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
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
Wall Street
Mixed
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Bullish
More View more
Real Time News
  • Are you new to trading? Technical analysis of charts aims to identify patterns and market trends by utilising different forms of technical chart types and other chart functions. Get a refresher on technical analysis or begin building your knowledge here: https://t.co/qV3c7a4YR3 https://t.co/POGWDIkqqz
  • USD hegemony is at risk thanks to changes in the global economy and the long-term consequences of the US-China trade war. Get your market update from @CVecchioFX here: https://t.co/5GO9UrvO4y https://t.co/H76jNJJxU5
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out https://t.co/c51s3IBcEu https://t.co/1TiEWCbJ6t
  • Use this technical analysis pattern recognition skills test to sharpen your knowledge: https://t.co/Qgz89PTxnu https://t.co/fN2mfHgpON
  • The formation of several bullish technical patterns suggests that the haven-associated Japanese Yen is at risk of further losses against the Euro and Australian Dollar. Get your market update from @DanielGMoss here:https://t.co/qxQwHgD9Ey https://t.co/ym73tgtHLn
  • Natural gas is moving lower after weather models pointed to warmer-than-average temperatures across much of the US. Get your market update from @FxWestwater here:https://t.co/HuXPXu5PFU https://t.co/ytHqOoHnxQ
  • Gold and silver prices may continue to rise in the coming months on the back of falling real rates of return and the prospect of additional fiscal support under a Biden administration. Get your market update from @DanielGMoss here:https://t.co/OMNoNHn2vZ https://t.co/155l4SQU6P
  • Will the Swiss Franc find reprieve after recent losses against the Canadian and New Zealand Dollars as NZD/CHF and CAD/CHF uptrends face key chart barriers? Find out from @FxWestwater here:https://t.co/c89gcaNhTt https://t.co/vkLRsG8KEn
  • The Australian Dollar may be at risk of losses against the New Zealand Dollar after an unexpectedly high NZ inflation reading sent AUD/NZD towards challenging short-term rising trend support. Get your $AUD market update from @ddubrovskyFX here:https://t.co/JoaUMTv80S https://t.co/Hl4I8Gl7Ez
  • Japanese candlesticks are a popular charting technique used by many traders, and the shooting star candle is no exception. Learn about the shooting star candlestick and how to trade it here: https://t.co/mfwJ0sZLTs https://t.co/6lPNDoWZAw
Gold & Silver Technical Outlook: Resistance Validated Again, Eyes on Support Now

Gold & Silver Technical Outlook: Resistance Validated Again, Eyes on Support Now

Paul Robinson, Strategist

Gold/silver technical highlights:

  • Gold checked at resistance again, big support in view
  • Silver turns from its own zone of resistance, ~16 important support

Start tracking DailyFX analysts’ Top Trading Opportunities for 2018 by visiting the DailyFX Trading Guides page.

Gold checked at resistance again, big support in view

Last week, when we took a look at gold this is what we had to say: “Start watching how any follow-through maintains should it start trading up into the 1340/60 zone. This could quickly become another reversal point as it has on other occasions since January.”

Indeed, gold reversed sharply from the noted zone. The 2013 trend-line continues to be extremely difficult, and as long as gold can’t rise above on a weekly closing basis it will remain a focal point for sellers.

The sharp drop has strong support just above 1300 already in view, but we may see a bounce first around a trend-line dating back to December. If the decline can halt prior to reaching to the zone around 1300, it could be a sign of strengthening with a higher-low. But again, until we see that weekly close above the 2013 trend-line the 1340/60-area will remain viewed as a point of interest for sellers.

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

Gold Weekly Chart

Gold weekly price chart

Silver turns from its own zone of resistance, ~16 important support

Silver turned down from the 16.70/17 resistance zone, again. The 200-day MA runs right through the thick of resistance, adding further reinforcement. Support is just a stone’s throw away at 16.13 down to the July trend-line right around the 16-mark. Also, in the vicinity lies the lower parallel of the downward sloping channel in place since early February.

If silver breaks 16 with authority, there isn’t any notable support until the December low at 15.62. It’s a little premature to discuss at this juncture, but below the December low lies a trend-line rising up from 2003, this would certainly be a huge spot.

But for now, we’ll keep a close eye on how price action plays out around 16, and if it can lead to enough support for a bounce. Keep an eye on the aforementioned levels in gold, too, as an indication as to how the current down-move might play out in silver.

Silver Daily Chart

silver 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