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
Bullish
GBP/USD
Bearish
USD/JPY
Bearish
More View more
Real Time News
  • Apple earnings: EPS $0.73 vs $0.71 est Revenue $64.70B vs est $63.47B $AAPL
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.31%, while traders in NZD/USD are at opposite extremes with 66.78%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/k2e06fEjoh
  • ECB Pre-Commits to More Stimulus: ECB’s Lagarde had stated that the GC were in agreement that given the current backdrop, risks were clearly tilted to the downside. Get your market update from @JMcQueenFX here:https://t.co/KPjoDcQ0D0 https://t.co/vV1nprDCKL
  • Watch @PeterHanksFX, @DailyFX Equity Analyst covering the Earnings live - https://t.co/cpf5s3UvUn
  • Wow. Amazon blows out its EPS $12.37 vs $7.37. Google did $16.40 against $11.42. Even Facebook $2.71 versus $1.91. @PeterHanksFX talking about it now: https://t.co/37dmgWZQhn
  • Facebook Earnings: EPS $2.71 vs est $1.91 Revenue $$21.47B vs est $19.84B $FB
  • Alphabet Earnings: EPS $16.40 vs est $11.42 Revenue Ex-tac $38.01B vs est $35.35B $GOOG
  • Amazon Earnings Q3 EPS $12.37 vs est $7.37 Revenue $96.1B vs est $92.71B $AMZN
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.71% France 40: 0.45% Germany 30: 0.41% US 500: 0.05% Wall Street: 0.05% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/9I7hxzLRLd
  • Bruno Le Maire, France's Finance Minister, sees economic growth -15% during second coronavirus lockdown -BBG
Gold Price Eyes Fresh Higher High, Silver Price Retains Latest Rally

Gold Price Eyes Fresh Higher High, Silver Price Retains Latest Rally

2019-09-24 08:00:00
Nick Cawley, Strategist
Share:

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

  • Gold needs a final push to make a fresh six-and-a-half year high.
  • Silver likely to re-test $19.00/oz.

Q3 2019 Gold Forecast and Top Trading Opportunities

Gold’s Rebound Fuels Positive Momentum

After touching a one-month low of $1,483/oz. last week, gold has turned sharply and is now setting itself up for a run at its recent multi-year high at $1,557.2/oz. The fundamental backdrop for gold looks positive with Euro-zone growth seemingly stagnating after weaker-than-expected Markit PMI readings yesterday pointed to a recession in Germany. US growth concerns are also beginning to grow, while the trade war between the US and China continues with no deal in sight.

Gold currently trades around $1,521.5/oz. and needs to close above $1,528/oz. to set itself up for a run at the recent high. The precious metal closed above its 20- and 50-day moving averages on Monday for the first time in nearly three weeks, while the CCI indicator remains pointed higher but is yet to enter overbought territory. To the downside the $1,480/oz. - $1,484/oz. area remains supportive.

Gold Price Slowly Building Bullish Momentum, Silver Price Consolidates

Gold Price Daily Chart (March – September 24, 2019)

Gold Price Eyes Fresh Higher High, Silver Price Retains Latest Rally

IG Client Sentiment data show that 63.0% of retail traders are net-long of gold, a bearish contrarian indicator. See how daily and weekly shifts in positioning change trader sentiment.

How to Trade Gold: Top Gold Trading Strategies and Tips

Silver Consolidates Monday’s Sharp Rally

Silver rallied in excess of 3% Monday, out-performing gold, as buyers dominated the market. As with gold, a break above the 20-day moving average added impetus to the move, which now looks set to re-test the recent $19.65/oz. high ahead of the July 2016 high at $21.14/oz. To the downside, support remains around $17.50/oz.

The gold/silver ratio trades at 82, down from 85 two weeks ago.

Silver Daily Price Chart (January – September 24, 2019)

Gold Price Eyes Fresh Higher High, Silver Price Retains Latest Rally

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