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
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
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
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
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
Bullish
More View more
Real Time News
  • RBA Minutes: Further easing would reduce financial stability risks -BBG $AUDUSD #RBA
  • RBA Minutes: Further easing would gain traction as the economy opens, members considered effect of lower rates on confidence and savers -BBG #RBA $AUDUSD
  • RBA Minutes: Fiscal, monetary support will be needed for some time. Agreed to place more weight on actual over forecast CPI -BBG #RBA $AUDUSD
  • Last week’s British Pound price reversal keeps the focus on a break of the recent range for guidance with the broader risk still lower below the yearly open. Get your $GBPUSD technical analysis from @MBForex here:https://t.co/znI4iT8skY https://t.co/QqGOzRwjmW
  • USD/JPY and GBP/JPY may reverse lower in the near-term as both exchange rates fail to breach key resistance. CAD/JPY rates eyeing a retest of its post-crisis high. Get your market update from @DanielGMoss here:https://t.co/NptWy89cTa https://t.co/PYrMMwaCXg
  • Both $AUDUSD and $NZDUSD are slipping in early Tuesday APAC trade following dovish remarks from the #RBA ... https://t.co/nvOjnM8z8h ...and #RBNZ respectively: https://t.co/tDlVxzO68h https://t.co/w3y9zDlz6i
  • RBA's Kent: Notes still room to compress short-term rates -BBG $AUDUSD #RBA
  • Read your daily election update⬇️ https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2020/10/19/AUDUSD-Downtrend-to-Accelerate-Election-Betting-Odds-Defying-Polls.html
  • - Election polls show Biden ahead of Trump, but betting odds are show a slightly different narrative - Third #PresidentialDebate2020: time, location and topics - #AUDUSD downtrend may accelerate as area between descending resistance and support narrows
  • RBA Assistant Governor Christopher Kent: Balance sheet metrics give useful insight to policy stance, more complex to assess policy stance than in past -BBG $AUDUSD
Gold & Silver Price Analysis – Looking for More Downside

Gold & Silver Price Analysis – Looking for More Downside

2018-10-31 08:04:00
Paul Robinson, Strategist
Share:

Gold/Silver technical highlights:

  • Gold turn off resistance has two variations of support in view
  • Silver bear-flag points to new cycle lows

See where DailyFX analysts see Gold heading into year-end and the expected drivers in the Q4 Gold Trading Forecast.

Gold turn off resistance has two variations of support in view

It has been a battle between sellers watching the Dollar rally and safe-haven buyers watching stocks tank, but for now the sell-side is starting to take control. Looking at price action in gold only, confluent resistance via longer-term price levels and the top of an intermediate-term channel kept a lid on the recent advance.

Friday’s key-reversal was the first sign this may be the case, and now we are seeing gold sink quickly towards its first level of support in the 1214/10 region. The upper part of the Aug/Sep range may help put a floor in, but should it fail to do-so then then the lower parallel of the channel will be targeted. The thinking on this end is that we will see the lower part of the channel.

Tactically, the key-reversal on Friday offered a sign of rejection and measure for assessing risk for shorts (stop placed above high), but now risk/reward for new positions has fallen out of favor. Take-profit/trailing stops may serve well should price sink into support levels. Would-be longs can watch how things play out in the 1214/10-area, and if buyers fail to show up there then look to see how price action unfolds upon a test of the lower channel around 1200.

Gold traders still remain quite long, check out IG Client Sentiment for details as to how this information can be used.

Gold Daily Chart (Watch how support is treated)

gold daily chart, watch how support is treated

Silver bear-flag points to new cycle lows

Silver has long been lagging gold on the top-side and leading on the down-side, and nothing here has yet to change. The bear-flag it is breaking out of now is viewed as helping silver along to a new low in this current down cycle. A drop through 14.26 will have 13.94 in focus, then the December 2015 low at 13.65. On the top-side, still maintaining a stay-away stance from silver, instead opting for gold longs on bullish set-ups in precious metals.

Silver Daily Chart (bear-flag)

silver daily chart, bear-flag

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