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
Mixed
Oil - US Crude
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
Wall Street
Bearish
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • *Reminder: Weekly Strategy Webinar tomorrow morning at 8:30am ET on DailyFX! https://t.co/lxd5fZnn4H
  • Central banks often deem it necessary to intervene in the foreign exchange market to protect the value of their national currency. Learn how central bank intervention can impact your trading here: https://t.co/ZJOEtpGUIq https://t.co/tJWOXZCoBw
  • The US Dollar may seesaw as investors navigate what could be a volatile week packed with US GDP data, rising Covid-19 cases, Q3 corporate earnings and more. Get your #currencies update from @ZabelinDimitri here: https://t.co/UNRcd3c9uA https://t.co/BiUiOV4cXC
  • USD/MXN pushes lower towards a critical support level in the midst of continued political uncertainty. Get your #currencies update from @HathornSabin here: https://t.co/HEAzgJJJjg https://t.co/NU9wYbIuni
  • Gold Forecast - via @DailyFX “Gold price outlook still hinges on stimulus deal expectations and corresponding swings in real yields.” What will I have my eyes on in the week ahead? Link to Analysis: https://www.dailyfx.com/forex/fundamental/forecast/weekly/title/2020/10/23/gold-forecast-xau-usd-at-the-mercy-of-a-fiscal-stimulus-deal.html $GC_F $XAUUSD $GLD https://t.co/GWEI4d4mMu
  • Forex liquidity makes it easy for traders to sell and buy currencies without delay, and also creates tight spreads for favorable quotes. Low costs and large scope to various markets make it the most frequently traded market in the world. Learn more here: https://t.co/5uSWKoLkd6 https://t.co/rxswe1gVL0
  • Talks between the EU and UK restarted today and will continue over the weekend as negotiators from both sides battle against the clock. Get your #currencies update from @nickcawley1 here: https://t.co/ER8IT1yxYO https://t.co/Jeeu2P9mwB
  • 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/UTWxbnNz7M https://t.co/W9awqb818J
  • There is a great debate about which type of analysis is better for a trader. Is it better to be a fundamental trader or a technical trader? Find out here: https://t.co/aVAzFypAg1 https://t.co/lucvsACxu5
  • There are three major forex trading sessions which comprise the 24-hour market: the London session, the US session and the Asian session. Learn about the characteristics of each session here: https://t.co/UVvf51HiVP https://t.co/yywnE39MLU
Crude Oil Aims to Follow Stocks Higher, Gold at Risk on US Data

Crude Oil Aims to Follow Stocks Higher, Gold at Risk on US Data

2012-06-27 11:00:00
Ilya Spivak, Head Strategist, APAC
Share:

Talking Points

Growth-geared commodities are yielding mixed results ahead of the opening bell on Wall Street. Copper is on the upswing, following European shares higher amid hopes that China will introduce additional stimulus measures. The China Securities Journal reported overnight that the country may introduce “more proactive” measures to stoke growth in the world’s second-largest economy, feeding a recovery in risk appetite.Crude oil is flat as traders await official DOE inventory figures. S&P 500 stock index futures point cautiously higher however, hinting the stocks-linked WTI contract may have scope to catch up higher.

Optimism may get a bit of an added boost as the day’s batch of US economic data comes across the wires. Durable Goods Orders and Pending Homes Sales figures are on tap, with modest improvements expected on both fronts. Orders are forecast to rise 0.5 percent in May, marking the largest increase in three months. Home Sales are tipped to 1.5 percent in the same period after a sharp 5.5 percent drop in April. The outcomes may weigh on gold and silver however as QE3 expectations ebb.

WTI Crude Oil (NY Close): $79.36 // +0.15 // +0.19%

Prices completed a bullish Piercing Line candlestick pattern above support at 77.34, the 38.2%Fibonacci expansion, hinting a bounce may be ahead. Positive RSI divergence reinforces the case for an upside scenario. Initial resistance lines up at 81.07, the 23.6% Fib, with a break higher exposing the June 7 high at the 87.00 figure. Alternatively, a push through support exposes the 50% Fib at 74.35.

Crude_Oil_Aims_to_Follow_Stocks_Higher_Gold_at_Risk_on_US_Data_body_Picture_3.png, Crude Oil Aims to Follow Stocks Higher, Gold at Risk on US Data

Daily Chart - Created Using FXCM Marketscope 2.0

Spot Gold (NY Close): $1572.93 // -11.56 // -0.73%

Prices turned lower from resistance at 1585.42, the 38.2%Fibonacci expansion, to retest rising trend line support set from the mid-May swing low. This barrier is reinforced by the 50% at 1568.46. A break lower here exposes the 61.8% level at 1551.50. Alternatively, a push above resistance on a daily closing basis targets the 1600/oz figure.

Crude_Oil_Aims_to_Follow_Stocks_Higher_Gold_at_Risk_on_US_Data_body_Picture_4.png, Crude Oil Aims to Follow Stocks Higher, Gold at Risk on US Data

Daily Chart - Created Using FXCM Marketscope 2.0

Spot Silver (NY Close): $27.11 // -0.41 // -1.50%

Prices continue to test support at 26.75, the May 16 low, with resistance established at the formerly broken Flag chart formation that previously acted as support (now at 27.96). A break higher initially targets 28.16. Alternatively, a reversal back through 26.75 exposes the major Triple Bottom at 26.05.

Crude_Oil_Aims_to_Follow_Stocks_Higher_Gold_at_Risk_on_US_Data_body_Picture_5.png, Crude Oil Aims to Follow Stocks Higher, Gold at Risk on US Data

Daily Chart - Created Using FXCM Marketscope 2.0

COMEX E-Mini Copper (NY Close): $3.314 // -0.002 // -0.06%

Prices are testing support at 3.296, the 23.6% Fibonacci expansion. A break downward exposes Triple Bottom support at 3.250. Near-term resistance stands at 3.384, the 23.6% Fib retracement.

Crude_Oil_Aims_to_Follow_Stocks_Higher_Gold_at_Risk_on_US_Data_body_Picture_6.png, Crude Oil Aims to Follow Stocks Higher, Gold at Risk on US Data

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