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Technical Forecast for Gold; US Dollar Leans on Important Support

Technical Forecast for Gold; US Dollar Leans on Important Support

Nick Cawley, Strategist

Gold and US Dollar Prices and Charts:

  • Gold needs to hold $1,262/oz. level in the short-term.
  • US Dollar Basket (DXY) sitting on important 200-day moving average.

Q1 2019 Gold and US Dollar Forecasts and Top Trading Opportunities

Gold Likely to Drift Lower

The price of gold continues to nudge lower and is heading towards the 50% Fibonacci retracement of the April – August 2018 move around $1,262/oz. The precious metal has moved out of overbought territory, shown by the RSI indicator at the bottom of the chart, and remains supported above all three moving averages. Ahead of the Fibonacci support, the 20-day moving average at $1,268/oz. may hold sway. To the upside, $1,299/oz. (January 4 high) and $1,309/oz. (June 14, 2018 high).

How to Trade Gold: Top Gold Trading Strategies and Tips

Gold Daily Price Chart (March 2018 – January 8, 2019)

Technical Forecast for Gold; US Dollar Leans on Important Support

Retail traders are 69.4% net-long gold, a bearish contrarian set-up. However recent daily and weekly positional shifts suggest that the spot gold price may soon move higher.

Learn from our Experiences!!! – Here are some of the top lessons DailyFX analysts learned, absorbed or suffered last year.

US Dollar Basket (DXY) Teeters

The US dollar basket (DXY) is currently being supported by the important 200-day moving average, although the short-term downtrend looks clear. DXY is currently quoted at 95.35, with the long-term moving average at 95.00. A sequence of lower highs and lows from December 14 paints a negative picture, while the greenback also trades both the 20- and 50-day moving average. A break lower opens horizontal support at 94.30, the October 16 swing-low.

US Dollar Basket (DXY) Daily Price Chart (June 2018 – January 8, 2019)

Technical Forecast for Gold; US Dollar Leans on Important Support

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

What is your view on Gold – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author at nicholas.cawley@ig.comor via Twitter @nickcawley1.

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