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
Bearish
GBP/USD
Bearish
USD/JPY
Mixed
Gold
Bearish
Oil - US Crude
Bearish
Bitcoin
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
More View more
Real Time News
  • LIVE NOW! Currency Strategist @PaulRobinsonFX discusses important technical developments relevant to short to intermediate-term commodity and equity index traders here - https://www.dailyfx.com/webinars/816147795?CHID=9&QPID=917720
  • 🇪🇺 EUR Euro-Zone Industrial Production w.d.a. (YoY) (SEP), Actual: -1.7% Expected: -2.3% Previous: -2.8% https://www.dailyfx.com/economic-calendar#2019-11-13
  • LIVE IN 30 MIN: Currency Strategist @PaulRobinsonFX discusses important technical developments relevant to short to intermediate-term commodity and equity index traders here - https://www.dailyfx.com/webinars/816147795?CHID=9&QPID=917720
  • Contender for headline of the year....very well played...😂😂👏🏻👏🏻👏🏻 https://t.co/Ckf9pPcutp
  • Heads Up:🇪🇺 EUR Euro-Zone Industrial Production w.d.a. (YoY) (SEP) due at 10:00 GMT (15min), Actual: N/A Expected: -2.3% Previous: -2.8% https://www.dailyfx.com/economic-calendar#2019-11-13
  • ONS statement: The largest downward contribution to change in the CPIH 12-month inflation rate, between September and October 2019, came from electricity, gas and other fuels as a result of changes to the energy price cap.
  • BoE statement: In October Ofgem reduced the energy price caps, as such, electricity prices were cut by 3% and gas prices by 9% As a result, household energy bills are expected to drag on inflation in Q4 $GBP
  • 🇬🇧 GBP Consumer Price Index (MoM) (OCT), Actual: -0.2% Expected: -0.1% Previous: 0.1% https://www.dailyfx.com/economic-calendar#2019-11-13
  • 🇬🇧 GBP Consumer Price Index (YoY) (OCT), Actual: 1.5% Expected: 1.6% Previous: 1.7% https://www.dailyfx.com/economic-calendar#2019-11-13
  • 🇬🇧 GBP Core Consumer Price Index (YoY) (OCT), Actual: 1.7% Expected: 1.7% Previous: 1.7% https://www.dailyfx.com/economic-calendar#2019-11-13
Gold Price Surveys Multi-Year High, Silver Price Bullish Consolidation

Gold Price Surveys Multi-Year High, Silver Price Bullish Consolidation

2019-08-15 08:00:00
Nick Cawley, Analyst
Share:

Gold (XAU) Price, Silver (XAG) Price Analysis and Charts

  • Gold looking at April 2013 high.
  • Silver consolidating recent sharp gains.

Q3 2019 Gold Forecast and Top Trading Opportunities

Gold Momentum Remains In-Play

Gold is likely to make a fresh attempt at Tuesday’s $1,535/oz. high in the near-term and may press even further ahead as fundamental positives line-up. Wednesday’s bond market moves re-affirmed market fears of a recession on the horizon, and not just in the US, driving investors back into safe-haven assets including JPY, CHF and gold. While the precious metal sold-off on Tuesday, after US President Trump announced he was delaying some Chinese tariffs, it has pulled back higher and a break above $1.524/oz. opens the way back to $1,535/oz. followed by $1,540/oz. The latter target is a re-fill of a gap on the April 8, 2013 weekly candle. Beyond here the charts point to the $1,617/oz. - $1,622/oz. zone. Support between $1,494/oz. and $1,500/oz. Buying any asset is psychologically difficult when they approach a multi-year high, but it remains the case that bulls continue to control gold.

Gold Price Weekly Forecast: Bullish Breakout Remains In-Play

Gold Price Daily Chart (January - August 15, 2019)

Gold Price Surveys Multi-Year High, Silver Price Bullish Consolidation

IG Client Sentiment data show that 63.3% of retail traders are net-long of gold, a bearish contrarian indicator. However, recent daily and weekly positional changes give us a mixed trading bias.

How to Trade Gold: Top Gold Trading Strategies and Tips

Silver – Short-Term Volatility

After touching a new 19-month high of $17.50/oz. on Tuesday, silver has sold off, but like gold remains positive. A break of the Tuesday peak brings the January 25, 2018 horizontal high around $17.70/oz. into play before the September 8, 2017 high at $18.21/oz. appears. Support between $16.65/oz. and $16.80/oz. Market volatility has picked up and needs to be monitored.

The gold/silver ratio remains steady around 88.10.

Silver Daily Price Chart (July 2018 – August 15, 2019)

Gold Price Surveys Multi-Year High, Silver Price Bullish Consolidation

How to Trade Silver: Top Trading Strategies

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on Gold and Silver – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author at nicholas.cawley@ig.comor via Twitter @nickcawley1.

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

DISCLOSURES

News & Analysis at your fingertips.