We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Bearish
USD/JPY
Bullish
Gold
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Bitcoin
Mixed
More View more
Real Time News
  • #DidYouKnow the global trade volumes dropped by close to 10% amid the Great Recession. Want to know your #tradewars history? Get it here: https://t.co/f4loFVimeY https://t.co/E4GkupnRnC
  • Central bank independence has several advantages and disadvantages. Find out what they are in-depth with @MartinSEssex here: https://t.co/wVFXbbTxf1 https://t.co/jtZTvodpCt
  • The price of oil preserves the advance following the OPEC meeting as the US and China, the two largest consumers of crude, reach a trade deal. Get your crude #oil market update from @DavidJSong here: https://t.co/g5lxDaRvWL #oott https://t.co/yeelVJU5OK
  • Have you been catching on your @DailyFX #podcast "Global Markets Decoded"? Catch up on them now, before new episodes release! https://t.co/mk1w1DM2Rh https://t.co/rEVhCnC0vY
  • Asia’s vast and growing importance to the world economy is not yet matched by the presence of a currency trading center to rival the established order. Get your update on market drivers in Asia here: https://t.co/r3Ku0p9dw1 https://t.co/I1AA0UEyWq
  • Geopolitical developments send #oil prices soaring or falling. Get your market update from @MartinSEssex here:https://t.co/XVXLyG8vjq #OOTT https://t.co/o4zt4pmSzc
  • The $USDINR may fall as the Nifty 50 rises after the US and China avoided tariff escalation and Indian CPI increased at its fastest pace since July 2016 amid on onion shortage. Get your market update from @ddubrovskyFX here:https://t.co/iXLf98geXL https://t.co/uVwbkkkl09
  • My weekend trading video: 'A #Dow and Yuan Retreat Could Break 2019's Bullish Complacency' https://www.dailyfx.com/forex/video/daily_news_report/2019/12/14/A-Dow-and-Yuan-Retreat-Could-Break-Break-2019s-Bullish-Complacency.html?CHID=9&QPID=917719
  • The $USD may extend declines against its ASEAN counterparts after the Fed rate decision. The Philippine Peso and Singapore Dollar are attempting key technical breakouts. Get your market update from @ddubrovskyFX here:https://t.co/JoPLb4Oi2q https://t.co/fKzeBlWaCx
  • Negative yielding government bonds – What are they telling us? Find out from @nickcawley1 here: https://t.co/F6JuhmrvPT https://t.co/Mf9e1cgWmR
Oil and Gold Technical Setup Favors Losses, Risk Trends and US CPI Likely Triggers

Oil and Gold Technical Setup Favors Losses, Risk Trends and US CPI Likely Triggers

2010-03-18 11:02:00
Ilya Spivak, Sr. Currency Strategist
Share:

Commodities - Energy

Oil Technical Setup Favors Losses, Risk Trends the Likely Catalyst

Crude Oil (WTI)       $82.43       -$0.50       -0.60%
Technical positioning argues for a turn lower after prices put in a Hanging Man candlestick followed by bearish confirmation on the close of the next bar after a test of support-turned-resistance at a rising trend line established from the swing bottom in early February. A supportive economic calendar may complicate things for the bears however, with US initial jobless claims set to decline for a third week while the Philadelphia Fed’s manufacturing sentiment index advances to 18.0 in March from 17.6 in the previous month. Fading risk appetite may be enough to drive prices lower however as the correlation between crude and the MSCI World Stock Index remains potent at 0.77, hinting that losses across all major European bourses as well US stock index futures will create a supportive environment for sellers. Near-term support is seen in the $79.32-$80.28 region, with a break below that exposing $77.53.

031810 1


Commodities - Metals

Gold Technical Setup Bearish, US CPI May Trigger Selloff

Gold       $1125.65       +$5.30       +0.47%
The technical setup is similar to oil, with prices showing an Inverted Hammer bearish reversal candlestick along with confirmation on the following bar after a test of resistance at support-turned-resistance marked by a rising trend line set from the swing low in early February. The economic calendar looks supportive of a bearish scenario with US CPI figures expected to show the annual pace of core inflation slowed to 1.4%, matching a five-year low originally set in August of last year. The apparent absence of meaningful upward pressure on the price level is likely to weigh on inflation hedge demand, sending precious metals broadly lower.

Silver       $17.50       +$0.40       + 0.23%
The outlook for silver is largely in line with that of gold as lackluster US CPI readings promise to weigh on metal prices. Prices are treading water below range resistance at $17.52, with a push lower seeing initial support at $16.93.

031810 2


For real time news and analysis, please visit http://www.dailyfx.com/real_time_news

To receive future articles by email, please contact Ilya at ispivak@dailyfx.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.