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
More View more
Real Time News
  • RT @IMFNews: What is an SDR? Learn more in this short video.
  • AUD/USD Price Outlook: Australian Dollar Awaits RBA Decision Link to Analysis - $AUD $AUDUSD #Trading
  • RT @RichDvorakFX: @tradingview $MOVE - reflects implied volatility for US Treasury bonds over the next 30 days.
  • USD/MXN trades directionless, oscillating between small gains and losses, near the 20.15 area. Get your $USDMXN market update from @DColmanFX here:
  • EUR/GBP looking to retest the 50-day moving average just below 0.8600 $EURGBP
  • USD/JPY appears to be on track to test the July low (109.06) following the Federal Reserve interest rate decision as longer-dated US Treasury yields come back under pressure. Get your $USDJPY marketing update from @DavidJSong here:
  • RBNZ: We will soon begin consulting on ways to tighten mortgage lending standards More below: $NZD
  • RT @BrendanFaganFx: USD/JPY Under Pressure Following Comments from Fed's Waller $USDJPY #FOMC #FederalReserve #trading Link: https://t.c…
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.34% 🇦🇺AUD: 0.26% 🇪🇺EUR: 0.03% 🇳🇿NZD: -0.00% 🇬🇧GBP: -0.14% 🇨🇦CAD: -0.27% View the performance of all markets via
  • Bitcoin declines heavily into the close of the US session, now trading below $39,000 $BTCUSD
Gold Price: Potential Upside Breakout if Support Holds

Gold Price: Potential Upside Breakout if Support Holds

Nick Cawley, Strategist

Gold Price, News and Chart:

  • Rangebound but building a head of steam.
  • Confluence of support around $1,285/oz.

Q1 2019 Gold Forecast and Top Trading Opportunities

Gold Looking at an Upside Range Break

The precious metal has been trading in a rough $1,280/0z. - $1,297/oz. range in 2019 and is looking to break this range with an upside move looking more likely, if current support levels hold firm. There remain two important levels between $1,285/oz. and $1,287/oz. - the 20-day moving average and 61.8% Fibonacci retracement respectively – while the bottom of the bull flag also cuts around these levels. A break below could open the way to the 50% Fibonacci retracement level at $1,263/oz. To the upside the bull flag continues to narrow and a concerted break above 1,294/oz. should lead to a re-test of $1,300/oz. before horizontal resistance at $1,325/oz. ahead of $1,355/oz. The RSI indicator – at the bottom of the chart – is showing the precious metal backing off overbought territory.

How to Trade Gold: Top Gold Trading Strategies and Tips

Gold Daily Price Chart (March 2018 – January 18, 2019)

Gold Price: Potential Upside Breakout if Support Holds

Retail traders are 68.9% net-long US Crude according to the latest IC Client Sentiment Data, a bearish contrarian indicator. However, recent changes in daily and weekly positions suggest that prices may continue to have a mixed trading bias.

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.

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.