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
Bullish
GBP/USD
Mixed
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
  • $USD did gain momentum following the release with USDJPY breaking above 111.456. The cross is nearly 3% above its monthly lows after a strong shift up in recent days. Get your market update from @FxWestwater here: https://t.co/DWIrNdxrhk https://t.co/mplKTr53fw
  • Commodities Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Silver: 1.38% Gold: 0.63% Oil - US Crude: 0.49% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/4r15uo57of
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.13%, while traders in France 40 are at opposite extremes with 83.91%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/GkXqYp4qZM
  • IMF says Argentina's debt levels are "not sustainable" following a review. - BBG
  • Indices Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.00% US 500: 0.00% France 40: -0.07% Germany 30: -0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/FO0dXLaPZs
  • Spot FX Update: $EUR 1.0807 $JPY 111.276 $GBP 1.2922 $CAD 1.3228 $CHF 0.9837
  • The #DAX 30 remains in a short-term consolidation phase, one that began last week just after new record highs above 13596 were notched. Get your market update from @PaulRobinsonFX here: https://t.co/vV5qQ9xfxG https://t.co/PogbD9ZpPx
  • Commodities Update: NYM WTI Crude 53.36 (+2.52%), ICE Brent Crude 59.17 (+2.46%), NYM NYH Gasoline 166.27 (+2.93%). [delayed]
  • RT @BobPisani: $JPM strategist Marko Konanovic on a potential Technology bubble: "Signs that certain segments of tech are trading at unsus…
  • As forecasted, #DXY stopped just short of resistance at the October high at 99.67. See my USD weekly forecast here⬇️ https://www.dailyfx.com/forex/fundamental/forecast/weekly/usd/2020/02/15/US-Dollar-Outlook-Bullish-on-FOMC-Minutes-Coronavirus-Iran.html Title: US Dollar Outlook Bullish on FOMC Minutes, Coronavirus, Iran https://t.co/Wpxt0ukheU
Crude Oil Falls Under First Level of Support, Gold Facing Crosscurrents

Crude Oil Falls Under First Level of Support, Gold Facing Crosscurrents

2010-07-01 03:48:00
Sumit Roy,
Share:

Commodities - Energy

Crude Oil Falls Below First Level of Support

Crude Oil (WTI)        $74.78       -$0.85        -1.12%
Crude oil once again held above key $75.50 support despite U.S. stock markets that continued to careen to new multi-month lows. At one point in Wednesday’s session, oil prices got as low as $74.39, but the commodity clawed its way back above support by the end of the New York session. Granted, stocks were holding near neutral territory when crude oil settled at $75.63, but regardless, the $75.50 level has put up a good fight thus far. Currently, prices are back below support, and if stocks continue to sink, it is likely that crude will probe even lower levels near $70 and perhaps below.

Wednesday’s inventory report was dead neutral. Crude oil inventories decreased 2 million barrels, gasoline inventories increased 0.5 million barrels, distillate inventories increased 2.5 million barrels, and total petroleum inventories increased 3.6 million barrels. Though more bearish than analysts’ expectations, the figures were very much in line with the 5-year average.

commodityupdate070120102
                                                                                                                                                                                                    

Commodities - Metals

Gold Facing Crosscurrents

Gold      $1240.60       -$1.66        -0.13%
Another day, another $1.50 move higher in gold prices. While gold is benefitting from safe haven demand on the
one hand, it is also facing a certain headwind that strong-performing assets often encounter during broad financial selloffs, namely selling pressure from investors and traders attempting to raise cash. The combination of these two forces has effectively stalled gold prices. From a technical perspective, prices are still holding above a steep upward trendline that extends back to March, however, prices are also facing stiff resistance in the $1250-$1265 area. In the jargon of technical analysis, prices are forming either an ascending triangle or a rising wedge. The latter is a bearish reversal pattern, while the former is a bullish continuation pattern.

Silver      $18.54        -$0.07       -0.38%
Like gold, silver rose on Wednesday, after the two metals decoupled the day before. In the current environment of strong risk aversion, there is little compelling reason for silver to rise significantly. Indeed, prices could be poised to fall under $18. As we stated yesterday, there is not enough room for two save haven metals when there is such turmoil in the broader financial markets.

commodityupdate070120101
                                                                                                                                                                                                        
Please send any questions/comments about this article to instructor@dailyfx.com

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

DISCLOSURES

News & Analysis at your fingertips.