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
EUR/USD
Bearish
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
Wall Street
Bullish
Gold
Bearish
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Silver: 5.25% Gold: 0.99% Oil - US Crude: 0.33% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/gpka4HBCay
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.03%, while traders in US 500 are at opposite extremes with 76.79%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/FfFR6kxBCO
  • Ahead of the RBNZ rate decision next week, the New Zealand Dollar has struggled to climb higher against its major counterparts, with the exception of the US Dollar. Get your market update from @JMcQueenFX here:https://t.co/iZxV2qSVrw https://t.co/CGE3WeJ3Yl
  • U.S. State Department lifts travel advisory for all international travel - BBG
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: US 500: 0.21% Wall Street: 0.20% France 40: 0.10% Germany 30: 0.06% FTSE 100: 0.03% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/uCGMUoQfxx
  • Senator Collins 'still optimistic' on stimulus deal - BBG
  • Update on #Cryptocurrencies #BITCOIN +1.33% #BITCOINCASH +5.60% #ETHEREUM -0.07% #RIPPLE +1.08% #LITECOIN +1.63%
  • https://t.co/A8Ywz4dGqr
  • Emerging Markets: Volatility is rife within the EM complex following the heavy selling in the Turkish Lira, having blown past the 7.0000 handle. Get your $XAG market update from @JMcQueenFX here: https://t.co/SIfXngFsR8 https://t.co/uDh1sdNfkn
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.13%, while traders in US 500 are at opposite extremes with 76.27%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/E6VnriWgve
Gold Price Analysis: Crucial Resistance in Focus as Investors Eye FOMC Minutes

Gold Price Analysis: Crucial Resistance in Focus as Investors Eye FOMC Minutes

2019-02-20 09:00:00
Justin McQueen, Analyst
Share:

Gold Price Analysis and Talking Points:

  • Gold Buying Persists, Eyes on FOMC Minutes
  • Crucial Technical Resistance May Spark Inflection Point

See our quarterly gold forecast to learn what will drive prices throughout Q1!

Gold Buying Persists, Eyes on FOMC Minutes

Since the beginning of the year, Gold prices are up over 5%, trading at its highest level since April 2018 as global central banks take a more accommodative stance. Most notably the Federal Reserve who emphasized that not only would they be patient in rate hikes, they had also opened up to the idea that the balance sheet unwind may end sooner than what the markets expects. Consequently, investors have flocked to the non-yielding precious metal. Eyes will be on tonight’s FOMC minutes, whereby a dovish release could see gold push towards key resistance at $1350.

However, judging by the price action observed in the USD and gold yesterday, markets may have already positioned themselves for a dovish outcome, implying a slight near-term pullback if markets perceive the minutes as less dovish than expected. Outlook continues to remain bullish as global bond yields continue to dip.

FOMC Tracker

Gold Price Analysis: Crucial Resistance in Focus as Investors Eye FOMC Minutes

Crucial Technical Resistance May Spark Inflection Point

With the gold uptrend firmly intact, the precious metal is now eying key resistance at $1350, which marks the descending trendline from the August 2013 peak, potentially sparking a near-term pullback. However, a closing break above increases scope for a move towards the 2018 peak at $1365-66. Elsewhere, a slight negative divergence on the RSI also raises the potential for a pullback.

GOLD PRICE CHART: Daily Time-Frame (Jun 2018-Feb 2019)

Gold Price Analysis: Crucial Resistance in Focus as Investors Eye FOMC Minutes

Chart by IG

GOLD PRICE CHART: Weekly Time-Frame (Aug 2010-Feb 2019)

Gold Price Analysis: Crucial Resistance in Focus as Investors Eye FOMC Minutes

RECOMMENDED READING

Gold Price Analysis: Fed Capitulation & Central Bank Buying Spree Maintains Bullish Outlook

What You Need to Know About the Gold Market

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

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.