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
EUR/USD
Bullish
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
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
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
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Silver: 1.02% Gold: 0.15% Oil - US Crude: -1.06% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/SN5ZJQwiRu
  • White House Chief of Staff Mark Meadows: -Mnuchin and Pelosi made good progress on stimulus talks today -We still have a ways to go toward reaching a deal -Talks productive enough to continue again tomorrow -Trump admin offer currently stands at $1.88-trillion
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.81%, while traders in EUR/USD are at opposite extremes with 73.16%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/PUSjs4XLSS
  • US Treasury opposes extension of Federal Reserve's Municipal Lending Facility (MLF) -BBG $USD $SPX $XAU $RUT $DJI
  • Netflix 3Q earnings shows EPS at $1.74 vs expectations of $2.13 on revenue of $6.44 Bln vs expectations of $6.38 Bln. Not the greatest start for FAANG earnings
  • As of today, it is officially two weeks until the #2020Election with the final presidential debate coming up on October 22. Crazy to think how fast time flies.
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.01% US 500: -0.01% Germany 30: -0.19% FTSE 100: -0.28% France 40: -0.40% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/zxL5TzfUnp
  • US Dollar Price Action Setups: EUR/USD, AUD/USD, GBP/USD https://www.dailyfx.com/forex/video/live_events/2020/10/20/US-Dollar-Price-Action-Setups-EURUSD-EUR-USD-AUD-USD-AUDUSD-GBP-USD-GBPUSD.html https://t.co/zzMSzNAu7E
  • Renewed hopes of additional US stimulus combined with economic uncertainty increased the demand for Gold, Silver and other safe-haven assets temporarily. Get your market update from @Tams707 here:https://t.co/tdpnGJAdZp https://t.co/d3DlqqcAde
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Silver: 1.83% Gold: 0.39% Oil - US Crude: -0.03% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/V9jnip9o7w
Crude Oil, Gold May Rise as Markets Settle After Spain Bailout Volatility

Crude Oil, Gold May Rise as Markets Settle After Spain Bailout Volatility

2012-06-12 06:52:00
Ilya Spivak, Head Strategist, APAC
Share:

Talking Points

Commodity prices are in negative territory overnight, mirroring a selloff across Asian stock exchanges. The MSCI Asia Pacific regional benchmark equity index fell 1 percent amid skepticism about the ability of Spain’s bank bailout deal struck with Eurozone finance ministers over the weekend to calm debt crisis fears gripping the region. Yields on benchmark 10-year Spanish bonds jumped to 648.7bps yesterday, marking the highest level in over a week and showing investors were not sold on the country’s sovereign stability profile despite the aid package. The proximity of Greece’s second attempt at electing a coherent government due June 17 – where the ailing country’s Eurozone membership seems to hang in the balance – likely reinforced the dour mood.

Looking ahead, S&P 500 stock index futures are pointing higher to suggest risk aversion may moderate as markets return toward a neutral setting after Monday’s seesaw volatility and await the next driving catalyst for price action. This opens the door for sentiment-geared crude oil and copper prices to correct higher while gold and silver find support amid easing safe-haven demand for the US Dollar. The bi-annual ECB Financial Stability Review looks to be the most significant bit of event risk on the economic calendar. While traders are unlikely to be particularly surprised by the risks that the central bank will probably identify, the intense focus on Eurozone-linked instability can nonetheless make for a sharp reaction from price action in the absence of other major drivers.

WTI Crude Oil (NY Close): $84.10 // -0.72 // -0.85%

Prices took out support at 83.30 the 14.6% Fibonacci expansion, to challenge the 23.6% barrier at 81.07. A break beneath this boundary targets the 80.00 figure and the 38.2% Fib at 77.33. The 14.6% expansion has been recast as near-term resistance.

Crude_Oil_Gold_May_Rise_as_Markets_Settle_After_Spain_Bailout_Volatility_body_Picture_3.png, Crude Oil, Gold May Rise as Markets Settle After Spain Bailout Volatility

Daily Chart - Created Using FXCM Marketscope 2.0

Spot Gold (NY Close): $1596.77 // +3.32 // +0.21%

Prices remain wedged between 1599.17 and 1582.10, the 50% and 38.2% Fibonacci retracement levels, respectively. A break higher exposes the 61.8% Fib at 1616.23, a barrier reinforced by a falling trend line in place since early March. Alternatively, a push downward through support targets 1554.73, followed by the 1522.50-1532.45 area.

Crude_Oil_Gold_May_Rise_as_Markets_Settle_After_Spain_Bailout_Volatility_body_Picture_4.png, Crude Oil, Gold May Rise as Markets Settle After Spain Bailout Volatility

Daily Chart - Created Using FXCM Marketscope 2.0

Spot Silver (NY Close): $28.57 // +0.07 // +0.25%

Prices are treading water below resistance at 28.70. A break higher exposes 29.71. The overall structure appears to be showing a Flag chart formation, a setup indicative of bearish continuation. Confirmation is required on a daily close below the pattern’s bottom – now at 28.12 – which would expose 27.06 as the next downside objective.

Crude_Oil_Gold_May_Rise_as_Markets_Settle_After_Spain_Bailout_Volatility_body_Picture_5.png, Crude Oil, Gold May Rise as Markets Settle After Spain Bailout Volatility

Daily Chart - Created Using FXCM Marketscope 2.0

COMEX E-Mini Copper (NY Close): $3.344 // +0.058 // +1.77%

Prices continue to hover below resistance at the top of a falling channel set from the May 1 swing high, now at 3.334. A break higher initially exposes the 76.4% Fibonacci retracement at 3.426. Double bottom support lines up at 3.250, with a break below that targeting the 123.6% Fib extension at 3.080.

Crude_Oil_Gold_May_Rise_as_Markets_Settle_After_Spain_Bailout_Volatility_body_Picture_6.png, Crude Oil, Gold May Rise as Markets Settle After Spain Bailout Volatility

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