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
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
Bitcoin
Bearish
More View more
Notice

DailyFX PLUS Content Now Available Freely to all DailyFX Users

Real Time News
  • Heads Up: 🇪🇺 (EUR) Markit/BME Germany Composite PMI (SEP P) due at 07:30:00 GMT (15min) Expected: 51.5 Previous: 51.7
  • Heads Up: 🇪🇺 (EUR) Markit Germany Services PMI (SEP P) due at 07:30:00 GMT (15min) Expected: 54.3 Previous: 54.8
  • Forex Update: As of 07:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.11% 🇳🇿NZD: 0.02% 🇨🇭CHF: -0.04% 🇪🇺EUR: -0.09% 🇨🇦CAD: -0.10% 🇯🇵JPY: -0.15% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/hdDDQ0oVLI
  • Heads Up: 🇪🇺 (EUR) Markit/BME Germany Manufacturing PMI (SEP P) due at 07:30:00 GMT (15min) Expected: 44.0 Previous: 43.5
  • CHF Switzerland August M3 Money Supply YY: Actual: 2.7% Previous: 3.2%
  • Join @DavidCottleFX 's #webinar at 4:00 AM ET/8:00 AM GMT for your weekly update on the top Asia Pacific market drivers that traders should watch this week. Register here: https://t.co/HNf3Axw8s5 https://t.co/KUJecuuyWg
  • Indices Update: As of 07:00, these are your best and worst performers based on the London trading schedule: US 500: 0.36% Wall Street: 0.32% France 40: -0.10% Germany 30: -0.32% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/m9Hm0d41Lt
  • European Opening Calls From IG: #FTSE 7345 +0.00% #DAX 12433 -0.28% #CAC 5675 -0.27% #IBEX 9151 -0.31% #STOXX 3558 -0.39%
  • What is prop trading and how can retail traders benefit? Tune into the #podcast episode featuring Morad Askar, aka Futures Trader 71. Only on Global Markets Decoded. Tune in here: https://t.co/2jDvD9L1Er https://t.co/STqSwY7OBT
  • Crude Oil Prices May Fall on ECB Commentary, US PMI Data - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/commodities/2019/09/23/Crude-Oil-Prices-May-Fall-on-ECB-Commentary-US-PMI-Data.html?utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr #CrudeOil #ECB #PMI #OOTT
Gold Price Needs Stimulus, Silver Price Weighed by Lower Highs

Gold Price Needs Stimulus, Silver Price Weighed by Lower Highs

2019-05-28 11:00:00
Nick Cawley, Analyst
Share:

Gold (XAU) and Silver (XAG) Prices, Analysis and Charts.

  • Gold (XAU) fighting the downtrend, nearing old support zone.
  • Silver (XAG) struggles. with technical resistance.

DailyFX Q2 Forecasts and Top 2019 Trading Opportunities.

Gold (XAU) and the Downtrend

The price of gold remains hesitant to make the next move with little in the way of fundamentals to help break the current deadlock. A handful of important US data releases this week may well provide the necessary spark to break the current impasse.

Gold Price Needs Stimulus, Silver Price Weighed by Lower Highs

DailyFX Economic Calendar

The downtrend off the February high print at $1,346.8/oz. remains in play, just, while the short-term upside is capped between $1,287/oz. (61.8% Fibonacci retracement) and the May 17 high at $1,289/oz. To break the series of recent lower highs, gold needs to break and close above the May 14 high at $1,303.4/oz. A break below the $1,277 - $1,281/oz. zone opens the way to 200-day ma support, currently at $1,271.6/oz. A break either way may be sharp.

How to Trade Gold: Top Gold Trading Strategies and Tips

Gold (XAU) Daily Price Chart (August 2018 – May 28, 2019)

Gold Price Needs Stimulus, Silver Price Weighed by Lower Highs

Silver (XAG) Sliding Towards the Six-Month Low

A soft start for silver this week as the three-month downtrend remains dominant and currently caps any upside moves. Silver remains under all three moving averages and below the 23.6% Fibonacci retracement level at $14,92. To initiate a turn higher, silver will need to break the pattern of lower highs and lower lows. To start this, silver will need to hold above the six-month recently made at $14,38 and close above $14,65 and $14,87. Support at $14,38 remains key in the short-term to protect the spike low at $14,05 and the full retrace back to the November 14 low at $13,90.

Silver (XAG) Daily Price Chart (August 2018 - May 28, 2019)

Gold Price Needs Stimulus, Silver Price Weighed by Lower Highs

Trading the Gold-Silver Ratio: Strategies and Tips.

IG Client Sentimentshows that retail traders are 78.7% net-long gold, a bearish contrarian indicator. Recent daily and weekly sentiment shifts however give us a mixed bias.

--- Written by Nick Cawley, Market Analyst

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

Follow Nick on Twitter @nickcawley1

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

DISCLOSURES

News & Analysis at your fingertips.