News & Analysis at your fingertips.

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. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Real Time News
  • Further your forex knowledge and gain insights from our expert analysts @JohnKicklighter and @JStanleyFX on $USD with our free Q4 market analysis guide, available for free today. https://t.co/7G7pWntiyY #DailyFXGuides https://t.co/XYCRng3hEW
  • RT @JournalistRoss: From CNN's @mkraju: The goal among Democratic leaders is to have a vote Wednesday or Thursday on the infrastructure pac…
  • *Reminder: Weekly Strategy Webinar tomorrow at 8:30am ET on @DailyFX !! https://t.co/lxd5fZnn4H
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here: https://t.co/kODPAfJE79 https://t.co/L15w1dzclc
  • Wow Liverpool... https://t.co/9Mx6Xmw4iS
  • With the $SPX, Bitcoin and Fed 2022 rate forecasts pushing record highs; the heavy economic docket for the coming week will make for some loaded trading potential. The events and markets I'm looking at ahead: https://www.dailyfx.com/forex/video/daily_news_report/2021/10/23/SP-500-Reversal-ECB-Decision-FAANG-Earnings-Top-Volatility-Themes-Next-Week.html https://t.co/1SGirtalSb
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM7kO6a https://t.co/wdbXlx7ChB
  • Further your stock trading knowledge and gain informed market analyses from our expert analysts @HathornSabin and @JMcQueenFX on Indexes with our free Q4 guide, available today.https://t.co/YQG1aaIT8C #Dailyfxguides https://t.co/qqYNi1RA2F
  • The continuity seen across these volatility cycles is a good thing. Historical precedence offer a blueprint for identifying conditions supportive for a vol-event to occur, and how they may unfold. Deepen your knowledge of historical volatility here: https://t.co/ZnyMVSjd2b https://t.co/1bNvAWr7Yy
  • US equities back to record highs, but inflation concerns remain. FTSE eyeing EU-UK spat. Get your weekly equities outlook from @JMcQueenFX here: https://t.co/W5TUhVJ1YZ https://t.co/tQdkW5ysQD
Gold Prices Remain Bullish, Silver Prices May Begin to Outperform Gold

Gold Prices Remain Bullish, Silver Prices May Begin to Outperform Gold

Justin McQueen, Strategist

Gold & Silver Price Analysis and Talking Points:

  • Gold Prices Sees Modest Pullback from Overbought levels
  • Silver Price Outlook | Potential Outperformance on Gold/Silver Ratio Pullback

See our quarterly gold forecast to learn what will drive prices throughout Q3!

Gold Prices Sees Modest Pullback from Overbought levels

Last week, we had highlighted that there was a risk of a pullback before another leg higher in the precious metal given that the surge over the past 1-month saw gold prices at the most overbought levels in decades (full analysis). As such, with near-term resistance ($1433) holding firm a bout of profit taking had been observed following the outcome of the G20 summit, which unsurprisingly saw the US and China reach a ceasefire to restart trade talks. However, with the G20 summit now over, focus is back on economic data. So far, this week has seen soft data across the globe with the majority Asian and European PMIs in contraction territory, while there was also little to cheer about with regard to the US ISM Mfg. PMI, despite beating expectations. As such, with global growth showing evidence of moderation, the precious metal may well keep supported.

GOLD Technical Levels

Resistance 1: $1433 (August 2013 peak)

Resistance 2: $1480 (50% Fibonacci Retracement)

Resistance 3: $1500 (Psychological)

Support 1: $1377 (38.2% Fibonacci Retracement)

Support 2: $1355-60 (Trendline Support)

GOLD PRICE CHART: Daily Time-Frame (Jun 2018 -Jul 2019)

Gold Prices Remain Bullish, Silver Prices May Begin to Outperform Gold

What You Need to Know About the Gold Market

Silver Price Outlook | Potential Outperformance on Gold/Silver Ratio Pullback

Over the past month, the gains in silver have been relatively modest at best when comparing against the surge in gold prices. Consequently, this has the gold/silver jump to levels not seen since the early 1990s, thus silver could be somewhat more attractive gold, given how high the ratio is at 91.5. Of note, last week, saw the the gold/silver ratio at 92.5, as such, the marginal outperformance in silver looks to have possibly started. On the downside, for silvers eyes are on the $15-15.05 support zone, while topside resistance is situated at $15.50.

Please add a description for the image.

Source: Thomson Reuters Datastream, DailyFX

Silver Price Chart: Daily Timeframe (Nov 2018 – Jul 2019)

Gold Prices Remain Bullish, Silver Prices May Begin to Outperform Gold

GOLD TRADING RESOURCES:

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

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

DISCLOSURES