Gold Is Starting to Look Like Value Again
Gold’s improving momentum and strong long-term support suggest the recent sell-off may offer an attractive entry point.
Senior Market Strategist
Russell Shor is a Senior Market Strategist at FXCM, having been promoted to the role in 2025 in recognition of his depth of insight and consistent delivery of high-impact market analysis. He originally joined FXCM in October 2017 as a Senior Market Specialist.
Russell holds an Honours Degree in Economics from the University of South Africa, is a certified FMVA®, and a full member of the Society of Technical Analysts (UK). With over 20 years of experience in financial markets, his work is renowned for its clarity, precision, and strategic value across asset classes.
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Gold’s improving momentum and strong long-term support suggest the recent sell-off may offer an attractive entry point.
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Oil, the USDOLLAR, XAUUSD and JPN225 are nearing decisive levels that could reveal the market’s next major conviction trade.
The SPX500 is closing in on record highs, powered by strong earnings and oil-price relief, but rising yields and inflation risks still threaten the breakout.
Warsh’s decision to let markets do more of the Fed’s work has pushed long-term yields higher while raising fresh doubts about his inflation-fighting credibility.
UKOil remains bearish below $86 as easing Iran tensions strip out geopolitical risk.
UKOil tests critical support as uneven Hormuz flows erode the supply premium.
USDOLLAR’s next move depends on whether higher rate expectations and safe-haven demand outweigh doubts about Fed credibility and the growth risks from Hormuz.
Oil surges, USDOLLAR breaks higher, gold hesitates and SPX500 rotates as the Fed takes centre stage.
With support cracking and valuations stretched, the SPX500 now faces a decisive test from the Fed, inflation data and Big Tech earnings.
JPN225 offers investors far more reward for taking equity risk than SPX500, but that advantage comes with heavy exposure to technology, semiconductors and AI.
UKOil’s overheated July rally has hit a geopolitical reality check, with $85-$86 now deciding whether the uptrend survives or unravels.
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