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.

0

Notifications

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

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Mixed
Oil - US Crude
Bearish
Wall Street
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
Bullish
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • The London trading session accounts for around 35% of total average forex turnover*, the largest amount relative to its peers. The London forex session overlaps with the New York session. Learn about trading the London forex session here: https://t.co/dWaWQ0MK1V https://t.co/47i1c87veZ
  • 🇮🇹 Balance of Trade (NOV) Actual: €6.766B Previous: €7.565B https://www.dailyfx.com/economic-calendar#2021-01-19
  • IEA lowers forecast for global oil demand by 600kbpd for Q1 21 and 300kbpd for whole of 21
  • Another strong move in the Ether (ETH)/Bitcoin (BTC) spread...#eth #btc #cryptocurrency @DailyFX Prices via @IGcom https://t.co/NvgjDnyWBP
  • Germany to extend lockdown measures until Feb 15th - RTRS
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in NZD/USD are at opposite extremes with 64.12%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/WQr6IZKXO7
  • Heads Up:🇮🇹 Balance of Trade (NOV) due at 09:00 GMT (15min) Previous: €7.565B https://www.dailyfx.com/economic-calendar#2021-01-19
  • 🇭🇰 Unemployment Rate (DEC) Actual: 6.6% Previous: 6.3% https://www.dailyfx.com/economic-calendar#2021-01-19
  • Commodities Update: As of 08:00, these are your best and worst performers based on the London trading schedule: Silver: 1.26% Oil - US Crude: 0.72% Gold: 0.34% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/3hAadkah8F
  • The US Dollar may be finding a turning point against ASEAN currencies as smaller fiscal stimulus bets, soft earnings risk and Covid cases translate into some capital flight from equities. Get your market update from @ddubrovskyFX here: https://t.co/F3uz5GHMSd https://t.co/2hBpM2GfQz
Crude Oil, Gold Aim Higher as Risk Appetite Swells into the Week-End

Crude Oil, Gold Aim Higher as Risk Appetite Swells into the Week-End

Ilya Spivak, Head Strategist, APAC

Talking Points

Commodity prices are on the upswing amid swelling risk appetite ahead of the opening bell on Wall Street. The chipper mood follows an unexpected pickup in German business confidence (albeit a very modest one) as well as broadly supportive outcomes on the day’s earnings calendar. The day’s key reports from Schlumberger, General Electric, Kimberly-Clark, Honeywell and McDonald’s uniformly showed better-than-forecast outcomes on headline EPS readings.

More of the same appears likely ahead, with S&P 500 index futures in strongly positive territory. This bodes well for crude oil and copper, where prices remain closely correlated with sentiment trends. Gold and silver are likewise pointing higher as the risk-on mood trims safe-haven demand for the US Dollar, offering de-facto boost to precious metals. Negative sideline comments from the G-20 Finance Ministers’ meeting as well as the ongoing IMF and World Bank summit seem to represent the only potential pitfall into the week-end.

WTI Crude Oil (NY Close): $102.27 // -0.40 // -0.39%

Prices remain wedged between resistance at 104.90 and a rising trend line support set from mid-December, with a Bullish Engulfing candlestick pattern arguing for an upside bias. A break above 104.90 exposes falling trend line barriers at 105.28 and 106.49. Support is now at 101.51.

Crude_Oil_Gold_Aim_Higher_as_Risk_Appetite_Swells_into_the_Week-End_body_Picture_3.png, Crude Oil, Gold Aim Higher as Risk Appetite Swells into the Week-End

Daily Chart - Created Using FXCM Marketscope 2.0

Spot Gold (NY Close): $1642.93 // +0.83 // +0.05%

Prices are testing support at 1638.02, the 23.6% Fibonacci expansion, after putting in a Bearish Engulfing candlestick pattern below falling trend line resistance set from early March. A break lower exposes the 38.2% level at 1612.02. However, a Doji candlestick warns of indecision and opens the possibility of a bounce. Trend line resistance is now at 1668.21.

Crude_Oil_Gold_Aim_Higher_as_Risk_Appetite_Swells_into_the_Week-End_body_Picture_4.png, Crude Oil, Gold Aim Higher as Risk Appetite Swells into the Week-End

Daily Chart - Created Using FXCM Marketscope 2.0

Spot Silver (NY Close): $31.78 // +0.15 // +0.46%

Prices continue to consolidate below resistance at 32.93, the former neckline of a Head and Shoulders (H&S) top carved out between late January and mid-March, and horizontal support at 31.04. A break blower exposes the first downside barrier at 29.79. The H&S setup broadly implies a measured downside target at 26.84.

Crude_Oil_Gold_Aim_Higher_as_Risk_Appetite_Swells_into_the_Week-End_body_Picture_5.png, Crude Oil, Gold Aim Higher as Risk Appetite Swells into the Week-End

Daily Chart - Created Using FXCM Marketscope 2.0

COMEX E-Mini Copper (NY Close): $3.628 // -0.004 // -0.11%

Prices put in two back-to-back Hammer candlesticks above rising trend line support set from early October, hinting a move higher may be ahead. Initial resistance lines up at 3.716, the 38.2% Fibonacci retracement. A break above this barrier exposes the 50% level at 3.761. Trend line support is now at 3.628.

Crude_Oil_Gold_Aim_Higher_as_Risk_Appetite_Swells_into_the_Week-End_body_Picture_6.png, Crude Oil, Gold Aim Higher as Risk Appetite Swells into the Week-End

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. 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 ispivak@dailyfx.com

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

DISCLOSURES