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
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
Mixed
Wall Street
Mixed
Gold
Mixed
GBP/USD
Bearish
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
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here: https://t.co/QszmdZFxlk https://t.co/RKYGzRStvL
  • The US Dollar is moving higher after a blowout NFP report bolstered confidence in the US economic recovery. Markets will now turn attention to next week’s US inflation data which could boost the Greenback. Get your market alert from @FxWestwater here: https://t.co/Ud62r3hKRF https://t.co/dvvDCJvlbP
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM7kO6a https://t.co/7g9pB8D9xK
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here: https://t.co/ADSC4sIHrP https://t.co/OCLzmXaDCu
  • Technical analysis of charts aims to identify patterns and market trends by utilising differing forms of technical chart types and other chart functions. Learn about the top three technical analysis tools here: https://t.co/KDjIjLdTSk https://t.co/UZela9nSIm
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Learn about the importance of the ISM manufacturing index here: https://t.co/Xr3xtoFpZy https://t.co/7oqC3ykBbU
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/9S5tXIs3SX https://t.co/IgUIG55MbH
  • Supply constraints, rebounding global demand and rising inflation expectations may drive crude oil prices higher in the near term. Get your market update from @DanielGMoss here: https://t.co/ezPoAwcJt7 https://t.co/NMfk1cYSvE
  • Take a closer look visually at the most influential global importers and exporters here: https://t.co/G58J1dg6y3 https://t.co/OiRiBVeuzL
  • Crude Oil Prices Aiming Higher on OPEC Surprise, Inflation Expectations - https://www.dailyfx.com/forex/fundamental/forecast/weekly/title/2021/03/06/Crude-Oil-Prices-Aiming-Higher-on-OPEC-Surprise-Inflation-Expectations.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr $CL #Crudeoil #OOTT #OPEC https://t.co/AKvXWX9DLQ
Gold & Silver Price Patterns, Patiently Awaiting a Breakout

Gold & Silver Price Patterns, Patiently Awaiting a Breakout

Paul Robinson, Strategist

What’s inside:

  • Another day of silver prices working towards the apex of the triangle
  • Gold is working off oversold in a channel/bear-flag configuration
  • U.S. GDP/Personal Consumption data could be a catalyst, or not

We’ll start with a snippet from Wednesday’s post: “With little happening, the triangle we pointed out the other day continues to develop. The contraction in price action is pointing towards a move to unfold soon. We will need to wait for the break before running with either side of the tape.”

Yesterday’s session passed with silver continuing to work its way towards a breakout following another rejection up near 18. It’s a critical area of resistance in the form of peaks created in May 2015/16 and the underside of the trend-line running up from January. This confluence has thus far proved formidable.

We are patiently awaiting the break, and given the proximity to the apex of the triangle, we shouldn't have to wait much longer. To reiterate from the other day; a topside breakout will be a more difficult proposition due to it going against the trend in place since summer and resistance up to just over 18, while a break to the downside will quickly bring into play 17.11, and below that support level there isn’t anything significant until the 16 line.

Silver: Daily

Gold & Silver Price Patterns, Patiently Awaiting a Breakout

Created with Tradingview

Taking a look at gold: It’s managed to work off oversold conditions in the form of a rising channel/bear-flag configuration. A break of the underside trend-line will quickly bring into focus support around the ‘Brexit’ day low near 1250, and on a break below 1241 there is an air pocket down to 1200. A break higher, like silver, will likely find more opposition and initially puts gold up against resistance around 1285, where a lower-side trend-line exists, one belonging to what we had once viewed as part of potential bull-flag from July to September.

Gold: Daily

Gold & Silver Price Patterns, Patiently Awaiting a Breakout

Created with Tradingview

High impact data alert: Later today at 12:30 GMT, U.S. 3Q GDP will be reported. Analysts are expecting an annualized growth rate of 2.5%, and Personal Consumption is anticipated to come in at 2.6% YoY. No predictions on this end as we take our usual reactionary stance. A large deviation from the consensus will likely be a catalyst for outsized moves in markets, and a potential reason for silver to finally make a break for it.

Start improving your trading with the help of our trading guides designed for traders of all experience levels.

---Written by Paul Robinson, Market Analyst

To receive Paul’s analysis directly via email, please sign up here.

You can follow Paul on Twitter at @PaulRobinonFX.

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

DISCLOSURES