • Commodities Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Gold: 1.13% Silver: 0.27% Oil - US Crude: -0.82% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/s2nDZlZiUv
  • FTSE 350 Banks hammered lower again after dividend cuts... chart via @IGcom https://t.co/nRUaW6cu4L
  • GBP/JPY IG Client Sentiment: Our data shows traders are now net-short GBP/JPY for the first time since Mar 17, 2020 when GBP/JPY traded near 130.12. A contrarian view of crowd sentiment points to GBP/JPY strength. https://www.dailyfx.com/sentiment https://t.co/NbcnA9uEAQ
  • Forex Update: As of 07:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: -0.06% 🇨🇭CHF: -0.23% 🇪🇺EUR: -0.44% 🇳🇿NZD: -0.81% 🇨🇦CAD: -0.85% 🇦🇺AUD: -0.90% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Wu0138vYZ6
  • Heads Up:🇨🇭 CHF PMI Manufacturing (MAR) due at 07:30 GMT (15min), Actual: N/A Expected: 42.2 Previous: 49.5 https://www.dailyfx.com/economic-calendar#2020-04-01
  • The $SGD is driven by the Monetary Authority of Singapore, which manages exchange rate instead of short-term interest rates. Learn more on the SGD and how to trade it. Get your SGD market update from @ddubrovskyFX here:https://t.co/eWLM9XZs5Y https://t.co/pv84Pb24RZ
  • Indices Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Wall Street: -2.85% US 500: -2.87% France 40: -2.93% Germany 30: -3.15% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/uUGqNVf8KZ
  • European Opening Calls From IG: #FTSE 5476 -3.45% #DAX 9620 -3.18% #CAC 4264 -3.01% #AEX 467 -3.32% #MIB 16603 -2.63% #IBEX 6597 -2.78% #OMX 1440 -2.89% #STOXX 2700 -3.11%
  • 🇪🇺 EUR German Retail Sales (YoY) (FEB), Actual: 6.4% Expected: 1.5% Previous: 1.8% https://www.dailyfx.com/economic-calendar#2020-04-01
Gold Price Analysis: Precious Metal Struggles, Breakout Looms

Gold Price Analysis: Precious Metal Struggles, Breakout Looms

2018-09-11 10:00:00
Nick Cawley, Analyst
Share:

Gold Price, News and Analysis

  • Gold mired below $1,200/oz. as technical remain negative.
  • Retail traders remain heavily long of gold despite the recent sell-off.

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

Gold’s Trading Range Contracts, Breakout on the Cards

Gold has remained in a $25/oz. trading range for the last 3 weeks, and below $1,200/oz. in the last three days, as the precious metal finds any upside break unsustainable. With the US dollar, the Swiss Franc and the Japanese Yen taking all the risk-off trade, gold is left at the mercy of a strong dollar and increasing US interest rates.The recent narrowing of the trading range also points to a breakout on the horizon with the downside looking more likely. The downtrend on the daily chart, below, remains in place and a fresh attempt on the $1,160/oz. August 16 low remains likely. The precious metal needs to break and close above $1,216/oz. to regain any bullish momentum.

Gold Daily Price Chart (January - September 11, 2018)

Gold Price Analysis: Precious Metal Struggles, Breakout Looms

The latest IG Retail Sentiment Indicatorshows that traders remain 83.6% net-long of the precious metal,a bearish contrarian sentiment indicator. In addition, the latest CFTC Commitment of Traders report show that large US dollar bullish bets remain intact – gold negative – while large speculators are still running a substantial net-short gold position.

Gold and Silver Go Their Separate Ways.

The relationship between gold and silver has broken further with the ration between the two metals now heading towards its widest in over 25 years. With silver now looking extremely cheap against gold, the latter will struggle to rally heavily if the commodity space turns positive.

Gold Price Diverges Against Silver Price Warning of a Turn

Gold Price Analysis: Precious Metal Struggles, Breakout Looms

Are you new to gold trading or are you looking to improve your trading skill sets? We have recently produced an in-depth guide on How to Trade Gold: Top Gold Trading Strategies and Tips.

We are interested in your opinion and trading strategies for Gold. You can 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

News & Analysis at your fingertips.