简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Gold Price Leaps to 6-Year High on Trade War Bid, Silver Battles Resistance
Abstract：Gold continued to soar, boosted by a strong risk-off move as US-China trade relations continue to deteriorate. Silver playing catch-up and nears recent resistance.
Gold (XAU) Price, Silver Price (XAG) Analysis and Chart
Gold continues its post-FOMC rally, powered by a fresh risk-off bid.
Silver needs to break resistance for move to continue.
Q3 2019 Gold Forecast and Top Trading Opportunities
Gold Up $60 since FOMC Decision, US-China Trade Wars Drive the Move
The price of gold is up around 4% since last week‘s FOMC decision and today’s move is being fueled by a ratcheting up of trade tensions between the US and China which has sparked a global risk-off move. US President Donald Trump turned up the pressure on China last week by slapping a 10% tariff on $300 billion of Chinese imports, in addition to the 25% on $250 billion of Chinese goods already in effect. In retaliation, China has let USDCNH weaken above 7.00, to counteract the tariffs, a move that will infuriate the US and may bring further punitive action.
The daily gold chart continues to look positive but is also flashing a strong overbought signal which may temper any further short-term rally. Gold broke above the recent six-year high at $1,453/oz. and a close and consolidation above this level will bring the May 2013 high of $1,488/oz. into view before $1,551/oz. comes into play. Support seen between $1,433/oz. and $1,437/oz.
The DailyFX Calendar covers all important market moving data releases and events.
Gold Price Daily Chart (January - August 5, 2019)
IG Client Sentiment data show that 62.0% of retail traders are net-long of gold, a bearish contrarian indicator. However, recent daily and weekly positional changes give us a bullish contrarian bias.
How to Trade Gold: Top Gold Trading Strategies and Tips
Silver Held Back by Technical Resistance
Silvers recent sell-off has been reversed and is now looking at breaking back above recent highs and an important Fibonacci retracement level. The recent double-high at $16.65/oz. is guarded by the 61.8% retracement level at $16.57/oz. with two other intra-day highs in-between. Silver needs a break and close above $16.65/oz. before it can re-test the June 14, 2018 swing-high at $17.32/oz. A cluster of lows between $16.12/oz. and $16.17/oz. provides support.
Silver Daily Price Chart (November 2018 – August 5, 2019)
How to Trade Silver: Top Trading Strategies
Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
Read more
The U.S. dollar index and U.S. Treasury yields rebounded at the same time; gold fell by more than 1%!
The initial value of the US S&P Global Manufacturing PMI in August was 48, which was lower than expected and the lowest in 8 months; the service PMI was 55.2, which exceeded the expected 54. The number of initial jobless claims in the week ending August 17 was 232,000, slightly higher than expected, and the previous value was revised from 227,000 to 228,000. Existing home sales in July increased for the first time in five months. The PMI data was lower than expected, which was bad for the US eco
The U.S. dollar index returned to the 103 mark; gold once plunged nearly $40 from its intraday high!
The monthly rate of retail sales in the United States in July was 1%, far exceeding expectations; the number of initial claims last week was slightly lower than expected, falling to the lowest level since July; traders cut their expectations of a rate cut by the Federal Reserve, and interest rate futures priced that the Federal Reserve would reduce the rate cut to 93 basis points this year. The probability of a 50 basis point rate cut in September fell to 27%. The data broke the expectation of a
Gold Price Stimulates by Geopolitical Tension
Gold prices experienced their largest gain in three weeks, driven by escalating tensions in the Middle East and the easing of the U.S. dollar as markets await the crucial CPI reading due on Wednesday. Gold has surged to an all-time high above $2,460, as uncertainties surrounding developments in both the Middle East and Eastern Europe persist push the demand for safe-haven assets higher.
KVB Today's Analysis: USD/JPY Eyes Volatility Ahead of BoJ Policy Meeting and US Data
The USD/JPY pair rises to 154.35 during the Asian session as the Yen strengthens against the Dollar for the fourth consecutive session, nearing a 12-week high. This is due to traders unwinding carry trades ahead of the Bank of Japan's expected rate hike and bond purchase tapering. Recent strong US PMI data supports the Federal Reserve's restrictive policy. Investors await US GDP and PCE inflation data, indicating potential volatility ahead of key central bank events.
WikiFX Broker
Latest News
Saxo & Portuguese Bank Partnership
WikiFXSEC Fines Broker-Dealers $275K for Incomplete SAR Filings
WikiFXWhat Makes Cross-Border Payments Easier Than Ever?
WikiFXTrader Exposes Unethical Practices by STP Trading
WikiFXLured by False Promises: Malaysian Driver Lost RM218K to an Investment Scam
WikiFXFTX Sets March 2025 Timeline for Creditor Payouts: What It Means for Investors
WikiFXWhat is an Economic Calendar? How it works
WikiFXItalian Regulator Warns Against 5 Websites
WikiFXSFC Freezes $91M in Client Accounts Amid Fraud Probe
WikiFXBybit Launches Gold & FX Treasure Hunt with Real Gold Rewards
WikiFXCurrency Calculator
