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
Oil - US Crude
Mixed
Wall Street
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
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • EUR/USD rocketed higher during early trade, reclaiming the 1.20 handle $EURUSD https://t.co/G04a5892IB
  • @ddubrovskyFX 'The Four Candle Phenom'
  • AUD/USD appears to be on track to negate the head-and-shoulders formation from earlier this year as it clears the opening range for April. Get your $AUDUSD market update from @DavidJSong here:https://t.co/kG7JGNLyve https://t.co/XB5eu2zH53
  • @JohnKicklighter One Bear Pennant coming right up! https://t.co/RVTxa123bH
  • Anyone doing any good technical analysis on $COIN yet?
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 1.08% 🇯🇵JPY: 0.60% 🇨🇭CHF: 0.50% 🇪🇺EUR: 0.46% 🇦🇺AUD: 0.32% 🇨🇦CAD: -0.20% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/hSubj68ZHD
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.08% Gold: -0.32% Silver: -0.55% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/BJga7KvgMr
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.55%, while traders in Germany 30 are at opposite extremes with 80.61%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/uK7z1OwAvN
  • IBM Q1 2021 Earnings: - Revenue: $17.73B (est: $17.32B) - Operating EPS: $1.77 (est: $1.65) ***Reaffirms FY Outlook*** $IBM
  • Now in the second half of April, the economic calendar brings forth several data releases and events that historically invite more volatility to FX markets. Get your market update from @CVecchioFX here:https://t.co/xLBEt5Zc6R https://t.co/BCl4qNpFlm
Gold Price Outlook: Boosted by Risk Sentiment, Eyes US NFP Report

Gold Price Outlook: Boosted by Risk Sentiment, Eyes US NFP Report

Nick Cawley, Strategist

Gold (XAU) Price, Charts and Analysis

  • Gold bounces back as Equity markets crumble.
  • US Labor Report (NFP) the next market driver.

Q3 2019 Gold Forecast and Top Trading Opportunities

Gold (XAU) Bounces Back on Growing Recession Fears

The price of gold has moved back to the $1,500/oz. level after hitting a mid-week low of $1,460/oz. as global recession fears continue to spook the market. Equity took the brunt of the sentiment shift, while risk-on currencies – AUS, NZD and CAD - were also hammered lower. The recent US ISM manufacturing print hit a decade low, adding fuel to the recent risk-off move, while Wednesday’s WTO ruling that the US can impose tariffs on USD7.5 billion of EU goods has heightened fears of further trade war disruptions.

Gold is marking time either side of $1,500/oz. and the 20-day moving average, with a cluster of lows between $1,485/oz. and $1,495/oz. providing a zone of support. Below here there is support off the 23.6% Fibonacci retracement level at $1,463.5/oz. To the upside, $1,510 - $1,512/oz. is the first level of resistance gold needs to overcome before $1,536/oz. comes into play. Gold will need to close above this level to break the recent downtrend pattern and set itself up for a run at the recent six-and-a-half high at $1,557/oz.

Gold Price Daily Chart (March – October 3, 2019)

Gold Price Outlook: Boosted by Risk Sentiment, Eyes US NFP Report

IG Client Sentiment data show that 65.0% of retail traders are net-long of gold, a bearish contrarian indicator. See how daily and weekly shifts in positioning change trader sentiment.

Live Data Coverage: US Non-Farm Payrolls - Webinar – Friday 12.15 GMT

How to Trade Gold: Top Gold Trading Strategies and Tips

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 – 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