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
Mixed
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
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
GBP/USD
Bullish
USD/JPY
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
More View more
Real Time News
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here: https://t.co/ADSC4sIHrP https://t.co/aXSB0bG3y0
  • Take a closer look visually at the most influential global importers and exporters here: https://t.co/1G7CRsegRX https://t.co/i342ipPuvW
  • Why financial market traders must monitor both monetary and fiscal policy? Find out from @MartinSEssex here:https://t.co/Fkzk88Y5gm https://t.co/tHp0Nb3Tr5
  • USD/JPY is bucking the trend in USD weakness, tentatively putting it on a path towards higher levels. Get your $USDJPY technical analysis from @PaulRobinsonFX here: https://t.co/RnrBCFE3gt https://t.co/hTSdTcIwZY
  • The Canadian Dollar gained with government bond yields. Might USD/CAD find its way to current 2020 lows? Canada’s benchmark stock index, the TSX Composite, faces the March high.Get your $USDCAD market update from @ddubrovskyFX here:https://t.co/0Ba8E2S7vC https://t.co/JLUTzF6xlY
  • IG Client Sentiment is warning that the S&P 500, gold prices and AUD/USD could fall ahead as upside exposure accumulates. What are key technical levels to watch for next? Find out from @ddubrovskyFX here: https://t.co/YsBypn73vy https://t.co/erPb9HMRVc
  • The US Dollar could be readying to rise against the Singapore Dollar and Indonesian Rupiah ahead. Will USD/PHP and USD/MYR also follow this outlook? Find out from @ddubrovskyFX here: https://t.co/xvMPZha5SB https://t.co/P9QLmnY1Fg
  • The Euro has been struggling to maintain its upside momentum. Is EUR/USD readying to turn lower? EUR/AUD may be aiming to rise, but has EUR/CAD topped? Find out from @ddubrovskyFX here: https://t.co/vlJM3iQIYS https://t.co/8FGl10wDto
  • Third consecutive weekly gain in the #SP500 as of today's close, rising 0.63% #Fed balance sheet gained by 0.18% over the same period after shrinking -0.06% previously Generally speaking, the size of the b/s has remained more or less unchanged for a month https://t.co/0TrEA5RGmA
  • The outlook for gold might look a little tenuous at the moment, but this won’t be the first time a strong bull market has shown signs of a potential top due to short-term price action. Get your $XAUUSD technical analysis from @PaulRobinsonFX here: https://t.co/N8a84hRnHN https://t.co/jCEkFzCxEr
Gold & Silver Price Analysis – Support Test Pass or Fail? We’ll Soon Find Out

Gold & Silver Price Analysis – Support Test Pass or Fail? We’ll Soon Find Out

2019-02-13 09:10:00
Paul Robinson, Strategist
Share:

Gold/Silver Technical Highlights:

  • Gold sitting on support, confluence is nearing
  • Consolidation in trend suggests higher, but needs to do so soon
  • Silver is trickier; at t-line support, but above is t-line resistance

See what drivers DailyFX analysts expect to move Gold in the weeks ahead in the Q1 Gold Forecast.

Gold sitting on support, confluence is nearing

Gold continues to sit on support created from a period during the early-part to the middle of last year. Coming up from the south is a trend-line dating back to November with a good number of inflection points. Soon, horizontal and trend-line support will run into one another creating confluence, making for an even more important point in time and price where gold will need hold and get into gear.

The trend remains pointed higher since last year and for now we must respect that – especially since there is support to lean on at this time. Gold was holding well despite the Dollar rising non-stop for over a week, so it was a little surprising to not see it catch a bid yesterday when USD fell. But not entirely surprising as these short-term correlations can be hit or miss, especially in a low-vol environment.

Taking gold for what it is on its own technical merits, as long as support holds then at worst it remains neutral, with upside potential still intact. However, if it doesn’t get gong soon then confluent support might not hold and we’ll see a round of selling towards the upper parallel from August or worse.

Check out the IG Client Sentiment page to see how changes in trader positioning can help signal the next price move in gold and other major markets.

Gold Daily Chart (Support holding so far)

gold daily chart, support holding so far

Silver is trickier; at t-line support, but above is t-line resistance

Silver is sitting on t-line support and trading in a rough zone of support going back several years. The trend-line from late last year is more the focus and while price is hanging there has yet to be a push higher.

Even if silver rallies from here it won’t be long before the trend-line from the July 2016 spike-high arrives. The two lines converging puts silver in a tough spot. Gold is positioned better for longs if support levels keep holding, while silver is a more attractive short should we see a round of selling come into precious metals.

Silver Daily Chart (t-line support & resistance)

Silver daily chart, t-line support & resistance

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.

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.