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  • Gold has been trending lower after failing to clear resistance in the $1835 area earlier this month. Get your $XAUUSD market update from @DColmanFX here:
  • Key break here in the 10-year #Treasury yield as it rises to the highest since late June Took out 1.4230 resistance, and the 100-day SMA Eyes now on the 38.2% Fib extension at 1.4775 Also potential falling resistance from March
  • The move in rates after this week’s FOMC has continued and the 10 year yield has pushed up to a fresh two-month-high. Get your market update from @JStanleyFX here:
  • S&P 500 contending with its proverbial ‘line in the sand’ as bulls and bears battle for directional control. How we close/trade around the 50-day moving average could serve as a noteworthy bellwether for risk trends headed into next week. I remain cautious below ~4,480. $SPX $ES
  • USD/JPY trades to a fresh monthly (110.57) amid the pickup in longer-dated US Treasury yields, and the exchange rate may stage a larger advance over the coming days. Get your market update from @DavidJSong here:
  • US yields continue to climb, with the 10-year Treasury yield trading above 1.45% $ZN $ZB
  • $USDJPY bull thesis appears quite constructive. Technicals show topside breakout above trend resistance following a period of consolidation. Bond yields providing the fundamental catalyst. Eyes on Aug/YTD highs. A broad-based deterioration in market sentiment poses downside risk.
  • WTI posting another session of strong gains, currently flirting with the 74 handle $CL #Oil #OOTT
  • The New Zealand Dollar’s bullish breakout attempt in early-September was rebuffed. Price action at the end of the month is telling a different story. Get your market update from @CVecchioFX here:
  • So much for that Evergrande recovery. Shares of the troubled Chinese property developer are down approximately -12% today following yesterday's impressive rally (biggest in a year)
Gold & Silver Price Charts – Precious Metals Likely to Remain Heavy

Gold & Silver Price Charts – Precious Metals Likely to Remain Heavy

Paul Robinson, Strategist

Gold/Silver Technical Highlights:

  • Gold broke through a few important support lines
  • Silver breakdown has support in focus below, but to remain heavy

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

Gold broke through a few important support levels

First it was the November trend-line looked at last week, then the area just above 1300, and as of yesterday it was the top-side of a channel from August. No buyers showed up at any of those levels which leaves leave support at 1276 as the next level to try and hold.

While we may soon see a bounce, it isn’t expected to be a long-lasting bounce as damage done keeps piling up. Former support (levels outlined above) will become new resistance. The broader objective becomes the lower-side line of the August/November channel down near the 200-day (1246).

Tactically, would-be shorts may want to wait for a bounce as risk of some type of bounce increases, but overall the path of least resistance looks to be in sellers favor. Longs lack appeal at this time without strong support and bullish price action.

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 breaking is bringing new levels into play)

gold daily chart, support breaking is bringing new levels into play

Silver breakdown has support in focus below, but to remain heavy

Silver unravelling despite generally weaker than gold, actually has a big support zone closer in focus than gold. But that doesn’t make it any more appealing from the long-side. Bounces likely to be short-lived and perhaps an oversold bounce for the nimble could come around 14.80 if price action is right, but again it looks as those damaging declines in precious metals will keep the heat on them for a bit.

Silver Daily Chart (Next up is support from range created last year)

Silver daily chart, next up is support from range created last year

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.