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
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
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
Bearish
Oil - US Crude
Bullish
Bitcoin
Mixed
More View more
Real Time News
  • Greed has proven to be a hindrance more than assistance for traders. How does greed lead to #FOMOintrading? Find out from @RichardSnowFX here: https://t.co/aT8TZjlFqP https://t.co/XtDrpjR4yT
  • Crude Oil Prices May Give Back Gains as Brexit Optimism Wanes - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/commodities/2019/10/14/Crude-Oil-Prices-May-Give-Back-Gaons-as-Brexit-Optimism-Wanes.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr #OOTT #crudeoil #Brexit
  • Have you joined @DailyFX @facebook group yet? Discuss your #forex strategies and brush up on your skills with us here: https://t.co/jtY1G7g8yx https://t.co/RlubZzBmyN
  • Why trade with Bollinger Bands®? Find out as a day trader, how you can use it to your advantage:https://t.co/dwODDDSsFi @WVenketas https://t.co/lzHvMaeOxU
  • (#ASEAN Fundamental Forecast) US Dollar Outlook on SGD, INR and IDR Amid Trade Talks, China GDP #USD $USDSGD $USDINR - https://www.dailyfx.com/forex/fundamental/article/special_report/2019/10/14/US-Dollar-Outlook-on-SGD-INR-and-IDR-Amid-Trade-Talks-China-GDP.html?CHID=9&QPID=917702 https://t.co/EKyMMEJa00
  • LIVE NOW: Join Currency Analyst @ZabelinDimitri as he previews the upcoming week’s main political themes and discusses their impact on the financial markets. Register here: https://www.dailyfx.com/webinars/146770987?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • China’s CNY Trade Balance (SEP) Actual: $39.65b Est: $34.75b Previous: $34.83b And China’s CNY Trade Balance CNY (SEP) Actual: 275.15b Est: 253.80b Previous: 239.60b
  • LIVE IN 30 MIN: Join Currency Analyst @ZabelinDimitri as he previews the upcoming week’s main political themes and discusses their impact on the financial markets. Register here: https://www.dailyfx.com/webinars/146770987?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • NZD/USD Technical Analysis: Bounce Hinted But Downtrend Intact - https://www.dailyfx.com/forex/technical/home/analysis/nzd-usd/2019/10/14/NZDUSD-Technical-Analysis-Bounce-Hinted-But-Downtrend-Intact.html?utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr #NZDUSD #technicalanalysis
  • Join @ZabelinDimitri 's #webinar at 11:30 PM ET/3:30 AM GMT to find out how geopolitical risk will affect the markets in the week ahead. Register here: https://t.co/hsULxMNOtM https://t.co/bNyuTGf0xx
Gold Price Eyes Bullish Consolidation, Silver Price Breaking Bear Sequence

Gold Price Eyes Bullish Consolidation, Silver Price Breaking Bear Sequence

2019-06-06 08:00:00
Nick Cawley, Analyst
Share:

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.

DISCLOSURES

News & Analysis at your fingertips.