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
Mixed
USD/JPY
Bullish
Gold
Bullish
Oil - US Crude
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
Bitcoin
Bearish
More View more
Real Time News
  • Taoiseach Leo Varadkar to state that Ireland supports a Brexit extension to January 31 2020, following a phone call with EU's Tusk - RTE $GBP
  • @DavidCottleFX @GrayConnolly I wore a pair to my first ever City interview at a stockbrokers and got a dressing down from the partner interviewing me...still got the job though
  • LIVE NOW! Currency Strategist @PaulRobinsonFX discusses important technical developments relevant to short to intermediate-term commodity and equity index traders here - https://www.dailyfx.com/webinars/816147795?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • Join @CVecchioFX for a live AMA session on #commodities and get your questions answered on October 23rd at 9AM EST/11:30 GMT. Only on @DailyFX Facebook and Twitter live! #CommoditieswithDailyFX https://t.co/eNa4mYlz6Z
  • LIVE IN 30 MIN: Currency Strategist @PaulRobinsonFX discusses important technical developments relevant to short to intermediate-term commodity and equity index traders here - https://www.dailyfx.com/webinars/816147795?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • Russian Energy Minister Novak says he has no information about possible discussions of deeper oil production cuts at the December meeting #OOTT
  • Join @PaulRobinsonFX 's #webinar at 5:30 AM ET/9:30 AM GMT to gain insight on indices and commodities for the active trader. Register here: https://t.co/gghsFsZYlx https://t.co/J1ShHzXFU4
  • #Silver is a precious metal commodity that investors use as an inflation hedge and safe-haven asset. Find out what are some strategies and tips to trade silver here: https://t.co/f67gnRUGoo #CommoditieswithDailyFX https://t.co/Blj2PaJZVz
  • 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 76.58%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/YBa3o6HUml
  • Commodities Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Gold: 0.25% Silver: 0.20% Oil - US Crude: -0.57% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/k4lIb74AX4
Gold Price Outlook: Recovery from 2019 Low Faces Critical Test

Gold Price Outlook: Recovery from 2019 Low Faces Critical Test

2019-04-26 09:30:00
Justin McQueen, Analyst
Share:

Gold Price Analysis and Talking Points:

  • Gold Prices Bounce Back as Investors Seek Safe Havens
  • Gold Technical Analysis | Recovery Faces First Test
  • Plethora of US data May Dictate Gold

See our quarterly gold forecast to learn what will drive prices throughout Q2!

Gold Prices Bounce Back as Investors Seek Safe Havens

Despite the topside breakout in the USD index, gold prices have managed to stage a slight recovery from its 2019 lows, refraining from making a test of the 200DMA situated at 1250. The slight rebound had stemmed from increased signs of weaker global growth with the likes of South Korea (bellwether for global trade & tech) reported the largest contraction in GDP since the financial crisis (full story), while Germany has also showed little signs of a recovery (full story), which in turn has seen global bond yields drop. Consequently, gold is set to have its first weekly gain in a month.

Gold Technical Analysis | Recovery Faces First Test

Gold prices are set to face its first test with the precious metal edging towards prior trendline support, which is now resistance at $1284, while the 61.8% Fibonacci retracement (2018 peak to 2018 low) at $1287 could also curb further advances. As such, failure to make a decisive break above could see a retest of the 2019 low ($1266) before the 50% Fibo ($1262).

Plethora of US data May Dictate Gold

From here on till next week, there will be a plethora of tier 1 macro data out of the US, which could dictate price action in Gold with US Q1 GDP released today while the FOMC and NFP report will be digested next week.

GOLD PRICE CHART: Daily Time-Frame (Mar 2018-April 2019)

Gold Price Outlook: Recovery from 2019 Low Faces Critical Test

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.