Gold (XAU/USD) And Silver (XAG/USD) Drift As US Dollar Pares Recent Losses

Date

8/29/2024 9:59:37 AM

(MENAFN- DailyFX) ) and Silver (XAG/USD) Drift as US Dollar Pares Recent Losses Skip to Conten

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Host: Duration: min 13:13:50 widgets/economicCalendar._abbr () Actual Forecast Previous Revised EUR/USD Mixed
1h Last updated: Aug 28, 2024
Long Short
Note: Low and High figures are for the trading day.
Data provided by News EUR/USD, GBP/USD, and Gold – Latest Sentiment Analysis 2024-08-23 13:00:16 EUR/USD Underpinned by Better-Than-Expected Euro Area PMIs, Weak US Dollar 2024-08-22 08:34:08 Oil - US Crude Mixed

1h Last updated: Aug 28, 2024

Long Short
Note: Low and High figures are for the trading day.
Data provided by News Libya Outages and Middle East Tensions Spark Supply Concerns. WTI Nears key $77.40 Resistance 2024-08-27 13:30:05 IG Retail Sentiment Snapshot: Oil, AUD/USD and DAX 2024-08-22 13:00:28 Wall Street Mixed

1h Last updated: Aug 28, 2024

Long Short
Note: Low and High figures are for the trading day.
Data provided by News Nikkei 225, Dow Jones and Nasdaq 100 Lose Upside Momentum 2024-08-22 11:30:49 Nikkei 225 Boosted by Strong Dow and Nasdaq 100 2024-08-20 11:00:33 Gold Bearish

1h Last updated: Aug 28, 2024

Long Short
Note: Low and High figures are for the trading day.
Data provided by News Gold (XAU/USD) and Silver (XAG/USD) Drift as US Dollar Pares Recent Losses 2024-08-28 13:00:18 EUR/USD, GBP/USD, and Gold – Latest Sentiment Analysis 2024-08-23 13:00:16 GBP/USD Bullish

1h Last updated: Aug 28, 2024

Long Short
Note: Low and High figures are for the trading day.
Data provided by News EUR/USD, GBP/USD, and Gold – Latest Sentiment Analysis 2024-08-23 13:00:16 EUR/USD and GBP/USD Rallies Fuelled by Ongoing US Dollar Weakness 2024-08-21 13:01:27 USD/JPY Bearish

1h Last updated: Aug 28, 2024

Long Short
Note: Low and High figures are for the trading day.
Data provided by News IG Retail Sentiment Report: AUD/USD and USD/JPY after Aussie CPI, BoJ Comments 2024-08-28 08:10:02 USD/JPY and AUD/USD Latest Sentiment Analysis and Positioning 2024-08-27 08:00:07 More View More

Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: -0.01% 🇪🇺EUR: -0....
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Gold (XAU/USD) and Silver (XAG/USD) Analysis and Charts
US Dollar Index (DXY) Daily Chart
Gold Daily Price Chart
Silver Daily Price Chart
Gold (XAU/USD) and Silver (XAG/USD) Analysis and Charts

Gold remains positive in the coming weeks
Silver 's technical break higher remains in place.
Recommended by Nick Cawley Get Your Free Gold Forecast Get My Guide
The US dollar Index (DXY) is around 0.4% higher in European trade after steadying around a 9-month low this week. This slight move higher lacks any conviction and a further move lower is expected in the coming weeks as US interest rate cuts come into play. The next driver of price action, and sentiment, is likely to be Nvidia's quarterly earnings released after the US market close today.
US Dollar Index (DXY) Daily Chart
The outlook for gold remains positive for the weeks ahead after the precious metal reached another multi-decade high last week. The demand for gold remains at, or close to, the highest level in 14 years, driven higher by Middle East tensions and a dovish US interest rate outlook. Initial support is around $2,485/oz. followed by $2,450/oz.
Gold Daily Price Chart
Retail trader data shows 53.66% of traders are net-long with the ratio of traders long to short at 1.16 to 1.The number of traders net-long is 10.14% higher than yesterday and 13.05% higher from last week, while the number of traders net-short is 5.69% lower than yesterday and 9.76% lower from last week.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Gold prices may continue to fall. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger Gold-bearish contrarian trading bias.
Silver broke through a bullish flag pattern on August 16th and posted a fresh six-week high at the start of this week. This bullish pattern remains in control of silver's outlook and a clear break above $29.82/oz. should bring the July 11th high at $31.75/oz. into play.
Gold Bearish Data provided by

of clients are net long. of clients are net short.

Change in	Longs	Shorts	OI
Daily	7%	-5%	1%
Weekly	6%	-7%	0%

What does it mean for price action? Get My Guide Silver Daily Price Chart

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