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US Dollar, Gold Price Remain Rangebound

US Dollar, Gold Price Remain Rangebound

2018-09-17 09:20:00
Nick Cawley, Strategist
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US Dollar and Gold Talking Points:

  • US dollar edges lower despite heightened US China trade rhetoric.
  • Gold remains technically weak.

The DailyFX Q3 USD Forecast is available to download.

US Dollar in Thrall of US China Trade Talks

The US dollar opens the week marginally lower but remains supported after Friday’s strong economic data prints. The greenback will also draw haven strength from the reports that the US may impose sanctions on $200 billion of Chinese imports but at a rate of 10% compared to earlier talk of 25% tariffs. An announcement is expected in the first-half of the week and will shape US dollar, and gold, trading in the short-term.

The US dollar index (DXY) is currently trading just below its 20- and 50-day moving averages but above its 200-day ma.

USD Showing Signs of Exhaustion, Upside Limited

US Dollar Index (DXY) Daily Chart (January -September 17, 2018)

US Dollar, Gold Price Remain Rangebound

The DailyFX Economic Calendar has a full rundown of all data points of interest with prior readings and the latest expectations.

Gold’s Downtrend Remains, Retail Even Longer

The precious metal continues to struggle to make a decisive break to the upside and is capped by Fibonacci retracement at $1,215/oz. a level that has held for the last five weeks. Any upside movement is likely to be capped by the 20- and 50-day moving averages, at $1,199/oz. and $1,204/oz. respectively before Fibonacci retracement steps in.

Gold Price Analysis: Resistance Remains Firmly in Place

Gold Daily Price Chart (December 2017 – September 17, 2018)

US Dollar, Gold Price Remain Rangebound

IG Retail Sentiment shows that traders are 87.6% net-long gold and are further net-long than last week and yesterday. This gives us a strong bearish contrarian bias for gold.

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

--- Written by Nick Cawley, Analyst

To contact Nick, email him at nicholas.cawley@ig.com

Follow Nick on Twitter @nickcawley1

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

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