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. See our updated Privacy Policy here.

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
Bearish
Wall Street
Mixed
Gold
Bearish
GBP/USD
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
USD/JPY
Bullish
More View more
Real Time News
  • It seems the markets are riding high, but risk is always lurking around the corner. Consider your escape plan before you find yourself in collapsing market. What are the top havens for different conditions in 2021? Find out from @JohnKicklighter here: https://t.co/1oeXWEsJkb https://t.co/sGNzXICiX4
  • $EURGBP post BoE: https://t.co/LvrBFqfqOm
  • $GBPUSD stabilising after dip on BoE: https://t.co/EwAxuqo8g8
  • So in summary BoE marginally more dovish than expected, and that key word "transitory" is still there. "The Committee’s expectation is that the direct impact of rises in commodity prices on CPI inflation will be transitory."
  • BoE says "CPI inflation is expected to pick up further above the target, owing primarily to developments in energy and other commodity prices, and is likely to exceed 3% for a temporary period."
  • BoE - Staff upwardly revised UK Q2 GDP by 1.5% from May Report BoE - Inflation likely to exceed 3% for a temporary period. GBP/USD falls to day's low of 1.3912 #boe #gbpusd @DailyFXTeam
  • BoE says - bank staff revise up their expectations for UK GDP in Q2 by 1.5% since May report - Inflation likely to exceed 3% for a temporary period
  • Initial reaction in $GBPUSD to Bank of England negative https://t.co/vnngWrp2fk
  • Vote on QE was 8-1, with Haldane dissenting - GBP sold given hawkish expectations heading into the meeting https://t.co/UgjDh0yPwv
  • 🇬🇧 BoE Quantitative Easing Actual: £875B Expected: £875B Previous: £875B https://www.dailyfx.com/economic-calendar#2021-06-24
Gold Price Outlook: Looking to Push Higher After Recent Consolidation

Gold Price Outlook: Looking to Push Higher After Recent Consolidation

Nick Cawley, Strategist

Gold Price Forecast, Technical Analysis and Charts:

  • Gold a confusing mixture of lower highs and higher lows.
  • Year-end risk-off moves could boost supportive sentiment.

Gold Price Analysis:

The daily gold chart shows a medium-term downtrend being counter-balanced by a short-term uptrend, with a series of lower highs from the September 4 peak being countered by a series of higher lows from November 12. This is contracting gold’s trading spread and making a pennat formation, a technical set-up that normally precedes a sharp breakout. Current trading conditions are quiet ahead of the year-end, adding to the possibility of a sharp move.

The daily chart shows gold trading above the 200- and 50-day moving averages and either of the short-term 2-dma. A break and close above the latter would add a positive boost, leaving the recent $1,487/oz. high and a cluster of highs and lows either side of $1,500/oz. as the next upside targets.

A break below the supportive trend-line would also see gold below the 20- and 50-dmas and the 23.6% Fibonacci retracement level, leaving $1,458/oz. as the next downside target. Below here, $1,450/oz. and $1,445/oz. come into view.

The US and China trade talks continue in a more positive fashion, dialing back risk, but the US is now likely to ramp up trade talks with the EU. US trade representative Robert Lighthizer said yesterday that the US may ramp up tariffs on the EU in 2020, blaming a ‘very unbalanced relationship’ between the two. Lighthizer added that the US trade deficit with the EU may hit $180 billion in 2019, a significant deficit according to Lighthizer.

DailyFX Economic Calendar

Gold Price Chart (March -December 18, 2019)

Gold price chart with technical indicators

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