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.

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
Bearish
Oil - US Crude
Mixed
Wall Street
Bearish
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
Bearish
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
USD/JPY
Bullish
More View more
Real Time News
  • ECB policymakers were out in force last week, saying they were watching Eurozone government bond yields, but yields rose anyway, and that’s positive for $EURUSD and the Euro crosses. Get your market update from @MartinSEssex here: https://t.co/nJdh9dA1HM https://t.co/peLh7zTTiz
  • 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/vs7ypHHwya
  • The GBP rally vs USD came to an abrupt end and reversal; this sets cable up for more selling in the week ahead. Get your market update from @PaulRobinsonFX here: https://t.co/Ee9PSppnd2 https://t.co/uaiCiEHBMs
  • What are some trading takeaways from 2020, as we jump into the new year? Find out with your free guide here: https://t.co/e7udCTJlmf #DailyfxGuides https://t.co/OXUgYIl2ru
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here: https://t.co/8A1QhwMVKo https://t.co/xncree8XaW
  • Becoming a forex trader means living and breathing the excitement, risk and reward of trading in the biggest and most liquid market in the world. Do you have what it takes? Read here to discover the qualities and processes it takes to build consistency: https://t.co/EfWEACQ6Cz https://t.co/gGOU1RVQzq
  • Becoming a forex trader means living and breathing the excitement, risk and reward of trading in the biggest and most liquid market in the world. Do you have what it takes? Read here to discover the qualities and processes it takes to build consistency: https://t.co/EfWEACQ6Cz https://t.co/wrI29FTN41
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here: https://t.co/t9Flsqcxo9 https://t.co/UzzC1bGzRJ
  • It’s important for traders to be familiar with FX spreads as they are the primary cost of trading currencies. Understand a pair's spread here: https://t.co/zEEUHZBx7g https://t.co/46bdHdOmOV
  • Central banks often deem it necessary to intervene in the foreign exchange market to protect the value of their national currency. Learn how central bank intervention can impact your trading here: https://t.co/8G8mUX4so6 https://t.co/6FokpDbL65
Gold Price & Silver Technical Analysis: XAU at Big Support, XAG Nearing It

Gold Price & Silver Technical Analysis: XAU at Big Support, XAG Nearing It

Paul Robinson, Strategist

Gold/Silver Technical Outlook

  • Gold price trading around long-term support
  • Silver has a nice technical landscape, near March trend-line
Advertisement

Gold, silver both trading near support levels

The precious metal space has been under pressure in recent sessions, with gold price declining over 2% in yesterday’s session. The decline has major long-term support back in play around the 1800-mark. It is a level that dates back to the post 2011-peak topping process, when during 2011 and 2012 there were three peaks created before gold fell into a sustained bear market.

While in November the area was breached on a daily basis, it held up when looking at the weekly or monthly chart. Given how long-term this support level is, it is necessary to give some latitude and look at these longer time-frames.

With support under siege again it will be interesting to see if it can hold. It would help shape things up for a long bias if gold could form a higher low around support relative to the November low. But it isn’t necessary that gold hold here for the longer-term to remain bullish.

The general price action since peaking in the summer has been a choppy downward decline lacking any real momentum. It has the makings of a massive bull-flag. In the context of the longer-term upward trend this price behavior is viewed as corrective.

If support does break the corrective price action could still remain in play and the long-term still be intact. However, in the near-term there the trading bias could turn more decisively negative. A drop through 1764 to do the trick in helping along a near-term bearish bias.

As for longer-term cues we will need to remain patient.

Gold Forecast
Gold Forecast
Recommended by Paul Robinson
Check out the Q1 GOLD Forecast
Get My Guide

Gold Weekly Chart (on support, bull-flag building)

Gold Daily Chart (watch 1764)

Gold price daily chart

Gold Charts by TradingView

The other day we took a quick look at silver and noted that after the very short-lived Reddit-fueled run, within the context of an uptrend the sturdy trend-line from March may be a good risk/reward spot to look for silver to rise off of. This will be the line-in-the-sand in the near-term to watch.

Silver Daily Chart (watching March trend-line)

Silver daily chart

Silver Charts by TradingView

Resources for Forex 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