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
GBP/USD
Bearish
USD/JPY
Mixed
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
Bearish
More View more
Real Time News
  • MACD who? The Moving Average Convergence Divergence (MACD) is a technical indicator which simply measures the relationship of exponential moving averages (EMA). Find out how you can incorporate MACD into your trading strategy here: https://t.co/ZNs4Qi8ieG https://t.co/7NYdsv43yx
  • European Opening Calls From IG: #FTSE 7450 -0.09% #DAX 13774 -0.11% #CAC 6103 -0.13% #AEX 628 -0.22% #MIB 25419 -0.23% #IBEX 10067 -0.17% #STOXX 3857 -0.22%
  • Heads Up:🇨🇭 CHF Industrial Output w.d.a. (YoY) (4Q) due at 07:30 GMT (15min), Actual: N/A Expected: N/A Previous: 8.0% https://www.dailyfx.com/economic-calendar#2020-02-20
  • GBP/USD Technical Analysis: British Pound Trend Reversal in Play - https://www.dailyfx.com/forex/technical/home/analysis/gbp-usd/2020/02/20/GBPUSD-Technical-Analysis-British-Pound-Trend-Reversal-in-Play.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr #GBPUSD #technicalanalysis https://t.co/R74kxDFLc7
  • 🇪🇺 EUR German GfK Consumer Confidence (MAR), Actual: 9.8 Expected: 9.8 Previous: 9.9 https://www.dailyfx.com/economic-calendar#2020-02-20
  • Heads Up:🇪🇺 EUR German GfK Consumer Confidence (MAR) due at 07:00 GMT (15min), Actual: N/A Expected: 9.8 Previous: 9.9 https://www.dailyfx.com/economic-calendar#2020-02-20
  • Have you joined @DailyFX @facebook group yet? Discuss your #forex strategies and brush up on your skills with us here: https://t.co/jtY1G7g8yx https://t.co/YZQdz0J9Qx
  • The #Euro may retrace higher before resuming a selloff that brought the single currency to the lowest level in close to three years against the US Dollar. Get your market update from @IlyaSpivak here: https://t.co/6tE2Xibkiw https://t.co/LW8VClzEHx
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.26%, while traders in France 40 are at opposite extremes with 85.07%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/o7bhcPUReq
  • Forex Update: As of 05:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.02% 🇯🇵JPY: 0.00% 🇨🇦CAD: -0.06% 🇬🇧GBP: -0.08% 🇦🇺AUD: -0.39% 🇳🇿NZD: -0.40% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/9hDuPgcn3f
Crude Oil Little Changed in Choppy Trading, Gold Continues Lower

Crude Oil Little Changed in Choppy Trading, Gold Continues Lower

2010-07-07 03:51:00
Sumit Roy,
Share:

Commodities - Energy

Crude Oil Little Changed in Choppy Trading

Crude Oil (WTI)        $72.24       +$0.26        +0.36%
Though prices moved in a three dollar range on Tuesday, crude oil ultimately finished little changed, as economic uncertainty kept buying interest limited. The ISM Services Index had a disappointing reading, coming in at 53.8 versus the 55.0 consensus estimate. Interestingly, oil and stock markets rallied early in the U.S. session despite the weak ISM figure, as a bit of bargain buying emerged, but that rally quickly gave way to renewed selling pressure.

Tomorrow will be a key indication of where risk assets, including crude oil, go from here. In bear markets, such assets typically sell off regardless of their oversold conditions. The fact that markets could not hold on to decent gains on Tuesday is a very negative sign. Should the financial markets continue lower tomorrow, look for oil to test levels under $70. Key technical levels remain the same, with support near $69.50 and resistance at $75.50. Oil has fallen for six sessions in a row.


commodityupdate07072010oil
                                                                                                                                                                                                    

Commodities - Metals

Gold Continues Lower

Gold      $1193.75       +$1.13        +0.09%
Gold is following our playbook closely. After breaking down decisively last Thursday, prices attempted to rally slightly on bargain hunting, however, prices have now reversed course and are on track to test horizontal support near $1166. Momentum traders who helped propel gold to the recent all-time highs are now more cautious on the metal after witnessing last week’s plunge. Reduced demand from this segment of the trading community and the fact that some traders may feel more emboldened to short after the reversal, should contribute to further downside in gold.

Silver      $17.82        -$0.01       -0.06%
Silver closed some of the gap between itself and gold on Tuesday. Last week, silver prices fell much more aggressively than gold prices, which caused the gold/silver ratio to increase to 68.25 from 65.76. The price action on Tuesday was just a reversal of some of that steep underperformance. If gold prices continue to fall, it is very likely that silver will follow suit.

commodityupdate07072010gold
                                                                                                                                                                                                        
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.