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.

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
Bearish
Oil - US Crude
Bullish
Wall Street
Bearish
Gold
Bearish
GBP/USD
Mixed
USD/JPY
Bullish
More View more
Real Time News
  • $USDCAD, $AUDUSD Near-term Technical Setups - https://t.co/HOOdZz6IIF https://t.co/DRiqmlKXHg
  • Commodities Update: As of 19:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -0.11% Gold: -0.91% Silver: -3.20% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/u41nMRKgOj
  • A pretty clean break from $SPX and other risk-sensitive assets are following along. As Hans Landa said in Inglorious Basterds: "Ooooooo. That's a Bingo" https://t.co/fLqS3kL8li
  • US Dollar Index reaches a multi-month high as markets strike a risk-off tone $USD $DXY https://t.co/m8AdjHztFX
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.13%, while traders in GBP/JPY are at opposite extremes with 70.14%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/GgwsfrU5lz
  • EUR/USD sheds 40-pips in a matter of minutes as the US Dollar strengthens broadly. Get your $EURUSD market update from @RichDvorakFX here:https://t.co/wIlo9Tbp7A https://t.co/It5iIFhMmL
  • Well, I don't think Powell will temper interest/concern around central banks having to pullback in the foreseeable future. Both 'taper tantrum' and 'operation twist' search interest charging higher: https://t.co/NK17S328F3
  • Indices Update: As of 19:00, these are your best and worst performers based on the London trading schedule: Germany 30: -0.86% FTSE 100: -1.20% France 40: -1.27% Wall Street: -2.32% US 500: -2.53% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/KjNr7ongtX
  • Nasdaq now down over 3% today, confirming 10% correction territory. $QQQ
  • $USDCHF has continued to strength today, now above the 0.9280 level, trading around the highs hit in late September. The pair has performed strongly since mid February as US rates have continued higher, rising from 0.8900 by nearly 400 pips to its current levels. $USD $CHF https://t.co/qrHY8Sy2sf
Gold Price Analysis: Fed Meeting Crucial for Breakout

Gold Price Analysis: Fed Meeting Crucial for Breakout

Justin McQueen, Analyst

Gold Price Analysis and Talking Points:

  • Bulls Eye Fed Meeting
  • Speculative Positioning Suggests Bullish Outlook

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

Bulls Eye Fed Meeting

The topside breakout in gold had been somewhat short-lived after failing to consolidate at its best levels since July. Focus this week will be on the Fed meeting, whereby a less hawkish stance could provide a catalyst to propel gold prices higher towards resistance at $1262. While it is expected that the Fed will deliver a 4th rate hike, questions have been raised on how many more hikes the Fed will deliver in 2019. Particularly given the increased stock market fluctuations and deteriorating fundamental backdrop. As it stands, the dot plot projection suggests 3 rate hikes in 2019, however, FFR futures pricing imply as much as 40bps of tightening from now until the end of 2019.

Speculative Positioning Suggests Bullish Outlook

Speculative positioning via the CFTC continues to suggest that the outlook for gold is bullish, albeit in the medium/long term. While an unwind in short gold positioning has kept the precious metal firm, the fact that long positions have not increased, suggests that a lasting breakout on the topside may not be on the table in the short term.

Gold Price Analysis: Fed Meeting Crucial for Breakout

What You Need to Know About the Gold Market

GOLD PRICE CHART: Daily Time-Frame (Feb-Dec 2018)

Gold Price Analysis: Fed Meeting Crucial for Breakout

Chart by IG

Resistance 1: 1253 (200DMA)

Resistance 2: 1262 (50% Fib Level)

Support 1: 1238 (38.2% Fib level)

Support 2: 1208 (23.6% Fib level)

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