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
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
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
Wall Street
Mixed
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: US 500: -0.59% Wall Street: -0.68% Germany 30: -1.54% FTSE 100: -1.92% France 40: -2.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/XYTWCCVSa1
  • #Silver is currently trading back just above the 26.00 level. The precious metal was knocked slightly lower yesterday amidst a slight jump in longer-term US yields but is attempting to move higher again today. $XAG $SLV https://t.co/3nwbQdLpRU
  • Trader confidence in Bitcoin, Ethereum and Gold remains largely undented by recent price falls and their longer-term trends higher remain intact. Get your market update from @MartinSEssex here:https://t.co/xwX3K91WyP https://t.co/GkI5ZRhv3l
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Silver: 0.82% Gold: 0.27% Oil - US Crude: 0.03% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/mbJ4BR6WeP
  • EU Drug Regulator: Benefits of J&J vaccine outweigh risks.
  • World Bank: Sees global commodity prices remaining firm around current levels in 2021 after Q1 recovery.
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.55%, while traders in Germany 30 are at opposite extremes with 80.61%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/tEAXFbZw1C
  • Canada extends Covid travel restrictions, only allowing essential travel to and from the US until May 21st. $USD $CAD
  • Commodities Update: As of 13:00, these are your best and worst performers based on the London trading schedule: Silver: 0.30% Oil - US Crude: 0.08% Gold: 0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/husHdqWE1m
  • USD contrarian properties fade as short squeeze stabilises. GBP/USD remains the largest bull bet. Get your market update from @JMcQueenFX here:https://t.co/M76KY0jys3 https://t.co/9pkAItCOkl
Commodities Sold Amid Greece-Fueled Risk Aversion

Commodities Sold Amid Greece-Fueled Risk Aversion

Ilya Spivak, Head Strategist, APAC

Talking Points

  • Crude Oil, Copper Aim to Extend Losses Amid Greece-Fueled Risk Aversion
  • Gold and Silver Under Pressure as Haven Flows Drive US Dollar Higher

Commodities are under fire once again in early European trade as Eurozone crisis fears continue to drive risk aversion, weighing on growth-geared crude oil and copper prices. The dour mood is also stoking safe-haven flows into the US Dollar, thereby applying de-facto selling pressure on gold and silver. S&P 500 stock index futures are pointing firmly lower ahead of the opening bell on Wall Street, hinting more of the same is up ahead.

Greece remains at the forefront following reports that Syriza party chief Alexis Tsipras – the second-largest vote-getter at the weekend’s election – said would-be coalition partners must renounce the EU austerity program to form a government with his support. Traders fear that Greece is increasingly likely renege on its obligations under the EU/IMF bailout program. This may see it ejected from the Eurozone and possibly the EU altogether, an unprecedented move that falls largely outside the realm of the forecast-able in terms of its practical implications for financial markets.

On the economic data front, another lackluster offering is on tap in the US with weekly MBA Mortgage Applications as well as the March Wholesale Inventories report on tap. The official DOE set of weekly crude inventory figures is likewise due to cross the wires.

WTI Crude Oil (NY Close): $97.01 // -0.93 // -0.95%

A selloff triggered after the appearance of a Harami candlestick pattern identified last week found interim support in the 95.78-96.56 area marked by a horizontal barrier in play since early November 2011 as well as the 100% Fibonacci expansion. A pair of Hammer candlesticks hints that a bounce may be ahead. Initial resistance lines up at 98.89, the 76.4% expansion, with a break above that exposing the 61.8% level at 100.33. Alternatively, a push through support targets 92.51.

Commodity_Prices_Aim_Lower_Amid_Greece-Fueled_Risk_Aversion_body_Picture_3.png, Commodities Sold Amid Greece-Fueled Risk Aversion

Daily Chart - Created Using FXCM Marketscope 2.0

Spot Gold (NY Close): $1605.47 // -33.08 // -2.02%

Prices completed the Triangle chart formation carved out since late March – a setup indicative of bearish continuation – and took out support at 1661.75 marked by the 38.2% Fibonacci expansion. Sellers now aim to challenge the 50% Fib at 1591.00. Longer term, the Triangle pattern implies a measured downside objective at 1548.21. The 38.2% level has been recast as immediate resistance.

Commodity_Prices_Aim_Lower_Amid_Greece-Fueled_Risk_Aversion_body_Picture_4.png, Commodities Sold Amid Greece-Fueled Risk Aversion

Daily Chart - Created Using FXCM Marketscope 2.0

Spot Silver (NY Close): $29.44 // -0.62 // -2.05%

Prices are testing the bottom of a falling channel established since early March (now at 28.96), a hurdle reinforced by a horizontal barrier at 28.70. Breaking the latter level on a daily closing basis would expose 27.06. Near-term resistance is now at 29.71.

Commodity_Prices_Aim_Lower_Amid_Greece-Fueled_Risk_Aversion_body_Picture_5.png, Commodities Sold Amid Greece-Fueled Risk Aversion

Daily Chart - Created Using FXCM Marketscope 2.0

COMEX E-Mini Copper (NY Close): $3.678 // -0.096 // -2.54%

Prices took out support in the 3.696-3.713 area marked by the October 28 closing high and the 38.2% Fibonacci retracement level, with sellers now challenging a rising trend line set from the October 3 bottom now at 3.636. A break through here exposes the 50% Fib at 3.606. The 3.696-3.713 area has been recast as near-term resistance.

Commodity_Prices_Aim_Lower_Amid_Greece-Fueled_Risk_Aversion_body_Picture_6.png, Commodities Sold Amid Greece-Fueled Risk Aversion

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