Precious Metals market
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Gold outlook: Metal falls further as US dollar extends gains
Gold has fallen sharply again today, breaking below $1900 support level. The breakdown has given rise to fresh technical selling below this level, further exacerbating the sell-off. The metal has been coming under pressure from two main sources: Strong US dollar and rising global bond yields, both find strong support on any short-term dips.
Gold outlook: Metal not out of woods yet as FOMC decision looms
Gold was able to climb in the last two days of last week despite the US dollar and bond yields pushing higher. The precious metal gained ground on Friday as stocks reversed their earlier gains to close lower before falling further today. In other words, the metal has been supported by haven flows in the last few sessions. Gold was attempting to gain further ground today, but unsurprisingly was struggling to do so.
Gold outlook: Metal turns positive after ECB’s dovish hike
Gold was lower earlier, but after nearing the key $1900 level it has bounced back to turn positive. The gains are probably driven in part by short-side profit taking and after the ECB signalled it is done with rate hikes, earlier. XAUUSD was still below its 200-day average, which means it is at risk of suffering renewed falls should the US dollar extend its gains further, after rising for 8 consecutive weeks against a basket of foreign currencies.
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Gold outlook dims as US inflation heats up again
So, the inflation battle continues for the Fed as we the latest CPI data come in stronger. This should keep the dollar supported against currencies where the central bank is expected to turn dovish. The likes of the euro and pound come to mind. Gold and possibly stocks may also struggle as the renewed surge in inflation may force the Fed to hike interest rates perhaps one more time before the end of the year.
Gold analysis: Metal off highs as outlook remains bearish
Earlier, gold managed to recoup some of its weekly losses as it found support on the back of slight weakness for the dollar and bond yields. However, at the time of writing, it was coming noticeably off its earlier highs and threatening to turn red. It looks like the earlier recovery was driven by short-covering. Overall, the current market environment is not too supportive for gold, and not a lot has changed today.
Gold may be lower against the dollar, but it’s holding up elsewhere
Despite competing with the strength of the dollar, gold has been trading higher against all other major currencies since its low in August. This could suggest that gold is acting as a safe haven, even if it is not immediately obvious from the XAU/USD chart.
Gold analysis: Metal off lows but pressure remains
Gold hit its lowest level since June at just above $1900, before bouncing off its lows. The metal has been coming under pressure in recent months because of several reasons, but mainly due to long-dated bond yields remaining elevated is Europe and US, and the fact that the dollar has been trending higher in the last 4 weeks or so.
Gold outlook: Metal probes resistance as dollar, yields fall
The opportunity cost of holding gold over bonds fell slightly with yields declining, brightening the gold outlook a touch.
Gold outlook finely balanced
On Wednesday, the gold outlook dimmed further as investors assessed the main message coming from this week's Sintra conference – that more policy tightening is on the way – and decided to punish the metal further.
Gold outlook brightens as services activity dims
Our long-term bullish gold outlook received a boost today as fresh doubts were cast over a June Fed rate hike.
Gold outlook: Metal rebounds as dollar and yields fall
While the short-term gold outlook remains murky, there is little doubt in my mind that the longer-term gold forecast is positive...
Gold outlook bullish despite short term struggles
Gold's struggle are due to profit-taking and rebound in dollar and yields -- factors likely to be temporary. Our longer-term gold outlook remains bullish.
Gold outlook remains positive as US CPI cools
My gold outlook remains positive because the Fed is likely to start cutting rates by as early as September.
Gold outlook: Will Fed trigger rally or sell-off?
Gold is holding above $2K ahead of the Fed & ECB rate decisions. Our bullish gold outlook remains intact heading into these events.
Gold outlook: Above $2K again as dollar eases
The gold outlook has improved because of a drop in US dollar and bond yields, following the release of more disappointing US data.
Gold outlook: Metal below $2K as dollar advances
While the metal may well extend its drop in the short-term, my longer-term gold outlook remains positive. I therefore envisage a rise to a new record high soon.
Gold outlook: US inflation in focus
Today’s US inflation report could be the difference between a 25bp Fed hike or pause at their May meeting, making it a key data point to watch.
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Gold outlook: Metal closes in on all-time high
Renewed weakness in bond yields and US dollar, thanks to soft US data, has brightened the gold outlook
Silver forecast: Metal heading to $25?
Falling US dollar is boosting the silver forecast, along with gold and copper. Precious metals have had a great month so far and that run could continue.
Gold finds relief as dollar rally pauses – for now
For gold to make a stronger recovery, we will have to see a surprise miss on Friday’s NFP
Gold finds relief but risks tilted to downside
But will today’s FOMC minutes match the recent hawkish Fedspeak? And – more importantly for gold traders – will the dollar and yields have further to run on the Fed story?
European Open: Gold consolidates ahead of FOMC minutes
Gold may be on the quiet side now, but it’s unlikely to remain the case if the FOMC minutes go as we suspect.
Gold extends drop on strong US data
Retail sales become latest data to beat expectations, adding to sticky inflation narrative