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
  • Wuhan to conduct citywide Covid tests after infections found -BBG
  • (Equities Special) Nasdaq 100 Forecast for the Week Ahead: Tech May Outperform the Dow Jones #NASDAQ #NASDAQ100 #DowJones #NFPs
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here:
  • Emotions are often a key driving force behind FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Read on and get your emotions in check here:
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.17% Gold: -0.11% Silver: -0.24% View the performance of all markets via
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.31% 🇯🇵JPY: 0.09% 🇬🇧GBP: 0.06% 🇪🇺EUR: 0.03% 🇨🇭CHF: 0.03% 🇨🇦CAD: -0.03% View the performance of all markets via
  • Tencent Holdings (700 HK) slumped over 9% amid fears about regulatory risks over the gaming sector. Chinese state media published an article on Tuesday citing online games as "opium" to teenagers, spurring concerns about Tencent's future.
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.81%, while traders in France 40 are at opposite extremes with 79.46%. See the summary chart below and full details and charts on DailyFX:
  • 🇦🇺 Investment Lending for Homes (JUN) Actual: 0.7% Previous: 13.3%
  • 🇦🇺 Home Loans MoM (JUN) Actual: -2.5% Previous: 1.9%
Gold Price Trend May Reverse as the Rally Loses Steam Near $1800

Gold Price Trend May Reverse as the Rally Loses Steam Near $1800

Ilya Spivak, Head Strategist, APAC


  • Gold price rally may be losing steam on approach to $1800/oz
  • Near-term positioning bolstering the case for a downturn ahead
  • Any pullback seen as corrective while above the $1600/oz mark

A spirited gold rally may be running out of steam as prices approach long-standing resistance near the $1800/oz figure. Steepening negative RSI divergence suggests upside momentum is fading, which may open the door for capitulation and a reversal downward.

Broadly speaking, any reversal lower has a long way to travel before the long-term rising trend is challenged. To do that, sellers would need to force a return back below the $1600/oz figure. Looking past the inflection level at 1563.00, trend line support guiding the rise from August 2018 comes into view.

Gold price chart

Gold price weekly chart created with TradingView

Zooming in to the daily chart, the metal is struggling to find follow-through after breaking higher out of a bullish Symmetrical Triangle chart pattern. Tellingly, negative RSI divergence speaks to ebbing buying pressure here as well.

Pushing past an initial layer of minor support at 1715.15 aims for a sturdier inflection point at 1679.81. A daily close below that may set the stage for a challenge of the 38.2% Fibonacci retracement at 1645.40. Neutralizing topping cues probably requires a close above the May swing high at 1765.30.


Gold price daily chart created with TradingView


Retail positioning data adds to the case for on-coming weakness. IG Client Sentiment (IGCS) statistics reveal that 73.72 percent of traders are net-long gold, with the long-to-short ratio at 2.80 to 1. This is typically used as a contrarian indicator, so the skew in traders’ exposure suggests a bearish bias.

In fact, the net-long tilt has widened recently, up 1.22 percent compared with a week before. This seems to imply an increasing probability of on-coming reversal downward as the disparity in positioning swells to levels where sentiment extremes have often occurred previously.

Gold Price Trend May Reverse as the Rally Loses Steam Near $1800

See the full IGCS sentiment report here.


--- Written by Ilya Spivak, Head APAC Strategist, DailyFX

To contact Ilya, use the Comments section below or @IlyaSpivakon Twitter

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