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  • Crude oil prices collapsed on Monday despite an OPEC+ breakthrough, driven by Covid-induced demand woes. Meanwhile, Gold is at odds with a stronger US Dollar and falling Treasury yields. Get your #crudeoil market update from @FxWestwater here:https://t.co/H1vmag8d1k https://t.co/PW5pCw9dKR
  • The Japanese Yen has been making a comeback, but it may soon resume its decline against the US Dollar as USD/JPY consolidates within a bullish Falling Wedge. Watch for a breakout. Get your market update from @ddubrovskyFX here:https://t.co/zxRWoNR4lS https://t.co/bXTx0TSRmU
  • BTC/USD treading water sideways, 28600 the big level to watch. ETH/USD working on forming a nice-looking descending wedge. Get your market update from @PaulRobinsonFX here:https://t.co/H1qOV4FR1P https://t.co/tjutUl7Nt7
  • Gold hasn’t been very active the past few sessions, but that could change next week and provide a stronger trading bias. Get your weekly gold technical forecast from @PaulRobinsonFX here: https://t.co/HaEe3i4Sug https://t.co/LsARS2mnFI
  • Market uncertainty sees GBP pairs break out of their ranges. Get your weekly GBP forecast from @HathornSabin here: https://t.co/IRO7a6Jv8J https://t.co/4LxWz7sOVF
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.01% 🇪🇺EUR: 0.01% 🇨🇦CAD: -0.03% 🇬🇧GBP: -0.16% 🇦🇺AUD: -0.21% 🇯🇵JPY: -0.36% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/AXKeEsin95
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -0.02% Gold: -0.27% Silver: -0.91% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/PgsZBsHHp8
  • The Canadian Dollar is poised to snap a three week losing streak against the US Dollar after USD/CAD reversed sharply off technical resistance early in the week. Get your $CAD market update from @MBForex here:https://t.co/JhO6n3Di9h https://t.co/17N1aFRUDB
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.45%, while traders in Wall Street are at opposite extremes with 75.29%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/3ADpF5W5Af
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.00% Wall Street: -0.01% US 500: -0.03% FTSE 100: -0.11% France 40: -0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/hH8yuMFxXR
Gold Price Eyeing Support, Silver Price Rebound Fading

Gold Price Eyeing Support, Silver Price Rebound Fading

Nick Cawley, Strategist

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

  • Gold (XAU) – Will 200-dma bounce hold?
  • Silver (XAG) – Lower highs and lower lows.

DailyFX Q2 Forecasts and Top 2019 Trading Opportunities.

Gold (XAU) Price Respecting Lower Highs

The price of gold is currently trading just below a series of lower highs initiated off the February 20 peak at $1,346/oz. after bouncing off support from the 200-day moving average on Tuesday this week. The narrowing of the recent trading range may provoke a break-out in the coming days with $1,287/oz, the 61.8% Fibonacci retracement level and this week’s high the first level of resistance. To break the series of lower highs, gold needs to trade above the May 14 high at $1,303/oz, a level that will need a strong fundamental driver to be breached. To the downside, the 200-day moving average is currently around $1,270.5/oz. This technical indicator held and prompted a reversal on Tuesday this week, although the rebound was short-lived. Below here, $1,266/oz. stands in the way of a re-test of 50% Fibonacci retracement at $1,262.8/oz.

How to Trade Gold: Top Gold Trading Strategies and Tips

Gold (XAU) Daily Price Chart (May 2018 – May 24, 2019)

Gold Price Eyeing Support, Silver Price Rebound Fading

Silver (XAG) – Bear Channel Still in-Play

Silver bounced off a six-month low at $14.38 earlier this week and pushed marginally higher but the move still looks weak as a new lower low and a lower high were put in place. Silver continues to respect the downtrend and a re-test of this week’s low is possible if bearish momentum continues. Silver has also been respecting the 20-day moving average since late-March, while both the shorter-dated moving averages fell through the longer-dated (200-day) ma recently, adding to bearish sentiment. A break lower would target, $14.05, the November 30 low, psychological support at $14.00 before a full re-trace back to the November 14 low at $13.89.

Silver (XAG) Daily Price Chart (August 2018 - May 24, 2019)

Gold Price Eyeing Support, Silver Price Rebound Fading

Trading the Gold-Silver Ratio: Strategies and Tips.

IG Client Sentimentshows that retail traders are 78.8% net-long gold, a bearish contrarian indicator. Recent daily and weekly sentiment shifts however give us a mixed 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.

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