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  • ECB's Panetta: - Should not hesitate to increase purchases and to spend the entire PEPP envelope or more if needed - Eventually, commitment to steering the yield curve may allow us to slow purchases - Must establish that unwarranted tightening will not be tolerated #ECB $EUR
  • ECB's Panetta - The steepening in the nominal GDP-weighted yield curve we have been seeing "is unwelcome and must be resisted" #ECB $EUR
  • - The central bank should broadly identify what level of nominal yields it is aiming to achieve; tailor its purchases to achieve that level; and to be ready to intervene to the extent necessary #ECB $EUR
  • ECB's Panetta: - We need to anchor key financial variables like lending rates and the yield curve to support recovery and inflation #ECB $EUR
  • ECB's Panetta: - 2021 is still "a pandemic year" - Policy support will have to remain in place well beyond the end of the pandemic #ECB $EUR
  • 🇨🇦 GDP Growth Rate Annualized (Q4) Actual: 9.6% Expected: 7.5% Previous: 40.6%
  • 🇨🇦 GDP Growth Rate QoQ (Q4) Actual: 2.3% Previous: 8.9%
  • 🇨🇦 GDP MoM (DEC) Actual: 0.1% Expected: 0.3% Previous: 0.8%
  • MACD who? The Moving Average Convergence Divergence (MACD) is a technical indicator which simply measures the relationship of exponential moving averages (EMA). Find out how you can incorporate MACD into your trading strategy here:
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.16%, while traders in Germany 30 are at opposite extremes with 74.29%. See the summary chart below and full details and charts on DailyFX:
Gold Price Nudging Slowly Higher, Silver Outlook Supportive Ahead of Risk

Gold Price Nudging Slowly Higher, Silver Outlook Supportive Ahead of Risk

Nick Cawley, Strategist

Gold Price, Silver Price - Forecast, Technical Analysis and Charts:

  • Gold ticking higher as fundamental risk events near.
  • Silver respecting 200-dma support.

Brand New Q4 2019 Gold Forecast and Top Trading Opportunities

DailyFX Interactive Global Commodities Infographic

Gold Price Analysis:

There is a raft of high importance risk event scheduled this week, all capable of changing risk sentiment. Gold continues to push marginally higher but remains constrained. The spot price is currently trading either side of the 23.6% Fibonacci retracement level at $1,463.5/oz. with the 20-day moving average currently just $1 higher. The 20-dma was broken last week but the move has re-traced and above here the 50-dma continues to act as resistance. Gold will need to break above all three of these indicators to move higher with the December 4 high of $1,484.5/oz. the initial target, before $1,500/oz. and the cluster of recent highs around $1,515/oz. and $1,520/oz. Gold’s volatility – measured by ATR – is at multi-month lows.

DailyFX Economic Calendar

Gold Price Chart (April -December 10, 2019)

Price of gold chart with technical indicators

How to Trade Gold: Top Gold Trading Strategies and Tips

Silver Price Analysis:

Silver continues to respect support around the $16.50 level, a trading area last seen four-months ago. The technical set-up remains neutral but if silver respects the 200-dma , currently around $16.45, then it may look to push higher, especially as the CCI indicator shows that the market is currently oversold. If silver can hold these levels, then a break higher is looking likely, especially if it can break the recent sequence of lower highs by closing above $17.31. This would also see both the 20- and 50-day moving averages broken. As with gold, volaitility is at a multi-month low.

Silver Price Daily Chart (January – December 10, 2019)

silver price daily chart with technical indicators

IG Client Sentiment shows that how traders are positioned in a wide range of assets and markets. Retail customers are 79% net-long gold, but daily and weekly changes 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 or 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.