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. See our updated Privacy Policy here.

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
Subscribe
Please try again
EUR/USD
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
Oil - US Crude
Mixed
Wall Street
Bearish
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
  • RT @NYFedResearch: The latest Supplemental Survey Report asks firms about their post-pandemic outlook: how sales compare to normal pre-pand…
  • Commodities Update: As of 13:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.36% Silver: 0.29% Gold: -0.10% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/ELIb53GJTu
  • Indices Update: As of 13:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.22% France 40: 0.15% US 500: 0.04% Wall Street: -0.03% Germany 30: -0.04% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/FPJs0yOWtC
  • LIVE NOW: Join Technical Strategist @MBForex for his Mid-Week Market Update to review the setups we're tracking into today's #Fed Decision! - https://t.co/NG58yc4oIJ
  • The Federal Reserve meeting will be the highlight of the day and week, marking the last chance for some FX volatility before the summer lull kicks in. Get your market update from @JMcQueenFX here:https://t.co/f7a2r3Xupz https://t.co/dPqOnqGa6v
  • From my Twitter poll, it seems more than half of those that responded believe there will be no change in either Fed tone/outlook today. Taper announcement voted by 27% and only 12% expect a dot plot shift forward. #FOMC https://t.co/GIHlHkH5jr
  • Mid-Week Market Update webinar starting in 15mins on DailyFX! Reviewing the technical setups we're tracking into #FOMC - https://t.co/8SFBJxwo30
  • Average of core inflation at 2.3%. $USDCAD move lacking conviction given FOMC later today https://t.co/UG9xaa8RUE
  • RT @RiskReversal: This week on @macrosetup from @nadex👉 @GuyAdami and I weigh in on the "most important" Fed meeting of our post-pandemic l…
  • 🇨🇦 Core Inflation Rate YoY (MAY) Actual: 2.8% Expected: 2.4% Previous: 2.3% https://www.dailyfx.com/economic-calendar#2021-06-16
Gold Price & Silver Outlook: Trying to Sneak in Late-year Breakout

Gold Price & Silver Outlook: Trying to Sneak in Late-year Breakout

Paul Robinson, Strategist

Gold Price & Silver Technical Highlights:

  • Gold working on a bull-flag breakout
  • Silver trying to cross confluence of resistance

Gold working on a bull-flag breakout

As we are now officially kicking off a holiday week, actually two with New Years coming up, gold is trying to break above an important threshold. Not an ideal time for this to happen, but if it comes with some push then perhaps as the calendar flips to 2020 it will gain meaning.

The threshold in question is the top-side trend-line of the bull-flag that began its development back after gold peaked in September. The construction of this bullish pattern has meant gold generally digested the rally from earlier in the year with the end result pointed towards a surge higher again.

Whether that is indeed beginning now or not, we shall see. For starters, today’s poke above the trend-line needs to also take price above 1487 and see price close firmly outside of the pattern, then further that along with a weekly close above too. So, there is work yet to be done.

But if a breakout can hold, the 1522/1575 zone from the 2011/12 topping process will come into play. A break beyond 1575 could have gold rallying sharply higher in 2020.

Trading Forecasts and Educational Guides for traders of all experience levels can be found on the DailyFX Trading Guides page.

Gold Price Daily Chart (trying to cross top-side line of bull-flag)

Gold price daily chart

Gold Weekly Chart (2011/12 zone of resistance is big)

Gold weekly chart

Gold Price Charts by TradingView

Silver trying to cross confluence of resistance

So far this week silver is leading the way, and with the past couple of sessions helping push it above the September downtrend line and 17.01, we might be witnessing a breakout. The rally today will need to stay firm and ideally it will continue if the bullish scenario is to gain some traction. A fold back below resistance on a closing basis might constitute a rejection and will keep the tone remaining negative. Just as is the case with gold, it is most ideal if a breakout holds through a full weekly cycle.

Silver Daily Chart (crossing t-line, price resistance)

Silver daily chart

Silver Price Chart by TradingView

***Updates will be provided on the above technical outlook in webinars held at 1030 GMT on Tuesday and Friday. If you are looking for ideas and feedback on how to improve your overall approach to trading, join me on Thursday each week for the Becoming a Better Trader webinar series.

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