News & Analysis at your fingertips.

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. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
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
More View more
Real Time News
  • What suits your style of trading stocks or commodities? Find out what are the differences in these two markets here:
  • (Weekly Technical Outlook) US Dollar Outlook, Key Trend Reversals Playing Out? USD/CAD, AUD/USD, EUR/USD, GBP/USD #USD $USDCAD $AUDUSD $EURUSD $GBPUSD
  • Forex quotes reflect the price of different currencies at any point in time. Since a trader’s profit or loss is determined by movements in price, it is essential to develop a sound understanding of how to read currency pairs. Learn how to read quotes here:
  • The non-farm payroll (NFP) figure is a key economic indicator for the United States economy. It is also referred to as the monthly market mover. Find out why it has been given this nickname here:
  • It’s important for traders to be familiar with FX spreads as they are the primary cost of trading currencies. Understand a pair's spread here:
  • Dealing with the fear of missing out – or FOMO – is a highly valuable skill for traders. Not only can FOMO have a negative emotional impact, it can cloud judgment and overshadow logic. Learn how you can control FOMO in your trading here:
  • Rollover is the interest paid or earned for holding a currency spot position overnight. Learn how to earn rollover interest on your open positions here:
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here:
  • The continuity seen across these volatility cycles is a good thing. Historical precedence offer a blueprint for identifying conditions supportive for a vol-event to occur, and how they may unfold. Deepen your knowledge of historical volatility here:
  • Get your snapshot update of the of relative currency strength and exchange status from around the globe here:
Gold Flat, Crude Oil Cautiously Higher Before US Jobs Report

Gold Flat, Crude Oil Cautiously Higher Before US Jobs Report

Ilya Spivak, Head Strategist, APAC

Talking Points

  • Crude Oil, Copper Gain on Hopes US Recovery to Offset Eurozone Headwinds
  • Gold and Silver Flat as Prices Wait for US Jobs Data to Shape QE3 Outlook

Crude oil and copper prices are edging higher as markets await the closely-watched US employment report, where expectations call for the economy to add 210K jobs in February. While the outcome would mark a narrow slowdown from January, it would mark the strongest there-month period of employment growth since the first quarter of 2006. Investors are hoping that a pickup hiring will signal that firming US recovery has scope to offset headwinds facing global growth from recession in the Eurozone and a slowdown in China this year.

Precious metals’ performance is more muted, with gold and silver effectively flat. A relatively supportive US jobs growth outcome threatens to further erode expectations for a third round of quantitative easing from the Federal Reserve, denting store-of-value demand for metals as an alternative to fiat. An overnight rally in the US Dollar is likewise capping prices. The greenback rose against European currencies as regional growth concerns returned to the forefront upon completion of the Greek PSI bond swap agreement while the Yen fell after Finance Minister Jun Azumi hinted the BOJ would pursue further monetary easing.

WTI Crude Oil (NY Close): $106.58 // +0.42 // +0.40%

Prices continued higher after finding support at 104.38, the 38.2% Fibonacci retracement, with a break above the 23.6% level at 106.50. The bulls now aim to retest a formerly broken rising trend line set from the February 2 low, now at 108.30. The 23.6% Fib has been recast as near-term support.

Gold_Flat_Crude_Oil_Cautiously_Higher_Before_US_Jobs_Report_body_Picture_3.png, Gold Flat, Crude Oil Cautiously Higher Before US Jobs Report

Daily Chart - Created Using FXCM Marketscope 2.0

Spot Gold (NY Close): $1699.77 // +14.80 // +0.88%

Prices are recovering from support in the 1662.10-167.05 region, with the bulls aiming to challenge 1719.76 from here. A break above this boundary exposes the December 2 high at 1763.00. Alternatively, a break lower initially exposes 1641.62, the December 21 wick high.

Gold_Flat_Crude_Oil_Cautiously_Higher_Before_US_Jobs_Report_body_Picture_4.png, Gold Flat, Crude Oil Cautiously Higher Before US Jobs Report

Daily Chart - Created Using FXCM Marketscope 2.0

Spot Silver (NY Close): $33.87 // +0.45 // +1.34%

Prices are recovering from support in the 32.63-32.97 are marked by the February 16 low and the 38.2% Fibonacci retracement. Near-term resistance lines up at 34.59, the 23.6% Fib. On balance, overall positioning appears to favor the downside absent a daily close above 37.48, the February 29 high and peak of a Bearish Engulfing candlestick pattern.

Gold_Flat_Crude_Oil_Cautiously_Higher_Before_US_Jobs_Report_body_Picture_5.png, Gold Flat, Crude Oil Cautiously Higher Before US Jobs Report

Daily Chart - Created Using FXCM Marketscope 2.0

COMEX E-Mini Copper (NY Close): $3.792 // +0.024 // +0.64%

Prices are rebounding from support at 3.713, the would-be neckline of a Head and Shoulders top formation, to retest support-turned-resistance at a rising trend line set from mid-December now at 3.855. A break above that on a daily closing basis would expose the January 27 high at 3.938.

Gold_Flat_Crude_Oil_Cautiously_Higher_Before_US_Jobs_Report_body_Picture_6.png, Gold Flat, Crude Oil Cautiously Higher Before US Jobs Report

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for

To contact Ilya, e-mail Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to

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