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
Oil - US Crude
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
More View more
Real Time News
  • White House: - No sign yet that the Delta variant has had an economic impact in the US - Mask guidance to be determined at the local level
  • The final week of July brings forth a packed economic calendar – particularly for the US Dollar: June durable goods orders; July consumer confidence; the July FOMC meeting; and 2Q’21 US GDP. Get your market update from @CVecchioFX here:https://t.co/q7Clikv6M8 https://t.co/OzdmAFVW6X
  • There is a creep of uncertainty with the rise of the Delita variant and the slowing of the economic recovery. Our DFX analysts give you an updated analysis of the top opportunities for Q3👉https://t.co/wEineMCbzt https://t.co/G1wiOMlBRg
  • NY Fed accepts $891.20 billion in reverse repo operations $USD $DXY
  • White House: Because of the Delta COVID variant, the US will maintain global travel restrictions
  • Technical Levels: #Dollar, #Loonie, #Aussie, #Gold, #Silver, #Oil, #Bitcoin and more! (Webinar Archive) - https://t.co/lQIS4EvFkh
  • Russian mainline gas pipeline has exploded in the Perm region - BBG #OOTT #Oil $CL_F
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 94.10%, while traders in Wall Street are at opposite extremes with 75.09%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/dpAetV8XEY
  • Pfizer, Moderna to expand vaccine studies to children aged 5-11 - BBG $PFE $MRNA
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Silver: 0.25% Gold: -0.18% Oil - US Crude: -0.72% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/rLDtKWOz9b
Gold Price Analysis: Bulls in Control with Record Shorts at Risk

Gold Price Analysis: Bulls in Control with Record Shorts at Risk

Justin McQueen, Analyst

Gold Price Analysis and Talking Points:

  • Gold Bullish on Risk Averse Environment
  • Gold Net Shorts Highest Since 1999

See our quarterly gold forecast to learn what will drive prices through mid-year!

Gold Bullish on Risk Averse Environment

Last week’s equity market rout had finally reignited the safe haven demand into the precious metal, whereby gold prices saw its largest daily gain (October 11th) since the Brexit referendum. Since last week, the precious metal has extended on gains amid the ongoing soured sentiment, which in turn has led to a pullback in Federal Reserve rate hike expectations. Although, a December 2018 hike is priced in, markets have begun to reign in expectations of further Fed rate hikes next year, despite the central bank currently projecting 3 more rate rises (according to dot plot projections).

Gold Net Shorts Highest Since 1999

Gold prices are hovering around its best levels since July following an aggressive move higher in the precious metal from sub-$1200 to $1230. Alongside this, gold speculators currently hold the largest short bets on record with net shorts at the highest since 1999, when the price gold was $255. Subsequently, given the speculative positioning, gold could be vulnerable to an extended bullish breakout. Elsewhere, demand for the gold has firmed with the SPDR gold ETF holdings seeing inflows for the past 2 weeks (+2%).

Gold Price Analysis: Bulls in Control with Record Shorts at Risk

GOLD PRICE CHART: Daily Time-Frame (November 2016-August 2018)

Gold Price Analysis: Bulls in Control with Record Shorts at Risk

Chart by IG

Bulls are firmly in control for the precious metal with 1240 the next target for gold (38.2% fibonacci retracement). A break and close above this level sets up a move towards key 50% fibo.

GOLD TRADING RESOURCES:

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

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

DISCLOSURES