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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
Real Time News
  • Further your stock trading knowledge and gain informed market analyses from our expert analysts @HathornSabin and @JMcQueenFX on Indexes with our free Q4 guide, available today. #Dailyfxguides
  • Get your basics right. Find out what is stock market volatility and how you can trade It here:
  • The Japanese Yen continues to be pummeled against most major currencies. Get your weekly Japanese Yen forecast from @HathornSabin here:
  • The US Dollar paused its advance against ASEAN currencies. USD/SGD eyes a key trendline, USD/THB risks stalling, USD/PHP enters consolidation as USD/IDR continues ranging. Get your market update from @ddubrovskyFX here:
  • The economic calendar has its top listings (China GDP among them), but traders would do well to keep tabs on themes like the Fed outlook, an imminent Bitcoin record and lurking China contagion. What I'm watching for next week:
  • Crude oil and coal prices hit fresh levels overnight as supply issues threaten to worsen an already fragile energy situation. Asia is particularly susceptible after regional flooding shuttered coal mine operations. Get your market update here:
  • The Japanese Yen has moved lower across the board and is making multi-year lows against the USD. Will it snap the range, and do the same against EUR? Get your market here:
  • The British Pound has bounced off its low against USD while it’s trapped in wide ranges against the EUR and CHF. How long will GBP be tied to its Continental Europe constituents? Find out here:
  • (Weekly Fundy) Australian Dollar Outlook: AUD/USD Back on the Offensive as Covid Restrictions Ease #AUD $AUDUSD #Covid
  • The Australian Dollar is seemingly back on the offensive as lockdowns ease in Sydney and Melbourne. Improving sentiment may allow AUD/USD to capitalize on rising equities and commodity prices. Get your weekly $AUD forecast from @ddubrovskyFX here:
Gold Upbeat as The US Dollar Continues to Crumble, Silver Nears a Full Retracement

Gold Upbeat as The US Dollar Continues to Crumble, Silver Nears a Full Retracement

Nick Cawley, Strategist

Gold Price (XAU/USD) and Silver Price (XAG/USD) Analysis, Prices and Charts

  • Gold consolidating below multi-year high.
  • Silver’s blowout rally facing resistance.

Gold On The Rise as the US Dollar Sell-Off Continues.

Gold currently trades around $1,740/oz. and looks set to push higher if the sell-off in the US dollar continues. After breaking out of a pennant formation on May 13 around $1,703/oz. the precious metal made a fresh multi-year high at $1,765.5/oz. and this level may be challenged in the short-term as goldcontinues to respect support off the early-April low. A series of lower highs highlight the positive sentiment in the precious metal, and while the US dollar sell-off persists the chances of a fresh high remain in place. The current risk-on sentiment seen across the market is weighing on this move higher and may stiffle further upside, so political risks should be closely followed. A break and close above $1,765.5/oz. leaves the October 2012 high at $1,795/oz. as the next target. Support from the 20-dma at $1,729/oz. and trend around $1,719/oz.

Gold Daily Price Chart (November 2019 – June 2, 2020)

Gold Upbeat as The US Dollar Continues to Crumble, Silver Nears a Full Retracement

Silver Pauses as Rebound Nears Completion

Silver is seemingly on-track to re-coup all of its Febraury 24/March 16 losses as the semi-precious metal prints a series of higher lows and higher highs. The break back above the 200-dma on May 18 confirmed silver’s positive longer-term outlook while the 20-dma broke above the 200-dma at the start of the week, adding another positive impulse. Silver needs to trade above yesterday’s high at $18.38 to keep the recent series of higher highs and allow an eventual re-test of $18.95. Initial support from this week’s low just under $18.00 ahead of a series of recent old highs either side of $17.50.

Silver Daily Price Chart (October 2019 – June 2, 2020)

Gold Upbeat as The US Dollar Continues to Crumble, Silver Nears a Full Retracement

What is your view on Gold and Silver – are you 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.