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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
Oil - US Crude
Wall Street
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
  • What is your forex trading style? Take the quiz and find out:
  • Wow. Paleontologists estimate that 2.5 billion T Rexes existed in all of time. It's estimated that 108 billion humans have existed thus far. Let's see if Elon Musk fancies himself John Hammond to balance those numbers
  • EUR/USD and GBP/USD are both testing resistance levels of note, with Cable putting in a massive move to start the week. Get your market update from @JStanleyFX here:
  • 10 out of 11 S&P 500 sectors ended lower, with 66.9% of the index’s constituents closing in the red. Consumer discretionary (-1.14%) and information technology (-0.88%) were among the worst performers, whereas real estate (+0.29%) registered a small gain.
  • What are some key takeaways for trading gold? Get your free insight here:
  • RT @KyleR_IG: With the @RBAInfo meeting minutes today, I had a look at a few $AUD/USD correlations. It's clearly been a commodity price an…
  • The US Dollar is looking increasingly vulnerable to ASEAN FX, with USD/SGD and USD/THB breaching key support. USD/IDR is eyeing a Rising Wedge, USD/PHP may face February lows. Get your $USD market update from @ddubrovskyFX here:
  • EUR/USD rocketed higher during early trade, reclaiming the 1.20 handle $EURUSD
  • @ddubrovskyFX 'The Four Candle Phenom'
  • AUD/USD appears to be on track to negate the head-and-shoulders formation from earlier this year as it clears the opening range for April. Get your $AUDUSD market update from @DavidJSong here:
Gold Price Turns Bullish as Coronavirus Fears Spur Flight to Safety

Gold Price Turns Bullish as Coronavirus Fears Spur Flight to Safety

Paul Robinson, Strategist

Gold Price Technical Highlights:

  • Gold price trying to drive through long-term resistance
  • Coronavirus fears upstarting a macro-move in markets

Gold price driving to drive through long-term resistance

Markets are anxious as fears surrounding the coronavirus continue to mount, sparking selling in risky assets in favor of save haven markets such as gold. It’s times like these that the typically negative correlation breaks down between the Dollar and gold, with market participants more concerned about seeking the highest ground.

Just recently, after the January 8 spike-and-reverse, I was discussing the need for gold to digest the late-year run, that a few weeks of sideways to down price action were likely in order. While that period may be over, it is unclear as to whether the coronavirus will be enough of a driver to keep markets in risk-off mode, and gold trekking higher.

Turning to the technical picture, gold is in a significant battle with long-term resistance via the 2011/12 topping process discussed on numerous occasions since the first run-in back in September. The January 8 spike had price above the top-end of resistance (~1575), but ultimately it failed to hold. A break higher that can sustain above the 1611 high from earlier this month could finally have gold in the open space its been trying to seek since September.

But, if events take a turn for the better with regard to the coronavirus outbreak, then look for gold to stall soon and continue to digest the December run. From a technical standpoint this wouldn’t be a bad thing for longer-term prospects as sideways periods along the way during a rally are a healthy occurrence. In that event, as long as price doesn’t sink below the trend-line from May, then gold will keep itself set-up for another run.

Gold Forecast
Gold Forecast
Recommended by Paul Robinson
Get Your Q1 Fundamental & Technical Gold Forecast Today
Get My Guide

Gold Price Daily Chart (pushing towards 1611 high)

Gold price daily chart

Gold Price Charts by TradingView

Gold Price Weekly Chart (2011/12 levels still stand in the way)

Gold price weekly chart

***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.