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
Bullish
Oil - US Crude
Bearish
Wall Street
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
Gold
Bearish
GBP/USD
Bearish
USD/JPY
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
More View more
Breaking news

British Pound sinks as EU Brexit negotiator Barnier says there may not be an EU/UK deal

Real Time News
  • Heads Up:💶 Unemployment Rate (OCT) due at 10:00 GMT (15min) Expected: 8.4% Previous: 8.3% https://www.dailyfx.com/economic-calendar#2020-12-02
  • Several member states open to continuing talks after December 31st deadline if a good deal can't be reached by then, according to a Senior EU Diplomat $GBP
  • The bullish engulfing candle is one of the forex market's most clear-cut price action signals for reversals and continuation. Learn more about this price action trading signal here: https://t.co/Yg6ecRZZNr https://t.co/05r8BcNRyt
  • Adds that some EU member states have become jittery as the Brexit endgame nears $GBP
  • EU Diplomat says still unclear if negotiators can bridge gaps on 3 key issues $GBP
  • Heads Up:🇬🇧 BoE FPC Meeting due at 09:30 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-12-02
  • 🇮🇹 Unemployment Rate (OCT) Actual: 9.8% Expected: 9.9% Previous: 9.7% https://www.dailyfx.com/economic-calendar#2020-12-02
  • 🇮🇹 Unemployment Rate (OCT) Actual: 9.8% Expected: 9.9% Previous: 9.6% https://www.dailyfx.com/economic-calendar#2020-12-02
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 94.23%, while traders in EUR/USD are at opposite extremes with 76.39%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/tOPLdyRuXM
  • Heads Up:🇮🇹 Unemployment Rate (OCT) due at 09:00 GMT (15min) Expected: 9.9% Previous: 9.6% https://www.dailyfx.com/economic-calendar#2020-12-02
Gold & Silver Trading Outlook Bearish as Sellers Show Up on Each Rally

Gold & Silver Trading Outlook Bearish as Sellers Show Up on Each Rally

2018-03-08 12:10:00
Paul Robinson, Strategist
Share:

Gold/Silver Highlights:

  • Gold neared 2013 trend-line again, to remain burdensome until crossed
  • Silver keeps finding swaths of sellers in 16.80/17 zone
  • DXY bullish potential could keep precious metal sellers in control

Whether you are a new trader building a foundation or an experienced trader struggling (it happens to the best), here are some ideas for Building Confidence in Trading

Gold neared 2013 trend-line again, to remain burdensome until crossed

Yesterday, gold came close to the 2013 trend-line (in addition to the underside of the December trend-line) and again was swatted back lower. If the bounce dating back to last week is over on yesterday’s turnabout, then the technical posturing is weakening as lower highs are becoming visible since the peak in January.

There is still good support down near 1300, which was last evident with the reversal bar etched out on March 1. With lower-highs potentially in place, a break below 1300 would likely have the 200-day and December 2016 trend-line in focus as targeted objectives.

Getting back to the 2013 trend-line. As long as price stays beneath on a weekly closing basis it will continue to be a point of interest for sellers. It’s a ‘line-in-the-sand’ with much influence.

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

Gold Weekly Chart

gold weekly price chart with 2013 trend-line resistance

Gold Daily Chart

gold daily price chart

Silver keeps finding swaths of sellers in 16.80/17 zone

Silver is the weaker of the two major precious metals, it has been for a while and looks set to continue to be so even though futures market positioning suggests that may soon change. Positioning is positioning, price action is price action. The latter factor viewed as the most important until the former corroborates.

The 16.80/17 zone, where the 200-day conveniently runs through, has been a problematic spot for silver. As long as it stays below, then the outlook is neutral at best. Price is currently sitting on a pierced trend-line from December, but it isn’t particularly strong as support. A clean break through 16.17 will have eyes set on the trend-line rising up from the July spike-low, and with momentum the December low at 15.62.

Silver Daily Chart

silver daily price chart with 16.80/17 resistance

DXY bullish potential could keep precious metal sellers in control

In last week’s piece we noted the burdensome strength of the US dollar, and to quote from the commentary, “even if DXY pulls back a bit from here the outlook can still remain constructive.” A view which we’ll stick to as a higher-low may soon carve itself out after double-bottoming.

It will need to trade back above the under-side trend-line from 2015 and last week’s high (near the September low) to get further traction, but if it does then more upside could be in store and that is likely to make the already bearish-looking price action in precious metals look even more bearish.

US Dollar Index (DXY) Daily Chart

us dollar index (dxy) daily price chart with higher-low scenario

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