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
Subscribe
Please try again
EUR/USD
Mixed
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
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Mixed
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
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.17%, while traders in Germany 30 are at opposite extremes with 76.03%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/BRukjN8igq
  • LIVE NOW: Join Technical Strategist @MBForex for his Weekly Strategy Webinar to review the setups we're tracking into the weekly open! https://t.co/chKtG7ezG9
  • DailyFX is celebrating #IWD2021 by highlighting three leading women in finance who have dominated the headlines these past weeks. Who are these leaders and how are they trailblazing in their respective industries through challenges? Find out here: https://t.co/yLwZy53Mll https://t.co/kHl4m3BjaO
  • AUD/USD IG Client Sentiment: Our data shows traders are now net-short AUD/USD for the first time since Feb 26, 2021 when AUD/USD traded near 0.77. A contrarian view of crowd sentiment points to AUD/USD strength. https://www.dailyfx.com/sentiment https://t.co/x0f70yI74p
  • Nasdaq 100 support $Nas $qqq has been through quite a bit since I posted this last week, tested below support but jumped back above on Friday buyers trying to hold short term higher-low to kick off this week https://t.co/GzCYkmUDI4 https://t.co/PrqulnoVKD
  • Forex Update: As of 13:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.03% 🇨🇦CAD: -0.11% 🇯🇵JPY: -0.22% 🇨🇭CHF: -0.36% 🇪🇺EUR: -0.38% 🇳🇿NZD: -0.65% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/27xEWpGGeB
  • Weekly Strategy Webinar starting in 15mins on DailyFX! https://t.co/lxd5fZ5LG7
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here: https://t.co/QszmdZFxlk https://t.co/SRguP3Nnp0
  • Saudi Led Coalition spokesman says Iran supplied weapons used in attacks on Saudi Arabia #OOTT
  • The US Dollar is headed higher today, continuing the late February rebound from below 90.00. The $DXY has risen above the 92.00 level today to currently trade around 92.30, its highest level since late November. $USD https://t.co/v826FTB2NI
Gold Price, Silver Price Jump After Saudi Arabia Oil Field Attacks

Gold Price, Silver Price Jump After Saudi Arabia Oil Field Attacks

Nick Cawley, Strategist

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

  • Gold rallies back over $1,500/oz. on safe-haven buying.
  • Silver lags gold for now but eyes $18.00/oz. again.

Q3 2019 Gold Forecast and Top Trading Opportunities

Gold Boosted by Traditional Safe-Haven Bid

News that Saudi oil fields had been attacked by drones on Saturday - with Iran being heavily implicated – sent gold higher at the start of the week and back above $1,500/oz. Gold’s safe-haven appeal saw buyers return after President Trump warned Iran, who the US blame for the attack, that they were ‘locked and loaded’ while Iran warned the US that they were ‘ready for a fully-fledged war’. Tensions in the region were already high over the collapse of the Tehran nuclear deal, and this recent attack is likely to keep gold bid in the short- to medium-term.

Having traded around $1,512/oz., the precious metal has dipped back to $1,504/oz. and should remain bid around these levels going into this week’s main event, the FOMC meeting this Wednesday. The Fed is fully expected to cut interest rates again by 25 basis points and the post-FOMC press conference will see the central bank give further clues to the strength of the US economy.

Gold is likely to re-test recent highs between $1,515/oz. and $1,528/oz ahead of the Fed but is unlikely to break higher until Fed chair Powell has spoken. To the downside there is strong support around $1,484/oz. and this is unlikely to come under pressure if US-Iran tensions remain.

Gold Price Daily Chart (March – September 16, 2019)

Gold Price, Silver Price Jump After Saudi Arabia Oil Field Attacks

IG Client Sentiment data show that 71.7% of retail traders are net-long of gold, a bearish contrarian indicator. However, recent daily and weekly positional changes give us a stronger bearish contrarian trading bias.

How to Trade Gold: Top Gold Trading Strategies and Tips

Silver Turns Higher

Silver followed gold higher at the open and looks to re-claim $18.00/oz. in the short-term before the September 12 high at $18,47/oz. comes into view. To the downside, the $17.42 - $17.52/oz. area should provide a decent level of support. The gold/silver ratio is currently 84.00 after having tightened to around 82.00 last week.

Silver Daily Price Chart (January – September 16, 2019)

Gold Price, Silver Price Jump After Saudi Arabia Oil Field Attacks

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