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.

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
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
Bearish
Gold
Bearish
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
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • Central banks often deem it necessary to intervene in the foreign exchange market to protect the value of their national currency. Learn how central bank intervention can impact your trading here: https://t.co/8G8mUX4so6 https://t.co/KG9k8BnyD6
  • Gold Price Forecast: Long-Term Yields May Keep XAU/USD on the Backfoot - https://t.co/YV1gkiTPrq #GOLD $GLD $XAUUSD https://t.co/oT1lIcChN6
  • 🇳🇱 Inflation Rate YoY (FEB) Actual: 1.8% Previous: 1.6% https://www.dailyfx.com/economic-calendar#2021-03-04
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.03%, while traders in Germany 30 are at opposite extremes with 69.08%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/rHzkW4zqv7
  • Dealing with the fear of missing out – or FOMO – is a highly valuable skill for traders. Not only can FOMO have a negative emotional impact, it can cloud judgment and overshadow logic. Learn how you can control FOMO in your trading here: https://t.co/lgDf5cVYOn https://t.co/kIGn36WXO2
  • Forex Update: As of 05:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.28% 🇳🇿NZD: 0.09% 🇨🇭CHF: 0.07% 🇨🇦CAD: 0.02% 🇯🇵JPY: -0.03% 🇪🇺EUR: -0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/d2JGjMhNQn
  • Heads Up:🇳🇱 Inflation Rate YoY (FEB) due at 05:30 GMT (15min) Previous: 1.6% https://www.dailyfx.com/economic-calendar#2021-03-04
  • Indices Update: As of 05:00, these are your best and worst performers based on the London trading schedule: Wall Street: -0.33% US 500: -0.54% FTSE 100: -0.54% France 40: -0.67% Germany 30: -0.81% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/WVmqPR5R29
  • Risk trends are on the lam again with Nasdaq 100 threatening to usher the reversal, but I remain skeptical that fire will catch. Meanwhile, global 10yr yields are rising again, pulling gold down. Watch I'm watching: https://www.dailyfx.com/forex/video/daily_news_report/2021/03/04/Nasdaq-Breakdown-Raises-Risk-Trend-Questions-Yields-Push-Dollar-and-Gold.html https://t.co/2RFnWOaXa4
  • 🇯🇵 Consumer Confidence (FEB) Actual: 33.8 Previous: 29.6 https://www.dailyfx.com/economic-calendar#2021-03-04
Gold Price - Eyes a Fresh One-Month High on Risk-Off Bid

Gold Price - Eyes a Fresh One-Month High on Risk-Off Bid

Nick Cawley, Strategist

Gold Price Analysis and News

  • Gold pushes higher on risk-off bid.
  • US dollar remains the best of a bad bunch.

DailyFX Gold Landing Page – Prices, Charts, Analysis and Real-Time News

Gold currently trades either side of $1,317/0z. just off its highest level this month, as equity markets fall on renewed economic growth fears. The risk-off bid has pushed gold into overbought territory (CCI indicator) but any set-backs may well offer a fresh opportunity to re-enter a Gold position, especially if the recent set of higher lows hold.

Fears over an economic slowdown returned at the end of last week with the US Treasury yield curve inverting not just between 2s-10s but also between 3-month T-bills and 10-year Treasurys. Yield curve inversion is seen as a major recessionary warning signal and this will likely spell trouble for the US dollar which is currently trading as the best of a bad bunch, due to its positive yield advantage over most of its peers. The greenback is also benefitting from a raft of bad economic news in the Euro-Zone and the ongoing Brexit malaise in the UK.

The daily Gold chart remains positive but, as pointed out before, is looking overbought in the short-term. The precious metal trades above all three moving averages and comfortably above the 61.8% Fibonacci retracement level at $1,287/oz. There are various near-term support levels all the way back down to the psychological $1,300/oz. level which should likely hold in the current risk-off environment. To the upside, a break above last Thursday’s $1,320.8/oz. level opens an old $1,326/oz. swing-high ahead of this year’s high print at $1,347/oz.

How to Trade Gold: Top Gold Trading Strategies and Tips.

Gold Chart Daily Time Frame (May 2018 – March 25, 2019)

Gold Price - Eyes a Fresh One-Month High on Risk-Off Bid

IG Client Sentiment shows that retail traders are 74.2% net-long of Gold, a bearish contrarian indicator. However, recent daily and weekly positional changes suggest a mixed Gold trading bias.

--- Written by Nick Cawley, Market Analyst

To contact Nick, email him at nicholas.cawley@ig.com

Follow Nick on Twitter @nickcawley1

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

DISCLOSURES