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.

Free Trading Guides
EUR/USD
Mixed
GBP/USD
Bullish
USD/JPY
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
Oil - US Crude
Mixed
Bitcoin
Bearish
More View more
Real Time News
  • $EURUSD Daily Pivot Points: S3: 1.0936 S2: 1.0974 S1: 1.0998 R1: 1.1037 R2: 1.1052 R3: 1.109 https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • The $CAD continues to take a hit against the US Dollar after USD/CAD very nearly experienced a major long-term support-break at the end of October. Get your USD/CAD market update from @PaulRobinsonFX here:https://t.co/qeWFmoLwKt https://t.co/G0o4uIV2k7
  • US Yield Curves Update: 2Yr/5Yr: 3.8 2Yr/10Yr: 22.2 2Yr/30Yr: 69.5 5Yr/10Yr: 18.6
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.51% 🇳🇿NZD: 0.34% 🇪🇺EUR: 0.28% 🇬🇧GBP: 0.17% 🇨🇭CHF: -0.17% 🇯🇵JPY: -0.32% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Wdqln8EdxW
  • Commodities Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.12% Gold: -0.29% Silver: -0.39% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/JRPr0hEqpC
  • $NZDJPY: The back-and-forth we have seen since the summer bottom could be taking on a large bear-flag, but that won’t be validated until the lower threshold is broken. Get your market update from @PaulRobinsonFX here:https://t.co/xBXm7PWHhn https://t.co/j4JNtpycsU
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.55%, while traders in France 40 are at opposite extremes with 86.01%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/SWn7XmGR9s
  • $USDJPY Daily Pivot Points: S3: 108.72 S2: 108.77 S1: 108.8 R1: 108.85 R2: 108.87 R3: 108.92 https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • I guess I should have bought that 'Dow 30,000' joke hat back in 2007 (just over double the high back then)
  • US Equities Update (Friday Close): $DJI +0.80% $SPX +0.74% $NDX +0.70% $RTY +0.47% $VIX -8.47%
Gold Price: Building Momentum on Weak USD, Growing Nuclear Risk

Gold Price: Building Momentum on Weak USD, Growing Nuclear Risk

2019-02-27 08:50:00
Nick Cawley, Analyst
Share:

Gold (XAU) Price, News and Chart:

  • Fed Chair Powell preaches patience.
  • India and Pakistan raise political tensions.

Q1 2019 Gold Forecast and Top Trading Opportunities

Gold continues to consolidate above the $1,320/oz. level after its recent rally and may make a fresh attempt at the recent 10-month high at $1,347/oz. FOMC Chair Jerome Powell told lawmakers yesterday that the Fed is no rush to increase rates and reiterated the central bank’s ‘patient’ stance, pushing the greenback marginally lower. With US and global growth slowing, expectations are now growing that the Fed rate tightening cycle is now over, and interest rate cuts may be needed in 2020 to help boost growth and inflation.

Gold should also get an uplift from increasing political tensions between India and Pakistan over the disputed Kashmir region. On Tuesday, Indian planes flew into Pakistan airspace and bombed a terrorist camp, sparking conflict between the two nuclear powers. And today, Pakistan shot down two Indian Air Force planes inside Pakistan airspace and captured one Indian pilot in an act of retaliation that will provoke further actions from India.

Gold has been trading sideways for the last handful of sessions, consolidating its recent rally. From a technical view, the precious metal trades above all three-moving averages and the RSI indicator has moved out of overbought territory but remains positive. Support starts around $1,320/oz. and includes a cluster of recent lows and the 20-day ma before the $1,302/oz. comes into play. Last Friday’s high just under $1,333/oz. is the initial target before $1,347/oz. comes into play.

How to Trade Gold – Top Strategies and Tips

Gold Daily Price Chart (June 2018 – February 27, 2019)

Gold Price: Building Momentum on Weak USD, Growing Nuclear Risk

Retail traders are 69.7% net-long Gold according to the latest IC Client Sentiment Data, a bearish contrarian indicator. Recent changes in daily and weekly sentiment however give us a stronger bearish trading bias.

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.

DISCLOSURES

News & Analysis at your fingertips.