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.



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

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
Oil - US Crude
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:
  • 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👉
  • 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) -
  • 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:
  • 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
Gold Price: Struggling Against Strengthening US Dollar Headwind

Gold Price: Struggling Against Strengthening US Dollar Headwind

Nick Cawley, Strategist

Gold Prices, News and Analysis

  • Risk-off rally has dissipated, and gold looks increasingly vulnerable.
  • Battle between retail investors and speculators continues.

The brand new DailyFX Q4 Gold Forecast is now available to help traders navigate the market.

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

Gold Price Nears Important Support

The recent risk-off inspired rally in the precious metal has abated for now, leaving gold looking toppy near its recent multi-month high. The sharp sell-off in the equity (risk) space was triggered by concerns over higher US interest, and bond, rates, a view that proved prescient after Wednesday’s hawkish FOMC minutes. The hawkish tone from the Fed’s Powell firmed expectations of at least three rate hikes in 2019, with a December 2018 rise now fully baked in. And with the Fed looking to get ahead of any inflation uptick, market expectations are starting to grow for a fourth-rate hike in 2019 which would see the Fed Funds rate rise to 3.25% to 3.5% from a current level of 2.0% to 2.25%. Gold may find sharply higher short-term US Treasury yields difficult to fight against.

The daily gold chart points to an important technical support level – the 61.8% Fibonacci retracement of the December 2016/April 2018 rally – at $1,215.6/oz. This level also coincides with two recent lows on October 12 and 14 that underpinned the push to the recent $1,233/oz. high print.

Gold Daily Price Chart (March – October 18, 2018)

Gold Price: Struggling Against Strengthening US Dollar Headwind

Gold Positioning: Speculators Heavily Short, Retail Long

Retail investors remain long of gold (81.3%), according to the latest IG Client Sentiment Report, usually seen as a bearish contrarian set-up. Recent changes have shifted the retail bias to bullish for gold positing however the current long-to-short ratio of 4.34 to 1 should not be ignored. Speculative traders are net-short of gold and the recent CoT report showed those shorts growing over the last week. The battle between the two continues.

Weekly CoT Update: Speculative Selling in Gold Proving Untimely.

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