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
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
Gold
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
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • Singapore saw institutional money inflow for three weeks in a row, with S$ 309 million pumping into local stocks last week - SGX data. This marks a sharp reversal of net intuitional outflow seen in the first three quarters of the year. STI gained over 17% so far this month. https://t.co/os8nibKTGU
  • The Swiss Franc may continue higher against the US Dollar as technical pressure favors USD/CHF bears..Get your $USDCHF market update from @FxWestwater here:https://t.co/yqJbbhAWiu https://t.co/KuFy0VmYYL
  • - GSA to begin Biden transition process - Janet Yellen picked as Treasury Secretary - Rotation trade prevails - Will Yen weaken? ...and more Check out the latest Asia Pacific AM Briefing here - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2020/11/24/Japanese-Yen-May-Fall-on-GSA-Joe-Biden-Transition-GBPUSD-Eyes-Resistance.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/s5rheoe2qD
  • “Donald Trump has accepted that a formal transition can begin for US President-elect Joe Biden to take office.” -BBC News
  • Markit US Manufacturing PMI registered its highest pace of expansion in 74 months. The reading came well above market expectations, reflection a post-election lift to confidence and vaccine hopes. https://t.co/kmnhsjwOAk
  • USD Price Outlook: US Dollar Bulls Hold Critical Support Zone -via @DailyFX Link to Analysis: https://www.dailyfx.com/forex/fundamental/us_dollar_index/usd_trading_today/2020/11/23/usd-price-outlook-us-dollar-bulls-hold-critical-support-zone.html $USD $DXY #FX #Forex #Trading https://t.co/zgV4oQnzfN
  • Trump says recommended GSA administration to start transition protocols -BBG
  • Equity price action has stagnated following the drawdown in volatility after the Presidential election. Get your market update from @PeterHanksFX here:https://t.co/GByaij6XkI https://t.co/1OCBI1dVZg
  • GSA ascertains Biden the 'apparent winner' of the election -BBG citing AP
  • General Services Administration (GSA) tells president-elect Joe Biden it's ready to begin transition process -BBG citing CNN
Gold, Silver Charts Remain Pointed Lower Thanks to the US Dollar

Gold, Silver Charts Remain Pointed Lower Thanks to the US Dollar

2018-03-01 10:16:00
Paul Robinson, Strategist
Share:

Gold/Silver Technical Highlights:

  • Gold broke the December trend-line, 1306/00 and worse in sight
  • Silver on the brink of trading down below 16.20 to July trend-line
  • USD strength burdensome, DXY on the verge of more gains

To view the longer-term technical and fundamental outlook for Gold and USD, or to see our top trading opportunities for 2018, check out the DailyFX Trading Guides.

Gold broke the December trend-line, 1306/00 and worse in sight

A couple of days back gold broke the trend-line running higher since December after another rejection around the 2013 trend-line. The US dollar has been flexing its muscles as of late (My colleague, Nick Cawley, touched on the fundamental driver earlier this morning). The decline has the area from 1306/00-area squarely in sight, with the upper portion of the zone having the most amount of inflection points, dating back to October.

If gold fails to find buyers at price support, next up is the 200-day at 1287, however; the moving average, while widely-watched, isn’t in confluence with price or slope support, so it is unclear whether it will have much meaning. The past couple of times it has traded around the MA there hasn’t been much of a reaction.

On a big pick-up in momentum, the December 2016 trend-line (over 40 points lower) will come into view. For now, though, we’ll take it one step at a time with levels closer at hand. Overall, though, its looking lower in the near-term and support levels at risk of breaking.

To see how traders are positioned in gold and other key markets, check out the IG Client Sentiment page.

Gold Daily Chart

gold daily price chart

Silver on the brink of trading down below 16.20 to July trend-line

Silver is trading just below a minor trend-line rising up from the December bottom. The key level in focus here is the Feb low at 16.20. A break below will bring the July trend-line into play, currently just beneath 16, and below there the December low at 15.63. To turn the picture bullish, much work will be needed, and its big sibling, gold, will need to firmly cross the 2013 trend-line on a weekly closing basis.

Silver Daily Chart

silver daily price chart

USD strength burdensome, DXY on the verge of more gains

Since hitting a bottom during the middle of last month the US dollar has experienced the strongest rebound since Q3 into Q4. The rebound has the US Dollar Index (DXY) on the verge of recapturing an underside trend-line from 2015 along with the low from September.

Should this take shape, there is a little room to run until the trend-line from last March is tested. This may turn out to be problematic for the dollar, but there is still plenty of room from here to there for a rally and continue putting heat on precious metals. Yesterday, a higher high was made from the early-February peak, so even if DXY pulls back a bit from here the outlook can still remain constructive.

The overall picture looks set to continue keeping pressure on precious metals. But as per usual, we’ll focus on the set-ups/levels in gold & silver directly, and secondarily we’ll worry about what the dollar is doing.

US Dollar Index (DXY) Daily Chart

US Dollar Index (DXY) daily price chart

Resources for Forex & CFD Traders

Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

---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 @PaulRobinsonFX

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

DISCLOSURES