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Gold and silver forecast: Metals continue bullish consolidation – Technical Tuesday

Election uncertainty in France and upcoming key US data are some of the risk factors keeping a lid on gold (XAUUSD) and silver (XAGUSD) prices. Still, both of our gold and silver forecast remains bullish. Their ongoing consolidation phase should not be mistaken for a sign of weakness.

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Gold and Silver Forecast: Extreme Scenarios in Sight

Gold and Silver Forecast: Are we facing bull traps?

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US dollar index breaks higher, triggering reversal warnings for gold and copper

Gold and copper were looking good until late Friday, bouncing strongly on Thursday following recent weakness, the former talking out key levels in the process. Then along came the latest US Composite PMI report from S&P Global.

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Gold, silver forecast: Metals drop to test key support levels

In the months ahead, our gold and silver outlook remains positive. Inflation continues to rise in the US, and although it has significantly decreased in Europe and other regions, the risk of deflation is minimal, particularly with the recent surge in oil prices.

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June 21, 2024 05:10 PM
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Gold consolidating bullish break, tailwinds to strengthen next week?

Gold has been on a nice run recently, breaking out of the pennant it had been coiling in before doing away with the downtrend dating back to the highs set in May. Considering the drift higher in US bond yields, along with a stronger US dollar, the move has been doubly impressive.

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June 21, 2024 07:25 AM
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Silver leads the breakout for gold, but resistance looms

Silver broke above $30 to reach a 9-day high today, before gold tried to mimic its move with limited success. And with silver stalling around resistance, I remain suspicious of the move higher on gold.

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June 20, 2024 07:05 AM
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Gold dancing to its own tune, placing emphasis on price for direction

Gold has been dancing to its own tune recently. The strong, positive correlation with other metals prices has weakened over the past month. So too its relationship with the US dollar and real US bond yields, its traditional drivers – it’s basically nonexistent. The lack of key drivers puts more emphasis on the price action for directional clues.

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June 19, 2024 03:17 AM
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Gold forecast: Will XAU/USD rise on lower yields?

Gold has started the new week on the back foot after climbing more than 1% on Friday, to post a positive close on the week which ended a three-week losing streak.

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June 17, 2024 08:32 AM

USD, EUR/USD, USD/CAD, Crude Oil, Dow Jones Analysis: COT report

Bears were busy last week as they piled into shorts against EUR/USD and the Dow Jones, and also reached a record level of net-short exposure to the Canadian dollar. And this was beneficial for USD bulls.

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Gold forecast remains bullish post CPI and FOMC

Gold couldn’t hold onto its post-CPI gains on Wednesday after Powell was a little more hawkish than expected at the FOMC press conference last night. Traders have been a little cautious to buy the dip ahead of today’s key US data – namely, PPI inflation figures, due for release at 13:30 BST.

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June 13, 2024 11:30 AM
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EUR/USD, gold key levels heading into US inflation, FOMC

The incoming US inflation report and FOMC meeting are highly anticipated events, as they can shape expectations for Fed policy beyond 2026. Volatility is expected, so we look at key levels for EUR/USD and gold ahead of these events.

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Gold Wrap, Silver Lining: June 11, 2024

A multi-timeframe view of gold suggests $2600 could be its next upside target on its way to $3000 (just don't hold your breath). For now, gold and silver could find some support ahead of a key US inflation report and FOMC meeting.

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USD, GBP/USD, Gold, Crude Oil Analysis: COT report

Traders may have reduced net-long exposure to USD futures in aggregate, but they remain net-long and a bullish reversal week formed on the USD index. We also take a look at GBP/USD, gold, WTI crude oil and US indices positioning (S&P 500, Dow Jones, Nasdaq 100).

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Gold, copper, silver forecast: Metals drop on NFP, China concerns

Concerns over China and a hot labour market report in the US caused metals to fall sharply. However, the long-term gold forecast remains positive despite the recent struggles, even if prices were to weaken further in the short-term outlook.

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Crude Oil and Gold Outlook: Pre NFP Trends

Crude Oil and Gold Outlook: Contrarian investors seek opportunities

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Gold, silver outlook still positive but in need of fresh bull signals

Investors have so far resisted the temptations of picking up silver’s dip back below the $30 handle, following the metal’s big breakout in the last couple of months. However, the long-term silver outlook remains bullish, and I am expecting the short-term selling pressure to ease soon.

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Gold stabilises above 2300, open interest plunged last week: COT report

A false break of Friday's low appears favourable for gold bulls over the near-term whilst the US dollar remains under pressure. Although looking at the weekly COT report shows that open interest to gold futures plunged at its fastest weekly pace in 18 months last week.

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June 4, 2024 05:52 AM

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Nikkei 225 tracks Wall Street higher, gold bears eye another drop

Asian indices were quick to rally out of the gate on Monday after a strong lead from Wall Street, sending Nikkei futures 1% higher. Gold looks worse for wear and we eye a potential move down to $2300.

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June 3, 2024 03:33 AM
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Gold, silver, copper: Tracking the damage from the late May metals rout

It’s been a wild ride for commodities in May with many names who started the month in beast mode ending it with a whimper. Some have broken down technically while others are threatening to do so. Ahead of inflation data from the United States, Eurozone and Japan on Friday, we look at messaging from the charts for gold, silver and copper.

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May 31, 2024 12:40 AM
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USD, Wall Street, gold: Risk seems to be falling apart at the seams

I suspect we're seeing the early moves of a pullback of appetite for risk in general, which saw traders push Wall Street indices and gold lower on Wednesday thanks to weak treasury demand. And it seems to be paving the way for the next leg higher for the USD.

Gold nuggets

The mild rebound for gold and copper wreaks of a dead-cat bounce

Gold and copper have made mild attempt to recoup last week's losses, which puts us on alert for a potential 'dead cat bounce'. Whilst silver’s rebound has been much more impressive, resistance looms.

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Gold outlook: inflation data takes centre stage as metal consolidates

This week’s key data is the core PCE price index, due on Friday. Ahead of it, gold may remain in a consolidation phase. Whether we see further short-term weakness following last week’s 3% drop doesn't significantly alter the long-term bullish gold outlook.

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May 28, 2024 05:43 PM

Significant trading volumes on the VIX hints at cycle low: COT report

When open interest on the VIX rises at its second largest weekly pace on record, it’s best to take notice. Especially when it reached a 5-year low before snapping a 4-week losing streak. We also take a look at positioning on the USD index, EUR/USD, GBP/USD, NZD/USD, gold and WTI crude oil.