Skip to content
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
Mixed
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
Gold
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
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)

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.com or via Twitter @nickcawley1.

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

DISCLOSURES