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
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
  • Trading bias allows traders to make informative decisions when dealing in the market. This relates to both novice and experienced traders alike. Start learning how you may be able to make more informed decisions here:
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here:
  • Gold price action is primed for volatility next week with the Fed decision on deck. How real yields and the US Dollar react to fresh guidance from Fed officials will be key for gold outlook. Get your weekly gold forecast from @RichDvorakFX here:
  • 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:
  • Canadian Dollar snapped a three-week losing streak after USD/CAD stalled at key technical resistance. Get your CAD weekly forecast from @MBForex here:
  • 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:
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here:
  • Get your snapshot update of the of top level exchanges and key index performance from around the globe here:
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here:
  • The Nasdaq 100 index is aiming to breach a key resistance level at 14,950 for a second time. A successful attempt may open the door to further gains, although the MACD indicator flags signs of weakness. Get your equities forecast from @margaretyjy here:
Crude Oil Gains on Geopolitical Jitters, Gold Waits for Sentiment Cues

Crude Oil Gains on Geopolitical Jitters, Gold Waits for Sentiment Cues

Ilya Spivak, Head Strategist, APAC

Talking Points

  • Crude Oil Gains as Hormuz Strait Collision Stirs Geopolitical Jitters
  • Copper Facing Sustained Selling Pressure after Japan GDP Outcome
  • Gold and Silver Noncommittal as Risk Trends Hold at Neutral Setting

Commodity prices are putting in a mixed performance ahead of the opening bell on Wall Street. Crude oil found a boost in reports that a US destroyer collided with an oil tanker near the Strait of Hormuz, copper remains on the defensive having met selling pressure after a disappointing set of Japanese GDP figures, while gold and silver are little changed. The US economic calendar offers no scheduled event risk and S&P 500 stock index futures have erased earlier losses, putting risk trends at a neutral setting and clouding the near-term outlook in uncertainty. On balance, another choppy non-committal day may be ahead until the data docket heats up in earnest tomorrow.

WTI Crude Oil (NY Close): $92.87 // -0.49 // -0.52%

Prices continue to test resistance in the 93.21-90 area marked by the July 19 high and the 50% Fibonacci retracement. Near-term support remains at the psychologically significant 90.00 figure, a barrier is reinforced by the 38.2% retracement at 89.87. A break below the latter level exposes a rising trend line set from early July, now at 88.38. Alternatively, a push above resistance initially targets the 61.8% Fib at 97.82.

Crude_Oil_Gains_on_Geopolitical_Jitters_Gold_Waits_for_Sentiment_Cues_body_Picture_3.png, Crude Oil Gains on Geopolitical Jitters, Gold Waits for Sentiment Cues

Daily Chart - Created Using FXCM Marketscope 2.0

Spot Gold (NY Close): $1620.20 // +2.95 // +0.18%

Prices continue to hover near resistance in the 1620.45-35.70 congestion area. A turn lower from here aims to test support at a rising trend line support set from late June, now at 1593.35. A break below this boundary exposes a longer-term trend line established from the May 16 bottom currently at 1573.96. A push above resistance initially targets 1677.79, the May 1 swing high.

Crude_Oil_Gains_on_Geopolitical_Jitters_Gold_Waits_for_Sentiment_Cues_body_Picture_4.png, Crude Oil Gains on Geopolitical Jitters, Gold Waits for Sentiment Cues

Daily Chart - Created Using FXCM Marketscope 2.0

Spot Silver (NY Close): $28.12 // -0.02 // -0.05%

Prices continue to tread water after taking out resistance at 27.68. Near-term resistance lines up at 28.44, with a break above that exposing 29.42. Alternatively, a reversal back through support targets a rising trend line at 27.19 and the May 16 low at 26.75.

Crude_Oil_Gains_on_Geopolitical_Jitters_Gold_Waits_for_Sentiment_Cues_body_Picture_5.png, Crude Oil Gains on Geopolitical Jitters, Gold Waits for Sentiment Cues

Daily Chart - Created Using FXCM Marketscope 2.0

COMEX E-Mini Copper (NY Close): $3.392 // -0.034 // -0.99%

Prices are testing through support at 3.387 after recoiling from resistance at a falling trend line set from the April 3 high. A break downward opens the door for a move to 3.300. Trend line resistance is now at 3.442 and is reinforced by a horizontal barrier at 3.435.

Crude_Oil_Gains_on_Geopolitical_Jitters_Gold_Waits_for_Sentiment_Cues_body_Picture_6.png, Crude Oil Gains on Geopolitical Jitters, Gold Waits for Sentiment Cues

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.