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  • Key break here in the 10-year #Treasury yield as it rises to the highest since late June Took out 1.4230 resistance, and the 100-day SMA Eyes now on the 38.2% Fib extension at 1.4775 Also potential falling resistance from March https://t.co/4cI6l210ui
  • The move in rates after this week’s FOMC has continued and the 10 year yield has pushed up to a fresh two-month-high. Get your market update from @JStanleyFX here:https://t.co/CRWhuZ3sxD https://t.co/svHHqN2Zz8
  • S&P 500 contending with its proverbial ‘line in the sand’ as bulls and bears battle for directional control. How we close/trade around the 50-day moving average could serve as a noteworthy bellwether for risk trends headed into next week. I remain cautious below ~4,480. $SPX $ES https://t.co/qogkjs1Sx2
  • USD/JPY trades to a fresh monthly (110.57) amid the pickup in longer-dated US Treasury yields, and the exchange rate may stage a larger advance over the coming days. Get your market update from @DavidJSong here:https://t.co/dlNXOrJnM9 https://t.co/LCQd26W1zF
  • US yields continue to climb, with the 10-year Treasury yield trading above 1.45% $ZN $ZB https://t.co/N4EDfwD3nZ
  • $USDJPY bull thesis appears quite constructive. Technicals show topside breakout above trend resistance following a period of consolidation. Bond yields providing the fundamental catalyst. Eyes on Aug/YTD highs. A broad-based deterioration in market sentiment poses downside risk. https://t.co/AazskXGjHq
  • WTI posting another session of strong gains, currently flirting with the 74 handle $CL #Oil #OOTT https://t.co/oYnm2OYRky
  • The New Zealand Dollar’s bullish breakout attempt in early-September was rebuffed. Price action at the end of the month is telling a different story. Get your market update from @CVecchioFX here:https://t.co/AquMSrssne https://t.co/DtFuFfrS7Q
  • So much for that Evergrande recovery. Shares of the troubled Chinese property developer are down approximately -12% today following yesterday's impressive rally (biggest in a year) https://t.co/Nome25d9Bt
  • Retail trading platform Robinhood announces hire of new Chief Compliance Officer amid regulatory scrutiny
Gold Price Eyes Bullish Consolidation, Silver Price Breaking Bear Sequence

Gold Price Eyes Bullish Consolidation, Silver Price Breaking Bear Sequence

Nick Cawley, Strategist

Gold Price/Silver Price, Analysis and Charts.

  • Gold needs to fill the gap before the next leg higher, FOMC permitting.
  • Silver struggling with technical resistance.

DailyFX Q2 USD and Gold Forecasts and Top 2019 Trading Opportunities.

Gold Rejects 14-Month High

Gold’s latest rally took it to within $3/oz. of levels last seen in April 2018 as the precious metal continued to rally on the back of a weakening US dollar. Gold has rallied nearly $70/oz. – 5.4% - in a week and the market is currently edging lower. The next move in the precious metal will be predicated by Friday’s US Labor report (NFPs) with any weakness in the jobs report a positive for the precious metal. Wednesday’s US ADP employment change report rattled the US dollar, missing expectations by a wide margin – actual 27k vs 183k exp – and printing a nine-year low.

On the charts, gold may well look to fill the gap between $1,309/oz, and $1,320/oz. before any attempt to move higher. Below here there is a tight zone between $1,301 and $1,304/oz. that has provided supportive. To the upside, $1,346.8/oz. guards April 2018 high at $1,365/oz. a level that may well be tested if US NFPs miss expectations.

The CCI indicator shows that the market remains heavily overbought and may well slow any further upside in the short-term.

DailyFX Economic Calendar

How to Trade Gold: Top Gold Trading Strategies and Tips

Gold (XAU) Daily Price Chart (March 2018 – June 6, 2019)

Gold Price Eyes Bullish Consolidation, Silver Price Breaking Bear Sequence

IG Client Sentimentshows that retail traders are 59.4% net-long gold, a bearish contrarian indicator. Recent daily and weekly sentiment shifts however give us a stronger bearish contrarian trading bias.

Silver Runs into Resistance

Silver traded above $15 yesterday but ran into heavy resistance from the 200-day moving average that has help sway since the start of May. Wednesday’s trading range was re-traced, and silver now trades around $14.89, below the 23.6% Fibonacci retracement level at $14.92 and the 200-day moving average at $15.02. The chart is flashing an overbought signal, but the recent series of lower highs has been broken, adding a positive longer-term spin. It may take a little longer for the chart s to confirm, or not, that silver is out of a bear market.

Silver Daily Price Chart (July 2018 – June 6, 2019)

Gold Price Eyes Bullish Consolidation, Silver Price Breaking Bear Sequence

Trading the Gold-Silver Ratio: Strategies and Tips

--- 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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