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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

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.