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
Oil - US Crude
More View more
Real Time News
  • Join @JWagnerFXTrader 's #webinar at 9:30 AM ET/1:30 PM GMT at the US market opening bell. Register here: https://t.co/9pXwJzGj54 https://t.co/fv1BPC7j4n
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.05%, while traders in US 500 are at opposite extremes with 76.29%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/o62p1BdjzF
  • LIVE NOW: Join Technical Strategist @MBForex as he hosts his Weekly Strategy Webinar on the setups we're tracking into the open! https://t.co/dFw88WP8eH
  • RT @chigrl: ICYMI overnight >#China seeks $2.4 billion in sanctions against U.S. in Obama-era case: WTO https://t.co/p7O1taMbsO https://t.…
  • Forex Update: As of 12:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.35% 🇦🇺AUD: 0.33% 🇬🇧GBP: 0.26% 🇪🇺EUR: 0.02% 🇨🇭CHF: -0.04% 🇯🇵JPY: -0.13% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/yNdPOvkwdE
  • Weekly Strategy Webinar starting in 15mins on DailyFX! https://t.co/RgnsklZ2Gl
  • Currency Wars: Tools that are used in a currency war https://www.dailyfx.com/forex/fundamental/article/special_report/2019/10/16/Currency-Wars-What-to-Expect-if-a-Currency-War-Breaks-Out.html?CHID=9&QPID=917713
  • CFTC update - Surprisingly, $GBP net shorts were relatively unchanged, despite the 5% rally. Adds further fuel to an extended rise - Weak demand for safe havens as speculators flip to net short in $JPY - $NZD bearish positions still very extreme https://www.dailyfx.com/forex/technical/article/cot/2019/10/21/GBPUSD-Shorts-Unchanged-Despite-Rally-Japenese-Yen-Flips-to-Short---COT-Report.html?CHID=9&QPID=917713 https://t.co/PxKOjjXjS4
  • RT @JMahony_IG: Useful graphic from @ING_Economics 'Where it could go wrong for UK prime minister Boris Johnson' #Brexit #BrexitVote https…
  • Join @MBForex 's at 8:30 AM ET/12:30 PM GMT for his weekly #scalping #webinar Register here: https://t.co/VAnAfZU02T https://t.co/MDGLWr8s3Z
Gold Price Flashes Overbought Signal, Silver Price Constrained by Technical Resistance

Gold Price Flashes Overbought Signal, Silver Price Constrained by Technical Resistance

2019-05-15 08:55:00
Nick Cawley, Analyst

Gold (XAU) and Silver (XAG) Price Analysis and Charts.

  • Gold (XAU) overbought and lower prices likely in the short-term.
  • Silver (XAG) oversold but technical indicators continue to weigh.

DailyFX Q2 Forecasts and Top 2019 Trading Opportunities.

Gold (XAU) Remains Overbought in the Near-Term

Gold is looking likely to fade slightly lower in the short-term with one technical indicator – CCI – continuing to flash an overbought signal for the precious metal. The recent one-month high made yesterday, pushed the CCI indicator to its highest level since late-February when the price of gold was trading more than $1,340/oz. Any short-term sell-off will likely be constrained by support at $1,292/oz. ahead of the 61.8% Fibonacci retracement level at $1,287/oz. Below there, old horizontal support levels at $1,281/oz. and $1,277/oz. come into play.

How to Trade Gold: Top Gold Trading Strategies and Tips

Gold (XAU) Daily Price Chart (August 2018 – May 15, 2019)

Gold Price Flashes Overbought Signal, Silver Price Constrained by Technical Resistance

Silver (XAG) – Downtrend Remains in Place

A series of lower highs off the February 20 high print dominates Silver’s chart and suggests lower prices ahead. Silver currently changes hands at $14.82 and is under pressure from a technical perspective, as it trades below all three moving averages and the 23.6% Fibonacci retracement level at $14.91, its initial upside target. For a medium-term bear market to gain more credence, Silver will need to close below the May 2 low at $14.56 to establish a fresh lower low. The CCI indicator has moved out of oversold territory but recent upticks have proved weak and short-lived.

Silver (XAG) Daily Price Chart (August 2018 - May 15, 2019)

Gold Price Flashes Overbought Signal, Silver Price Constrained by Technical Resistance

Trading the Gold-Silver Ratio: Strategies and Tips.

IG Client Sentimentshows that retail traders are 72.2% net-long gold, a bearish contrarian indicator. However, recent daily and weekly sentiment shifts suggest that the price of gold may shift higher, despite traders being net-long.

--- Written by Nick Cawley, Market Analyst

To contact Nick, email him at nicholas.cawley@ig.com

Follow Nick on Twitter @nickcawley1

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.


News & Analysis at your fingertips.