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.

Free Trading Guides
EUR/USD
Mixed
GBP/USD
Bullish
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
Gold
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
Bitcoin
Mixed
More View more
Real Time News
  • Heads Up:🇯🇵 JPY Trade Balance (DEC) due at 23:50 GMT (15min), Actual: N/A Expected: -¥170.0b Previous: -¥82.1b https://www.dailyfx.com/economic-calendar#2020-01-22
  • $AUDJPY technical positioning hints prices may be on cusp of turning lower after a late-2019 bounce, recoupling with a dovish RBA policy outlook. Get your market update from @IlyaSpivak here: https://t.co/z84Y0V0ZtH https://t.co/vokLO9faoT
  • LIVE IN 1 HOUR ❗ Join Analyst @ddubrovskyFX for LIVE coverage of the Australian jobs report where he will be discussing the outlook for the Australian Dollar. Signup for the session below! $AUDUSD $AUDJPY $AUDNZD $AUDCAD #AUD #RBA - https://t.co/D7izGTT093 https://t.co/JyNBf2ACiC
  • My views on #crudeoil as it clings to technical support Could a break lower precede broader pain in risk assets? Read more - https://www.dailyfx.com/forex/market_alert/2020/01/22/Crude-Oil-Price-Outlook-WTI-Falters-Can-Support-Rescue-Price.html #OOTT https://t.co/jMCp96Fjv4
  • The Japanese Yen has faded into 2020 as market risk appetite has held up and hit demand for haven assets. $USDJPY now challenges a key medium-term downtrend, but hasn’t topped it yet.Get your market update from @DavidCottleFX here:https://t.co/4X6vgCgkB7 https://t.co/VkaoyaozIK
  • $AUDUSD, $AUDJPY & $AUDCAD Ripe for Volatility as the Australian Dollar Turns to Jobs Data Due Thursday, January 23 at 00:30 GMT (via @DailyFX) Full Analysis: https://www.dailyfx.com/forex/market_alert/2020/01/22/aud-forecast-audusd-audjpy-audcad-australian-dollar-turns-to-jobs-data.html #Forex #Trading #AUD #RBA #ausbiz https://t.co/0LiEfcvDO7
  • LIVE IN 2 HOURS ❗ Join Analyst @ddubrovskyFX for LIVE coverage of the Australian jobs report where he will be discussing the outlook for the Australian Dollar. Signup for the session below! $AUDUSD $AUDJPY $AUDNZD $AUDCAD #AUD #RBA - https://t.co/D7izGTT093 https://t.co/0Sz5VlAwxA
  • If you trade the $AUDUSD or other Aussie Dollar crosses, @ddubrovskyFX will be covering this morning's jobs data live. Starting soon, so sign up https://t.co/VvQYXIXUi8
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.69% 🇪🇺EUR: 0.11% 🇨🇭CHF: 0.08% 🇦🇺AUD: -0.02% 🇳🇿NZD: -0.04% 🇨🇦CAD: -0.48% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/GdHXmvW6Sx
  • #Sterling Price Outlook: British #Pound Breakout Trade- #GBPUSD Levels - https://t.co/b5Notfsj4W https://t.co/BHUbq17uKC
Gold & Silver Price Analysis – Can These Things Rally, Even a Little?

Gold & Silver Price Analysis – Can These Things Rally, Even a Little?

2018-08-08 09:00:00
Paul Robinson, Currency Strategist
Share:

Gold/Silver technical highlights:

  • Gold trying to break trend-line resistance
  • Silver working on building a descending wedge

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

Gold trying to break trend-line resistance

Gold price is trying to cross an important threshold, the trend-line bearing down from a swing high nearly two-months ago. It’s pressed on it several times in recent sessions, and as we discussed in yesterday’s webinar this increases the odds that it will break. Upward pressure is also coming from the top the 1205/1195 support zone.

A clean break above may not spark a sharp rally, but it will be a warning shot to shorts and a beacon of light for those looking to scoop the metal for at least a countertrend rally. For would-be longs, a safer approach may be to wait for a confirmed crossing of trend resistance and then a higher-low to form on a pullback.

Stay below the t-line and the trend remains firmly intact. The past 24-hours price has been hugging the trend-line, so we should see some type of resolution very soon.

Gold traders remain long by a hefty margin of 6-1; check out the IG Client Sentiment page for details as to why this is a headwind for higher prices.

Gold 4-hr Chart (Trend-line in focus)

Gold 4-hr chart, trend-line in focus

Silver working on building a descending wedge

Silver has a different look to it than gold, with a descending wedge forming on the 4-hr. Ideally, given the descending nature of the pattern and general trend weakness, a resolution to the downside develops.

But if the top-side trend-line is broken (likely along with gold breaking the June trend-line), then look for some type of rally to develop. However, between the two metals, gold is the preferred long candidate on any upward breaks of resistance, while silver favored as a short with a pattern breakdown.

Silver 4-hr Chart (Descending wedge developing)

Silver 4-hr chart building a descending wedge

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

News & Analysis at your fingertips.