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
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
GBP/USD
Mixed
USD/JPY
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
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
Oil - US Crude
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
Bitcoin
Mixed
More View more
Real Time News
  • Commodities Update: As of 08:00, these are your best and worst performers based on the London trading schedule: Gold: 2.37% Silver: 1.79% Oil - US Crude: -3.04% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/qGErDKxU6q
  • Forex Update: As of 08:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.08% 🇨🇭CHF: -0.19% 🇬🇧GBP: -0.23% 🇨🇦CAD: -0.44% 🇦🇺AUD: -0.52% 🇳🇿NZD: -0.66% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/UZkhKdEaS4
  • RT @TimBukOne: @ShaunMurison_IG Update: Now with latest real-time price added - lowest levels since 2003 using inflation adjusted, constant…
  • LIVE NOW: Join DailyFX Market Analyst @DavidCottleFX for a look ahead at the major economic data which will drive Asia Pacific markets in the coming seven days. https://www.dailyfx.com/webinars/985612483
  • Have you joined @DailyFX @facebook group yet? Discuss your #forex strategies and brush up on your skills with us here: https://t.co/jtY1G7g8yx https://t.co/h72ZbD8gUS
  • Indices Update: As of 08:00, these are your best and worst performers based on the London trading schedule: US 500: -1.63% Wall Street: -1.63% Germany 30: -2.26% France 40: -2.36% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/APzhDnjKfP
  • European Opening Calls From IG: #FTSE 7304 -1.35% #DAX 13316 -1.94% #CAC 5918 -1.85% #AEX 604 -2.09% #MIB 23913 -3.47% #IBEX 9711 -1.77% #STOXX 3722 -2.06%
  • LIVE IN 30 MIN: Join DailyFX Market Analyst @DavidCottleFX for a look ahead at the major economic data which will drive Asia Pacific markets in the coming seven days. https://www.dailyfx.com/webinars/985612483
  • #Sasol now trading at its worst levels since March 2006, currently sub R200, sinking sub now, remember #Amagluglug $JSESOL #JSE https://t.co/MxWzMTouDa
  • Join @DavidCottleFX 's #webinar at 3:00 AM ET/8:00 AM GMT for your weekly update on the top Asia Pacific market drivers that traders should watch this week. Register here: https://t.co/HNf3Axw8s5 https://t.co/Jo2jnRw0BB
Gold Price Outlook: XAU/USD Continues to Struggle with Conflicting Forces

Gold Price Outlook: XAU/USD Continues to Struggle with Conflicting Forces

2020-02-11 11:30:00
Nick Cawley, Analyst
Share:

Gold (XAU/USD) Price, News, Analysis and Chart:

  • Gold upside crimped by ongoing US dollar strength.
  • Coronavirus death toll now exceeds 1,000.

Gold (XAU/USD) Price Sentiment Held in Check for Now

An important week for gold traders with a raft of US Federal Reserve on deck, including Fed Chair Jerome Powell’s appearance before the House Financial Services Panel later today. Powell is expected to give an update on the current health of the US economy but is unlikely to deviate from his current monetary policy course, despite fears that growth in the US economy is slowing down. Last week’s robust jobs data – NFP and ADP – will give Powell some ammunition against those Fed members who would like to interest rates cut further. While the US dollar remains strong, gold will struggle to push appreciably higher.

For all market moving data and events, see the DailyFX Calendar

The latest official figures from China show that over 1,000 people have now died from the coronavirus with in excess of 42,500 confirmed cases on the mainland. The flu-like virus has spread to over 20 countries.

Map of the spread of coronavirus

While the coronavirus remains a major threat to life, gold will stay bid as investors pare back on risk. The flu-like virus is expected to impact global supply chains, knocking growth outlooks across the globe lower. If the spread of the virus continues, central banks around the world will have to look at loosening monetary policy, or boosting fiscal stimulus, to keep their economies growing. This, and the fact that gold is a traditional risk-off asset will continue to underpin gold in the weeks ahead.

Gold will continue to find short-term resistance just below $1,590/0z. and remains underpinned by a cluster of old highs and lows around $1,557/oz. Gold currently trades either side of the 20-day moving average and this will likely guide short-term price action.

Traits of Successful Traders
Traits of Successful Traders
Recommended by Nick Cawley
Traits of Successful Traders
Get My Guide

Gold Daily Price Chart (February 2019 – February 11, 2020)

price of gold
How to Use IG Client Sentiment in Your Trading
How to Use IG Client Sentiment in Your Trading
Recommended by Nick Cawley
Improve your trading with IG Client Sentiment Data
Get My Guide

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 (XAU/USD) – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author 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.