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
Bullish
USD/JPY
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
Gold
Bullish
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
Bearish
Bitcoin
Mixed
More View more
Real Time News
  • Forex Update: As of 08:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.15% 🇦🇺AUD: 0.11% 🇨🇦CAD: 0.09% 🇬🇧GBP: -0.04% 🇨🇭CHF: -0.07% 🇯🇵JPY: -0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/8eae0Wfez6
  • UK Election Marginal Seats in 2017 (less than 5% majority) $GBP https://t.co/1LstJAFSGz
  • #Palladium prices may keep falling after the largest two-day drop in three months pierced chart support. Soft autos turnover in China and rising US rates may be to blame. Get your market update from @IlyaSpivak here:https://t.co/ieiENjbGRo https://t.co/hrOmLWuHx5
  • Indices Update: As of 08:00, these are your best and worst performers based on the London trading schedule: France 40: 0.50% Germany 30: 0.48% US 500: 0.33% Wall Street: 0.30% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/HqtZEYKrk8
  • Get trading education and join our analysts for live coverage of market-moving economic data at the DailyFX Webinars. https://www.dailyfx.com/webinars?re-author=Cottle?utm_source=Twitter&utm_medium=Cottle&utm_campaign=twr
  • Trade deal bets kept the Singapore Dollar, Philippine Peso, Indonesian Rupiah and Malaysian Ringgit afloat despite $USD strength. This is the key fundamental driver for #ASEAN FX.Get your market update from @ddubrovskyFX here: https://t.co/aB8qP3JsB4 https://t.co/oAF2XxyNak
  • European Opening Calls from IG: #FTSE 7330 +0.51% #DAX 13262 +0.62% #CAC 5932 +0.52% #AEX 599 +0.61% #MIB 23636 +0.66% #IBEX 9217 +0.47% #STOXX 3712 +0.63%
  • The $USDINR rate could rise as the Nifty 50 sinks after Indian Industrial Production shrank by the most since 2011, fueling RBI rate cut bets amid the ongoing US-China trade war. Get your market update from @ddubrovskyFX here:https://t.co/1PzYH3xCdV https://t.co/AqdtzJN0w1
  • (Analyst Pick) USD/JPY Outlook Bearish on Yen Chart Breakout, Trade Wars $USDJPY #Yen #TradeWars - https://www.dailyfx.com/forex/analyst_picks/todays_picks/daniel_dubrovsky/2019/11/15/USDJPY-Outlook-Bearish-on-Yen-Chart-Breakout-Trade-Wars.html?CHID=9&QPID=917702 https://t.co/5CKAA0e7Pc
  • #GBP, #NOK and #SEK are expected to be the most-active #G10 currencies against the #USD with one-week implied volatility at 7.85, 7.82 and 7.15 respectively [delayed]
Gold Price Outlook Breaking Down - Is Bullish Momentum About to Crack?

Gold Price Outlook Breaking Down - Is Bullish Momentum About to Crack?

2019-11-05 10:30:00
Nick Cawley, Analyst
Share:

Gold Price Forecast, Technical Analysis and Charts:

  • Gold remains above the recent uptrend line for now.
  • Financial markets remain risk-on and that’s weighing on gold.

Brand New Q4 2019 Gold Forecast and Top Trading Opportunities

DailyFX Interactive Global Commodities Infographic

Gold Price Fundamental Outlook

Gold’s recent push higher is fading as markets put their faith in the latest round of optimistic US-China trade deal reports. News outlets are saying that the US may dial back on some of the tariffs imposed on Chinese goods on September 1 to help push through phase one of a deal with China, and markets are taking a positive slant. The Chinese Yuan is trading back below 7.00 against the US dollar for the first time in three months, after having hit a peak of USD/CNH 7.196 in early September.

USD/CNH Daily Price Chart (March – November 5, 2019)

Gold Price Outlook Breaking Down - Is Bullish Momentum About to Crack?

Gold Price Technical Analysis

While risk-on asset markets are booming – S&P 500, Nasdaq and the Dow Jones all hit record highs Monday traditional risk-off markets – Japanese Yen, Swiss France and gold – are all fading lower. Gold’s recent move higher helped set-up a bullish pennant pattern, but this is now starting to break down. The extended uptrend line from the October 1 low remains in place and continues to provide support for a further move higher although his move is weakening. The trend line is around $1,500/oz. and is just above both the 20- and 50-day moving averages and a break and close below all three would call the recent bull move further into doubt. Initial support from the downtrend line around $1,488/oz. before the recent double lows at $1,482/oz. before $1,474/oz.

Gold Price Daily Chart (March – November 5, 2019)

Gold Price Outlook Breaking Down - Is Bullish Momentum About to Crack?

How to Trade Gold: Top Gold Trading Strategies and Tips

IG Client Sentiment shows how traders are positioned in a wide range of assets and markets. Retail customers are 64% net-long gold, a bearish contrarian bias. However, recent daily and weekly positional shifts give us a mixed outlook.

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

News & Analysis at your fingertips.