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
More View more
Real Time News
  • 🇨🇭 Balance of Trade (SEP) Actual: CHF4.4B Previous: CHF4.5B https://www.dailyfx.com/economic-calendar#2021-10-19
  • Heads Up:🇨🇭 Balance of Trade (SEP) due at 06:00 GMT (15min) Previous: CHF4.5B https://www.dailyfx.com/economic-calendar#2021-10-19
  • Heads Up:🇨🇳 FDI (YTD) YoY (SEP) due at 06:00 GMT (15min) Previous: 22.3% https://www.dailyfx.com/economic-calendar#2021-10-19
  • MACD who? The Moving Average Convergence Divergence (MACD) is a technical indicator which simply measures the relationship of exponential moving averages (EMA). Find out how you can incorporate MACD into your trading strategy here: https://t.co/ZNs4QhQGQ6 https://t.co/Q6ZyB8I4cP
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.84%, while traders in GBP/JPY are at opposite extremes with 76.20%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/IMWFZ1FT51
  • Becoming a forex trader means living and breathing the excitement, risk and reward of trading in the biggest and most liquid market in the world. Do you have what it takes? Read here to discover the qualities and processes it takes to build consistency: https://t.co/EfWEACQ6Cz https://t.co/FxRLDVBvLq
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.58% 🇦🇺AUD: 0.56% 🇪🇺EUR: 0.35% 🇨🇦CAD: 0.29% 🇬🇧GBP: 0.29% 🇯🇵JPY: 0.18% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/5fwfLGIp36
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: France 40: 0.15% Germany 30: 0.13% FTSE 100: 0.09% US 500: 0.01% Wall Street: -0.04% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/v4CQ9vY94q
  • Further your forex knowledge and gain insights from our expert analysts @ddubrovskyFX and @FxWestwater on JPY with our free Q4 market analysis guide, available for free today.https://t.co/mzeJ5x73N3 https://t.co/hF59qq3gyG
  • The Fed 2022 rate forecast is at nosebleed levels, but the Dollar still isn't following along. Will it be drug lower if the outlook sours? And what will happen to the S&P 500 as it closes back in on its record high? https://www.dailyfx.com/forex/video/daily_news_report/2021/10/19/SP-500-Rally-to-Record-Will-Flag-Dollar-Anchored-as-Fed-Forecasts-Surge.html https://t.co/5QL5QSMFnc
Gold Forecast: 2012 High Still on Radar as Price Holds May Range

Gold Forecast: 2012 High Still on Radar as Price Holds May Range

David Song, Strategist

Gold Talking Points

The price of gold has traded to fresh yearly highs during every single month so far in 2020, and the precious metal may continue to exhibit a bullish behavior in June as the pullback from the yearly high ($1765) reverses ahead of the May low ($1670).

Technical Forecast for Gold: Bullish

The price of gold tracks the May range ahead of the Federal Reserve interest rate decision, but the technical outlook remains constructive despite the failed attempt to test the 2012 high ($1796).

Keep in mind, the opening range for 2020 instilled a bullish outlook for gold as the precious metal cleared the 2019 high ($1557), with a similar scenario materializing in February as bullion tagged a fresh yearly high ($1689)after marking the monthly low ($1548) during the first full week.

The monthly opening range for March was less relevant amid the actions taken by major central banks in response to COVID-19, but the price for gold still traded to a fresh yearly high ($1704) prior to the break of the January low ($1517).

Bullion climbed to a fresh yearly high ($1748) in April following the reaction to the former-resistance zone around $1450 (38.2% retracement) to $1452 (100% expansion), with the bullish behavior also taking shape in May as the precious metal traded to a fresh 2020 high ($1765).

In turn, the 50-Day SMA and 200-Day SMA continue to track the positive slopes from earlier this year, and the low interest rate environment along with the ballooning central bank balance sheets may continue to act as a backstop for goldas marketparticipants look for an alternative to fiat-currencies.

With that said, the price for bullion may continue to exhibit a bullish behavior in June as the pullback from the yearly high ($1765) reverses ahead of the May low ($1670).

Gold Price Daily Chart

Gold price chart

Source: Trading View

The price of gold continues to consolidate after failing to test the November 2012 high ($1754), but the ability to hold above the $1676 (78.6% expansion) region instills a constructive outlook as it largely lines up with the May low ($1670).

The Relative Strength Index (RSI) displays a similar dynamic as the indicator breaks out of the negative slope from the previous month, but need the price of gold to close above the Fibonacci overlap around $1733 (78.6% retracement) to $1743 (23.6% expansion) to bring the topside hurdles on the radar.

First area of interest comes in around $1754 (261.8% expansion), with the next region coming in around $1786 (38.2% expansion) followed by the 2012 high ($1796).

--- Written by David Song, Currency Strategist

Follow me on Twitter at @DavidJSong

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

DISCLOSURES