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.

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
EUR/USD
Bearish
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Bearish
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • #2020election polls continue to show Democratic nominee Joe Biden maintaining a strong lead #Trump Supreme Court nomination may throw a wrench into bipartisan stimulus talks #AUDUSD is trading at former resistance-turned-support. What happens if it breaks? https://www.dailyfx.com/forex/fundamental/article/special_report/2020/09/27/AUDUSD-Analysis-Ahead-of-Presidential-Debate-Supreme-Court-Nominee-Battle-.html
  • USD/MXN pushes higher as a long-awaited correction in the US Dollar gets underway. Get your #currencies update from @HathornSabin here: https://t.co/QMpun4KOgO https://t.co/KAYojshy0P
  • Emotions are often a key driving force behind #FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Read on and get your emotions in check here:https://t.co/eILWbFgHRE https://t.co/KXMefr6a3r
  • Join analyst @DavidJSong at 6:30 PM ET/10:30 PM GMT for your weekly update on key news trading events. Register here: https://t.co/gBlrRpCc55 https://t.co/5FwNLSVYje
  • *Reminder: Weekly Strategy Webinar tomorrow morning at 8:30am EDT on DailyFX! https://t.co/lxd5fZnn4H
  • EUR/USD fell sharply last week and there are few signs yet that the selling is over. However, a bounce is likely before the decline resumes. Get your #currencies update from @MartinSEssex here: https://t.co/BxglKuKVhj https://t.co/8nJQXhUTHI
  • The week ahead has many systemic issues that take control of the markets, but scheduled data is heavily skewed to the Dollar. Here is my video for the week ahead: https://www.dailyfx.com/forex/video/daily_news_report/2020/09/26/SP-500-Break-Risk-and-Dollar-Charge-Sees-Accelerants-Next-Week.html?ref-author=Kicklighter&QPID=917719&CHID=9?ref-author=Kicklighter&QPID=917719&CHID=9 https://t.co/PL3KZhn1HV
  • GBP turbulence persists as investors eye the next round of EU-UK Brexit negotiations. Cautious optimism signals a deal is near. Get your #currencies update from @PaulRobinsonFX here: https://t.co/WjU4oYpmf7 https://t.co/QJp3jpS3Ui
  • The AB=CD pattern is simple once you know how to spot it and draw the proper Fibonacci retracements. Make your trading strategy as simple as ABCD here: https://t.co/AKmlmaAZBS https://t.co/ukvZfr6BXf
  • BoE’s Tenreyro says evidence on negative rates are “encouraging” Meanwhile, STOXX Europe Banks Index resides at all time lows https://t.co/bBYcLrtXhj
Gold Prices Remain Bullish, Silver Prices Spikes Higher

Gold Prices Remain Bullish, Silver Prices Spikes Higher

2019-07-18 08:10:00
Justin McQueen, Analyst
Share:

Gold & Silver Price Analysis and Talking Points:

  • Gold Prices Bounce Off Resistance, Outlook Remains Bullish
  • Silver Price Outlook | ETF Buying Sparks Silver Outperformance

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

Gold Prices Bounce Off Resistance, Outlook Remains Bullish

Gold prices saw a firm bid from the $1400 level in yesterday’s session as risk appetite deteriorated, consequently boosting flight to quality flow into safe-haven assets. Although, on the technical front, the precious metal failed to break above its near-term trendline resistance, which in turn has seen gold prices pullback slightly. However, the global economic environment remains fragile and the earnings season is likely to confirm as much with companies downgrading their outlook amid the ongoing trade war between the US and China, which is showing little signs of being resolved anytime soon, thus the impact of the current tariffs will have to be factored in. As such, the outlook remains supportive for precious metals. Going forward, eyes will be on potential comments from Fed’s Williams and Bostic.

GOLD Technical Levels

Resistance 1: $1430 (Trendline)

Resistance 2: $1435-40 (Double-Top)

Support 1: $1380 (July low)

Support 2: $1373 (23.6% Fib)

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

Gold Prices Remain Bullish, Silver Prices Spikes Higher

What You Need to Know About the Gold Market

Silver Price Outlook | ETF Buying Sparks Silver Outperformance

Silver prices have risen 5.3% throughout the week, which so far is its best weekly performance in 3yrs. This in turn, has seen silver break above $16, hitting highs of $16.11 and therefore has continued to outperform gold with the gold/silver ratio dropping to 88.75 from its 26yr peak. This appears to be largely based on the recent surge we had highlighted in ETF buying of silver, in which total holdings are the highest since August 2017, when silver prices were at $16.90. That said, we continue to see room for further outperformance in silver over gold.

Gold Prices Remain Bullish, Silver Prices Spikes Higher

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

Gold Prices Remain Bullish, Silver Prices Spikes Higher

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