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.



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
Oil - US Crude
Wall Street
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
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in AUD/JPY are at opposite extremes with 64.12%. See the summary chart below and full details and charts on DailyFX:
  • #oott
  • The US have switched off telephone lines to Russia's NY consulate - RIA $RUB
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.90% Silver: 0.75% Gold: 0.07% View the performance of all markets via
  • Heads Up:🇺🇸 Treasury Secretary Yellen Senate Confirmation Hearing due at 15:00 GMT (15min)
  • $EURCAD is trading above 1.5450 for the first time since last Wednesday as the pair attempts to recover from last week's two-month lows. $EUR $CAD
  • $EURUSD is currently hitting fresh intraday highs as the pair recovers from the monthly lows set yesterday near 1.2050. $EUR $USD
  • Germany agrees on extension of lockdown until Feb. 14th - Spiegel. $EUR
  • The International Energy Agency has cut its forecasts of oil demand by 600,000 barrels per day for the first quarter of 2021 and by 300,000 for this year as a whole. Get your #crdueoil market update from @MartinSEssex here:
  • $NZDUSD fell to its lowest level of the new year yesterday, trading right around 0.7100. The pair has rebounded slightly from this low today and is currently trading near 0.7130. $NZD $USD
Gold Price Forecast - A Breakout Pattern Continues to Build

Gold Price Forecast - A Breakout Pattern Continues to Build

Nick Cawley, Strategist

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

  • The technical set-up for gold looks supportive.
  • The US dollar is nudging higher but price action may be losing impetus.
Top Trading Lessons
Top Trading Lessons
Recommended by Nick Cawley
Learn From Other Trader’s Mistakes
Get My Guide

Gold Ready For The Next Move

The chances of gold breaking its restrictive trading range are growing with a break higher suggested by the daily chart. Support however remains fragile and needs to be respected if the precious metal is to make another attempt at a multi-week high.

The recent risk-on market theme has kept gold in check, aided in part by a small uptick in the US dollar and US Treasury yields. The dollar’s move back off a multi-week low remains in place and may continue but today’s pause and narrow price range suggests that the greenback needs another driver if it is to move higher. The US dollar index is showing a bullish pattern of higher lows with a mixed pattern of higher highs and any further move higher will soon meet resistance off the 200-dma.

US Dollar Basket (DXY) Daily Price Chart (December 2019 – June 19, 2020)

Gold Price Forecast - A Breakout Pattern Continues to Build

This pattern of higher lows and mixed higher highs is also seen on the daily gold chart but the precious metal is also now gaining support from all three moving averages with gold opening above the 20- and 50-dma today. The two moving averages and the uptrend off the June 5 low all meet around the $1,720/oz. level and should provide short-term support, although with the spot price just $8 higher and the ATR at $21, this support may prove to be fragile. If gold breaks lower, Monday’s low at $1,704/oz. will come into play. If the uptrend remains dominant, gold will soon test multi-week highs around $1,746/oz. leaving the May 18 multi-year high at $1,765/oz. the next target. Either way, a break looks likely in the coming days.

Gold Daily Price Chart (December 2019 – June 19, 2020)

Gold Price Forecast - A Breakout Pattern Continues to Build
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

What is your view on Gold – 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.