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
Oil - US Crude
Wall Street
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
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
More View more
Real Time News
  • Support and resistance are the cornerstone of technical analysis, making it the foundation that you build your knowledge on. Build a stronger foundation here: https://t.co/yXLaRpl90I https://t.co/MhP7opgk4a
  • Investors in stocks, commodity currencies and energy have been praying for a massive fiscal bazooka to combat the virus effects. It looks like they’re going to get it. Get your market update from @DavidCottleFX here:https://t.co/e2ciGSYftY https://t.co/Udoi5UMJrl
  • The ‘V-shaped’ recovery in USD/JPY just failed to hit its target and is now moving lower again. Important support is now being tested. Get your $USDJPY technical analysis from @nickcawley1 here: https://t.co/koiac0Rxvs https://t.co/CsVsS7PVMV
  • The Australian Dollar has been lifted from its multi-year lows by hopes that global financial authorities can fend off the worst of the #coronavirus‘ effects. Get your $AUDUSD market update from @DavidCottleFX here: https://t.co/GC5pwNbY9S https://t.co/OryobNq7uL
  • Before considering to enter a position, price action must come into contact with the upper or lower channel line at least three times. Learn how to validate a channel here: https://t.co/Rd5hDm7gRo https://t.co/mubPgmDRRY
  • A tidal wave of cash waits to return to virus-battered assets, backstopped by huge stimulus. It is unlikely to deploy until infection slows, whatever the US administration prefers. Get your market update from @DavidCottleFX here: https://t.co/OWOi2HxejD https://t.co/jvMXT7te1h
  • The bullish engulfing candle is one of the forex market’s most clear-cut price action signals for reversals and continuation. Learn more about this price action trading signal here: https://t.co/edEHzyoCJT https://t.co/vHPSW7Vm96
  • It was a big week for GBP/USD as Cable crushed shorts, rallying more than 1,000 pips off of last week’s lows. Get your $GBPUSD technical analysis from @JStanleyFX here: https://t.co/n6vYfe6Gfh https://t.co/zQq74Zzxsv
  • The bull flag pattern is a great pattern to add to a forex trader’s technical arsenal. Explosive moves are often associated with the bull flag. Learn more about the bull flag pattern here: https://t.co/ZNRBvNELeJ https://t.co/CKkWNMLkuw
  • The US Dollar could rise if key ISM, PMI and nonfarm payrolls data causes recession fears to swell and rekindles appetite for the haven-linked Greenback. Get your $USD market update from @ZabelinDimitri here: https://t.co/iTlnxWuSqn https://t.co/brEsDw2a5K
Crude Oil to Follow Stocks, Gold Outlook Clouded as NFP Approaches

Crude Oil to Follow Stocks, Gold Outlook Clouded as NFP Approaches

2011-07-08 10:40:00
Ilya Spivak, Head Strategist, APAC

Commodities – Energy

Crude Oil Looks to US Jobs Data for Direction

WTI Crude Oil (NY Close): $98.67 // +2.02 // +2.09%

Needless to say, all eyes are now on the official set of US Employment figures, with traders encouraged by yesterday’s strong showing on preliminary ADP figures and hoping that a strong outcome will buoy the outlook for global economic performance in the second half of the year even as other key growth engines (China, Europe, Japan) appear to falter. Expectations call for an increase of 105,000 in June.

Interestingly, yesterday’s surge in risk appetite may have already seen markets price in a degree of good news, with upward pressure somewhat muted today if the outcome prints in line with expectations. However, with markets primed for a positive result after the ADP outcome, falling short of the consensus forecasts seems likely to be particularly damaging for the spectrum of sentiment-sensitive asset classes, including crude.

Prices are correcting a bit in Europe ahead of the key event risk, inching toward support at $97.51. A disappointing reading that takes the WTI contract below this juncture initially exposes the $96.00 figure once again. Alternatively, a break higher through near-term resistance at $99.38 opens the door for an advance to the June 9 high at $102.40.

Crude_Oil_to_Follow_Stocks_Gold_Outlook_Clouded_as_NFP_Approaches_body_Picture_3.png, Crude Oil to Follow Stocks, Gold Outlook Clouded as NFP Approaches

Commodities – Metals

Gold Torn Between Competing Forces Ahead of NFP

Spot Gold (NY Close): 1532.38 // +3.48 // +0.23%

Prices are pulling back from resistance at $1530.82 – the intersection of the 23.6% Fibonacci extension and the underside of a previously broken rising channel bottom – ahead of the US jobs report. Two conflicting forces are at work as the metal prepares for the data to cross the wires, casting a cloud over the near-term outlook for the yellow metal.

On one hand, an improvement in the US labor market against a backdrop of slowdown elsewhere reinforces expectations of a global recovery that is slow but continuous, trimming gold’s allure as a store of value in the event of runaway inflation or backslide into recession. On the other, a strong NFP figure is likely to weigh against the safe-haven US Dollar and push up assets denominated in the benchmark currency, including gold.

Gold’s overnight behavior suggests the latter of the two is the more important relationship over the near term. Indeed, prices are taking a step back along with the spectrum of risky assets as the greenback recovers some lost ground ahead of the release. Whether this continues to be the case in post-NFP volatility remains uncertain however, and caution is certainly warranted.

Crude_Oil_to_Follow_Stocks_Gold_Outlook_Clouded_as_NFP_Approaches_body_Picture_4.png, Crude Oil to Follow Stocks, Gold Outlook Clouded as NFP Approaches

Spot Silver (NY Close): $356.45 // +0.55 // +1.54%

Prices are stalling ahead of resistance at $36.64, the 50% Fibonacci extension level, ahead of the US jobs report. As with gold, the key question to be answered for the cheaper metal will be whether the direction of the US Dollar or the outcome’s implications for global growth are in the spotlight after the data crosses the wires. Near-term support lines up at $35.86. The gold/silver ration remains inversely correlated to the MSCI World Stock Index, suggesting silver will outperform in the event that a positive result boosts risk appetite.

Crude_Oil_to_Follow_Stocks_Gold_Outlook_Clouded_as_NFP_Approaches_body_Picture_5.png, Crude Oil to Follow Stocks, Gold Outlook Clouded as NFP Approaches

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.


News & Analysis at your fingertips.