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 Download
EUR/USD
Bullish
GBP/USD
Bullish
USD/JPY
Bearish
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
Gold
Bearish
Oil - US Crude
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
Bitcoin
Bearish
More View more
Real Time News
  • The $USD may rise against the Norwegian #Krone and Swedish #Krona in the week ahead as panic about the #coronavirus inflames demand for anti-risk FX at the expense of cycle-sensitive assets. Get your market update from @ZabelinDimitri here:https://t.co/9Dqik0Xj2u https://t.co/wTkPVLVYun
  • The $JPY may rise as the S&P 500 outlook risks shifting more bearish on signals in trader positioning. What is the road ahead for USD/JPY given the outbreak of the coronavirus? Find out from @ddubrovskyFX here:https://t.co/1B6fkUQmem https://t.co/MMAZhdkogT
  • Commodities Update: As of 03:00, these are your best and worst performers based on the London trading schedule: Gold: 0.00% Silver: -1.09% Oil - US Crude: -2.95% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/DZRNhJUklr
  • Asia Equities Update [delayed]: Nikkei 225 (-3.48%) Shanghai Comp (-2.86%) ASX 200 (-2.86%) KOSPI (-2.94%) Check out our Analyst @DavidCottleFX for the latest news on APAC equities amid the #coronavirus here - https://www.dailyfx.com/forex/fundamental/article/special_report/2020/02/28/Asian-Stock-Prices-Wilt-Again-As-Coronavirus-Routs-Wall-St..html?CHID=9&QPID=917720&utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • Forex Update: As of 03:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.40% 🇬🇧GBP: -0.03% 🇨🇭CHF: -0.14% 🇨🇦CAD: -0.33% 🇦🇺AUD: -0.48% 🇳🇿NZD: -0.84% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/nYMxSnskuL
  • Regional #stockmarkets were naturally hammered following a scary day on #WallStreet. Currencies were pressured too, but with broader differences in fortunes as markets price in lower US borrowing costs. #coronavirus, #AUSUSD, #NZDUSD, #USDJPY, #ASX200 https://www.dailyfx.com/forex/fundamental/article/special_report/2020/02/28/Asian-Stock-Prices-Wilt-Again-As-Coronavirus-Routs-Wall-St..html?utm_source=Twitter&utm_medium=Cottle&utm_campaign=twr
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.05%, while traders in USD/CAD are at opposite extremes with 68.07%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/3gSaJJnsPg
  • U.S. Vice President Mike Pence: Risk of spread of the coronavirus in the country remains low -BBG
  • Here is some more perspective: 2018 United States population = 327.2m (via U.S. Census Bureau) #coronavirus https://t.co/gzWCmasWCT
  • China's 290m rural workers' employment hit by the #coronavirus, says Human Resources Vice Minister You Jun -BBG
Crude Oil Following S&P 500 Lower, Gold Liquidation Gathers Steam

Crude Oil Following S&P 500 Lower, Gold Liquidation Gathers Steam

2011-09-23 13:45:00
Ilya Spivak, Sr. Currency Strategist
Share:

Talking Points

  • Crude Oil Selling Continues as S&P 500 Leads Risky Assets Lower
  • Gold Liquidation Gathers Steam After Fed Policy Announcement

WTI Crude Oil (NY Close): $80.51 // -5.41 // -6.30%

Prices took out the 38.2% Fibonacci extension support at $80.97 and are now testing the 50% level at $78.03, with sharp losses on S&P 500 stock index futures ahead of the opening bell on Wall Street pointing to continued selling as the WTI contact continues to fall in line with broad-based risk sentiment trends. A break below current support exposes the 61.8% Fib at $75.09, while the 38.2% level has been recast as near-term resistance.

Crude_Oil_Following_SP_500_Lower_Gold_Liquidation_Gathers_Steam_body_Picture_3.png, Crude Oil Following S&P 500 Lower, Gold Liquidation Gathers Steam

Spot Gold (NY Close): 1740.13 // -42.22 // -2.37%

The selloff in the aftermath of Wednesday’s Federal Reserve policy announcement continues as the decision by Ben Bernanke and company to shy away from expanding the balance sheet saps demand for gold as an alternative store of value to would-be diluted fiat currencies. Prices are probing below the $1700 figure, a barrier reinforced by the 50% Fibonacci retracement level at $1695.05, with a daily close below the latter firmly validating the double top formation marked by two Bearish Engulfing patterns below the $1900/oz figure. Such an outcome implies a measured target near the $1500 mark over the coming weeks and months, though near-term support would be seen at $1643.83. For the time being, immediate resistance stands at $1746.26.

Crude_Oil_Following_SP_500_Lower_Gold_Liquidation_Gathers_Steam_body_Picture_4.png, Crude Oil Following S&P 500 Lower, Gold Liquidation Gathers Steam

Spot Silver (NY Close): $35.87 // -3.81 // -9.61%

The forces driving silver prices mirror those guiding gold, though the cheaper metal’s lower liquidity parameters are greatly amplifying volatility to produce a much sharper selloff. The measured target implied by the Head and Shoulders setup below the $44.00 figure at $34.81 is being overshot, with prices now testing support at the May 12 low ($32.32). RSI studies point to deeply oversold conditions, hinting a bounce is becoming increasingly likely over the near term, but reading too much into such indicators given current momentum doesn’t seem prudent.

Crude_Oil_Following_SP_500_Lower_Gold_Liquidation_Gathers_Steam_body_Picture_5.png, Crude Oil Following S&P 500 Lower, Gold Liquidation Gathers Steam

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.