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
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
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
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
Bearish
USD/JPY
Bearish
More View more
Real Time News
  • The Spinning Top candlestick pattern forms part of the vast Japanese candlestick repertoire with its own distinct features. Gain a better understanding of the spinning top candlestick here: https://t.co/DWm7cBMUg9 https://t.co/Gd6eIbE1mb
  • There’s a strong correlation between interest rates and forex trading. Forex is ruled by many variables, but the interest rate of the currency is the fundamental factor that prevails above them all. Learn how interest rates impact currency markets here: https://t.co/J0EPMD2Cfi https://t.co/Jf96VhFDOp
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here: https://t.co/BdgFmkRxVw https://t.co/Rjfdv8jLQV
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here: https://t.co/7t4BzmLg8w https://t.co/a6qsFOcPUl
  • Build your USD/JPY trading strategy by honing your trading skills. Get your free insight here: https://t.co/hgVq7LwTSH https://t.co/xXZYbWqEwP
  • 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/HUaCpOPird
  • Human error in the forex market is common and often leads to familiar trading mistakes. These trading mistakes crop up particularly with novice traders on a regular basis. Learn about the top ten trading mistakes and how you can avoid them here: https://t.co/i8E2AXtzF3 https://t.co/Hx1251BmAZ
  • @ddubrovskyFX Congrats Daniel!
  • After a week of roaring economic updates that failed to gain meaningful market traction; I am look to US inflation/rates, US-China trade relations and earnings in the week ahead to charge $SPX and $DXY. My outlook for the week ahead: https://www.dailyfx.com/forex/video/daily_news_report/2021/04/10/SP-500-Outlook-Carries-Risk-Trends-Dollar-Event-Heavy-on-USDJPY-USDCNH.html https://t.co/F9XkNl8Ks4
  • The Indian Rupee rose as the Nifty 50 slightly fell after the RBI left benchmark rates unchanged despite recent weakening inflation and a massive fiscal spending plan. Will USD/INR bounce? Find out from @ddubrovskyFX here:https://t.co/SwufKMOwfQ https://t.co/rfn4KRGUgl
Gold & Silver Price Analysis – Trend-line Break Brings More Selling

Gold & Silver Price Analysis – Trend-line Break Brings More Selling

Paul Robinson, Strategist

Gold/Silver technical highlights:

  • Gold broke 2015 trend-line, December low
  • Next targeted support down near 1200
  • Silver trading around trend-line from 2003

For the intermediate-term technical outlook and expected fundamental drivers in the months ahead, check out the recently released DailyFX Q3 Gold Forecast.

Gold broke 2015 trend-line, December low

Last week, when we last discussed gold, we said we were looking for the possibility of a larger rebound off the 2015 trend-line if a higher-low could form. But instead of seeing a pullback and higher-low rejection of support, price continued to weaken again.

The big number we were looking at in yesterday’s webinar was 1236, the key to gold’s outlook. A break below not only would have the trend-line firmly broken, but also the December low. With the level in the rear-view mirror, expectations are for more selling.

Gold is currently trading around lower-parallel support from April, but it is viewed as only minor at best given the more important trend-line/December support break. The next area of significance arrives around the July 2017 low at 1205 down to 1195, or the low from March of last year.

Tactically speaking, the path of least resistance is lower: Short-term momentum traders may look to keep pressing on bids, while swing traders may want to wait for a quick bounce before joining in on continued weakness.

Gold traders continue to remain heavily long by a margin of over 5-1; see the IG Client Sentiment page for details as to why this acts as a bearish contrarian indicator.

Gold Daily Chart (Support broken)

Gold daily chart, below 2015 trend-line, 1236...lower levels ahead...

Silver trading around trend-line from 2003

Silver has been a market we’ve tended to shy away from given its erratic nature for much of the year. It’s currently trading around an important trend-line running all the way back to 2003. Given its duration, a weekly, or even monthly close, is needed before we can validate it as a true break. For now, we’ll continue to stick with gold as the preferred precious metal to trade.

Silver Monthly Chart (2003 Trend-line)

Silver monthly chart, 2003 trend-line threatened

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

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