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.

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
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
Mixed
Wall Street
Mixed
Gold
Bullish
GBP/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
USD/JPY
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
More View more
Real Time News
  • Dollar May Rise as Stimulus Boosts Yields, Pound Eyes Bailey Comments - https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/euro_open/2021/03/08/Dollar-May-Rise-as-Stimulus-Boosts-Yields-Pound-Eyes-Bailey-Comments.html
  • What are some monetary policies that could affect Gold this quarter? Get your Gold free forecast here: https://t.co/bTXkGN1CIM #DailyFXGuides https://t.co/E8nwHmBwE6
  • Missed the weekly outlook webinar today? See the recording here: https://t.co/7vz7cXUZfJ #Dollar #stimulus #stocks #gold
  • 🇨🇭 Unemployment Rate (FEB) Actual: 3.6% Previous: 3.7% https://www.dailyfx.com/economic-calendar#2021-03-08
  • USD/HKD edged higher as stock market melted down.. Capital outflow? https://t.co/isRXrgVIlv
  • Heads Up:🇨🇭 Unemployment Rate (FEB) due at 06:45 GMT (15min) Previous: 3.7% https://www.dailyfx.com/economic-calendar#2021-03-08
  • 🇯🇵 Eco Watchers Survey Outlook (FEB) Actual: 51.3 Previous: 39.9 https://www.dailyfx.com/economic-calendar#2021-03-08
  • Gold, Crude Oil Price Forecast: Edging Higher on the Back of Stimulus, Saudi Oil Facility Attack https://www.dailyfx.com/forex/market_alert/2021/03/08/Gold-Crude-Oil-Price-Forecast-Edging-Higher-on-the-Back-of-Stimulus-Saudi-Oil-Facility-Attack.html https://t.co/ZXrwjTaK3W
  • 🇯🇵 Eco Watchers Survey Current (FEB) Actual: 41.3 Previous: 31.2 https://www.dailyfx.com/economic-calendar#2021-03-08
  • Consolidation or bull flag? A bull flag is a continuation pattern that occurs as a brief pause in the trend following a strong price move higher. Learn how to better spot these formations here: https://t.co/yOEvLjKnct https://t.co/ZdQnb2WoEc
Silver and Platinum Price Action Not Supporting Gold Fervor

Silver and Platinum Price Action Not Supporting Gold Fervor

Kristian Kerr, Sr. Currency Strategist

Price & Time covers key technical themes daily and can be delivered to your inbox each morning by joining the distribution list: Price & Time

Talking Points

  • Gold testing 200-day moving average
  • Other metals remain stuck in bearish consolidation patterns

Silver and Platinum Price Action Not Supporting Gold Fervor

Silver and Platinum Price Action Not Supporting Gold Fervor

A lot has been made of the recent rally in Gold. I am still pretty skeptical. Now do not get me wrong I am pretty positive on the metal in a longer-term sense. In fact it is my trade of the year for 2016 (read HERE), but I have seen this movie so many times before over the past few years.

The rally that has unfolded from mid-December came from a very oversold condition. It has not tested anything meaningful on the upside in terms of resistance really until yesterday. The 200-day moving average and several key Fibonacci retracements all converge around 1130/35 and this should be the first real test for the metal. If it can get through there then we can start talking more seriously about a bona fide reversal, but even if that occurs I still think spot needs to overcome the October highs around 1190 to signal any real sort of true behavioral change. I say that because the bear market in Gold since 2011 has been littered with plenty of rally attempts that never seem to muster enough strength to overcome a prior important swing point high. If Gold can manage that then it will probably be enough evidence that the winds are truly beginning to shift in the metal.

Want to see how other traders in the market are positioned? Find out HERE

A big reason I have been skeptical of this rally in Gold outside of timing (several important timing relationships around the start of Q2 seem to favor another leg down), is the behavior in other precious metals. The rally in Silver has been less than impressive, as has the action in Platinum. Like Gold, both have been in strong bear markets since 2011. The action here in both looks more like a bearish consolidation than a base before turning sharply higher. Things can change obviously, but the burden of proof is still squarely on the bulls. In Silver over 14.60 opens the door to a more important upside correction, but only above 15.40 material changes the medium-term technical landscape. The same can be said for Platinum with traction above 896 needed to trigger a more important corrective process, but only a move over 926 would materially alter the negative technical picture.

What is the #1 mistake FX traders make? Find out HERE.

--- Written by Kristian Kerr, Senior Currency Strategist for DailyFX.com

To contact Kristian, e-mail instructor@dailyfx.com. Follow me on Twitter @KKerrFX

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

DISCLOSURES