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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.
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