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
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
GBP/USD
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
USD/JPY
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
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
Bullish
Bitcoin
Bearish
More View more
Real Time News
  • $EURUSD Daily Points: S3: 109.71 S2: 109.79 S1: 109.82 R1: 109.9 R2: 109.94 R3: 110.02 https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • $GBPUSD Daily Points: S3: 1.2981 S2: 1.299 S1: 1.2993 R1: 1.3002 R2: 1.3008 R3: 1.3017 https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.01% 🇬🇧GBP: -0.06% 🇨🇦CAD: -0.19% 🇦🇺AUD: -0.37% 🇪🇺EUR: -0.42% 🇳🇿NZD: -0.78% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/U9HTtaCyX5
  • Commodities Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Silver: 2.19% Gold: 1.31% Oil - US Crude: 0.13% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/nyRAAXhjhI
  • $USDCHF Daily Points: S3: 0.9775 S2: 0.9794 S1: 0.98 R1: 0.9819 R2: 0.983 R3: 0.9849 https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • #Walmart released their 4th quarter earnings Tuesday morning. The retail chain operates over 400 stores in China and the coronavirus was discussed by CEO Doug McMillon. Get your market update from @FxWestwater here: https://t.co/IsZambBLEr https://t.co/tjhhew0JkV
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.84%, while traders in France 40 are at opposite extremes with 78.82%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/lNO3VORIMY
  • This isn't that frequently a referenced cross, but $EURCAD is down 11 straight trading days to match the stretch back in Sep 2013 for the longest tumble on record https://t.co/AC7YWKP85u
  • RT @RedboxWire: S. KOREA SEEKS TO SOON UNVEIL COMPREHENSIVE ECONOMIC MEASURES AGAINST CORONAVIRUS - YONHAP
  • Event risks for tomorrow includes $GBP Consumer Price Index (YoY), $CAD Consumer Price Index (YoY), and USD FOMC Meeting Minutes https://www.dailyfx.com/calendar?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr https://t.co/4Im2KS7AWP
Gold Price Sell-Off Continues, Silver Price Hits a Six-Month Low

Gold Price Sell-Off Continues, Silver Price Hits a Six-Month Low

2019-05-20 08:00:00
Nick Cawley, Analyst
Share:

Gold (XAU) and Silver (XAG) Price Analysis and Charts.

  • Gold (XAU) eyes a cluster of support.
  • Silver (XAG) makes afresh 2019 low as buyers disappear.

DailyFX Q2 Forecasts and Top 2019 Trading Opportunities.

Gold (XAU) Needs to Support to Hold

The sell-off on gold continues with the precious metal down around $30 in less than a week. Gold is under pressure from a resurgent US dollar, buoyed by last Friday’s Uni of Michigan data which smashed expectations and hit a multi-year high. The important 61.8% Fibonacci retracement level at $1,287/oz. failed to provide any support when broken last week, while the $1,287 - $1,281/oz. zone made up of old horizontal support is being tested now. A clear break and close below opens the way to the recent double bottom around $1,266/oz. which is currently being guarded by the 200-day moving average at $1,268.6/oz. Below here the 50% Fibonacci retracement level at $1,262/oz heaves into view.

How to Trade Gold: Top Gold Trading Strategies and Tips

Gold (XAU) Daily Price Chart (August 2018 – May 20, 2019)

Gold Price Sell-Off Continues, Silver Price Hits a Six-Month Low

Silver (XAG) Nears a Fresh Six-Month Low

Another precious metal under heavy selling pressure. Silver is now at levels last seen in early December last year and is over 11% lower since making its recent high of $16.21/oz. in late February. The downtrend since the late-February high continues to be respected and it is possible that silver completely retraces all the way back down to the November 14 low at $13.89/oz. Psychological support at $14.00/oz. may slow the decline, while the CCI indicator shows that the market is extremely oversold.

Silver (XAG) Daily Price Chart (August 2018 - May 20, 2019)

Gold Price Sell-Off Continues, Silver Price Hits a Six-Month Low

Trading the Gold-Silver Ratio: Strategies and Tips.

IG Client Sentiment data show that retail traders are 79.1% net-long gold, a bearish contrarian indicator. Recent daily and weekly sentiment shifts give us a stronger bearish contrarian 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

News & Analysis at your fingertips.