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
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
Wall Street
Bearish
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 88.45%, while traders in France 40 are at opposite extremes with 73.09%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/fhwDyn1zdX
  • Heads Up:🇮🇹 Balance of Trade (MAR) due at 08:00 GMT (15min) Previous: €4.754B https://www.dailyfx.com/economic-calendar#2021-05-18
  • 🇳🇱 GDP Growth Rate YoY Flash (Q1) Actual: -2.8% Expected: -2.1% Previous: -2.8% https://www.dailyfx.com/economic-calendar#2021-05-18
  • 🇳🇱 GDP Growth Rate QoQ Flash (Q1) Actual: -0.5% Expected: -0.6% Previous: -0.1% https://www.dailyfx.com/economic-calendar#2021-05-18
  • Commodities Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Silver: 1.31% Oil - US Crude: 1.10% Gold: 0.14% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/QnlMPh7fum
  • It’s not a seasonally friendly time of the year for the British Pound, a potential headwind among otherwise bullish technical considerations. Get your $GBP market update from @CVecchioFX here:https://t.co/RRVpaXPGaU https://t.co/OTZygUiFzD
  • Forex Update: As of 07:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.63% 🇦🇺AUD: 0.54% 🇨🇭CHF: 0.52% 🇬🇧GBP: 0.40% 🇪🇺EUR: 0.36% 🇯🇵JPY: 0.18% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/dwd1ApUwD8
  • Heads Up:🇳🇱 GDP Growth Rate YoY Flash (Q1) due at 07:30 GMT (15min) Previous: -2.8% https://www.dailyfx.com/economic-calendar#2021-05-18
  • Heads Up:🇳🇱 GDP Growth Rate QoQ Flash (Q1) due at 07:30 GMT (15min) Previous: -0.1% https://www.dailyfx.com/economic-calendar#2021-05-18
  • Indices Update: As of 07:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.85% Germany 30: 0.68% France 40: 0.62% US 500: 0.43% Wall Street: 0.38% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/fCesZ6q8iR
Gold Prices Stall as US Dollar Firms

Gold Prices Stall as US Dollar Firms

Walker England, Forex Trading Instructor

Talking Points:

Gold prices are back trading under weekly highs, as the US Dollar gains strength in the short term. Technically gold prices remain bullish however, trading above both its 10 day EMA (exponential moving average) at $1,245.10 and 200 day MVA (simple moving average) at $1,245.35. Both of these averages are now acting as points of support for the commodity, and as long as gold holds above $1,245.35 traders may wish to continue targeting higher highs. If the US Dollar continues to rally however, traders may look for gold to drop below both averages signaling a chance in the markets current trend.

Gold Price, Daily Trend with Averages

Gold Prices Stall as US Dollar Firms

(Created Using IG Charts)

The US Dollar Basket as depicted below is rallying in the short term, after trading to new 2017 lows at 98.64. This bounce has largely come on the Index finding support at the 200 day MVA, which is now found at 99.07. While this move should be seen as significant, traders should continue to monitor the 10 day EMA at 99.70. If the US Dollar remains above this point, it may suggest further weakening of US Dollar priced assets such as gold.

Alternatively, in the event that the US Dollar begins to weaken, traders should look for the Index to shift back below today’s 10 day EMA.A move below this value would place the US Dollar back on track in the direction of its 2017 trend. In this bearish US Dollar scenario, traders should ultimately look for the Index to not only challenge but close below it s200 day MVA.

US Dollar Basket, with Averages

Gold Prices Stall as US Dollar Firms

(Created Using IG Charts)

--- Written by Walker, Analyst for DailyFX.com

To Receive Walkers’ analysis directly via email, please SIGN UP HERE

See Walker’s most recent articles at his Bio Page.

Contact and Follow Walker on Twitter @WEnglandFX.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES