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
Bullish
Wall Street
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
Gold
Bullish
GBP/USD
Bullish
USD/JPY
Mixed
More View more
Real Time News
  • (ASEAN Fundy) US Dollar Forecast: Stuck Between Treasuries, Equities as Emerging Markets Push On $USDSGD $USDTWD $USDPHP #EmergingMarkets #ASEAN https://www.dailyfx.com/forex/fundamental/article/special_report/2021/01/26/US-Dollar-Forecast-Stuck-Between-Treasuries-Equities-as-Emerging-Markets-Push-On.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/SVqNE5I4NV
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in US 500 are at opposite extremes with 68.42%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/5qXbmhK4TF
  • Forex Update: As of 05:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.01% 🇨🇭CHF: -0.05% 🇪🇺EUR: -0.08% 🇨🇦CAD: -0.18% 🇳🇿NZD: -0.22% 🇦🇺AUD: -0.30% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/q1uXEuBA1M
  • Indices Update: As of 05:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.08% Germany 30: -0.06% France 40: -0.14% Wall Street: -0.52% US 500: -0.57% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/bCGarAMjGk
  • Want to make trading decisions with confidence? Download you free guide to avoid hesitations in your trading decisions.https://t.co/00I3lH90OD #DailyFXGuides https://t.co/LEzeGkMlO6
  • Market Snapshot: Anti-risk USD and JPY outperforming Growth-linked Australian, New Zealand and Canadian Dollars underperforming Wall Street futures extending losses during Tuesday APAC trade Nikkei 225 (-1.0%), Hang Seng (-2.4%), Shanghai Composite (-1.2%) [delayed] -BBG
  • Gold and silver prices may continue to rise in the coming months on the back of falling real rates of return and the prospect of additional fiscal support under a Biden administration. Get your market update from @DanielGMoss here:https://t.co/OMNoNHn2vZ https://t.co/FyyPehAlJh
  • Thai Debt Chief Rules Out Additional Stimulus Borrowing For Now - BBG
  • The #HSI Hang Seng Index tumbled 2.5% as profit-taking kicked in among tech stocks: - Tencent (-5.94%) - Alibaba (-1.86%) - Meituan (-6.35%) - Xiaomi (-1.64%)
  • Will the Swiss Franc find reprieve after recent losses against the Canadian and New Zealand Dollars as NZD/CHF and CAD/CHF uptrends face key chart barriers? Find out from @FxWestwater here:https://t.co/c89gcaNhTt https://t.co/egDQcTpU87
Commodities: Gold, Oil Vulnerable on Fiscal Cliff Jitters

Commodities: Gold, Oil Vulnerable on Fiscal Cliff Jitters

Ilya Spivak, Head Strategist, APAC

Commodities may reverse course lower as risk sentiment stumbles amid continued signs of deadlock in US “fiscal cliff” negotiations.

Talking Points

Commodity prices are treading water as markets wait for direction amid uncertainty surrounding US fiscal cliff negotiations. Divergent headlines have seen markets seesawing throughout the week but the fast-approaching Christmas holiday – the would-be deadline for a deal to emerge – appears to be creating a sense of urgency and riskaversion may take hold absent signs of a breakthrough.

Such an outcome is likely to weigh on sentiment-linked crude oil and copper prices. It may also reboot haven demand for the US Dollar, creating applying de-facto selling pressure on gold prices. The third revision of third-quarter US GDP figures, November’s Existing Home Sales report, and the weekly Jobless Claims data set headline the economic calendar.

WTI Crude Oil (NY Close): $89.51 // +1.58 // +1.80%

Prices completed an Ascending Triangle chart pattern with a break above resistance at 89.19, exposing initial resistance at the December 3 high (90.31). Overall, the Triangle pattern implies a measured upside target at 94.04, which line up closely with a falling trend line capping prices since late-February. Alternatively, a drop back below 89.19 aims eyes support at 85.96.

Commodities_Gold_and_Oil_Remain_Focused_on_Fiscal_Cliff_Concerns_body_Picture_4.png, Commodities: Gold, Oil Vulnerable on Fiscal Cliff Jitters

Daily Chart - Created Using FXCM Marketscope 2.0

Spot Gold (NY Close): $1667.25 // -3.85 // -0.23%

Prices plunged through supports at 1692.41 and 1677.84, the 50% and 61.8% Fibonacci expansions respectively. Sellers now aim to challenge the 76.4% level at 1659.90, with a push below that targeting the 100% mark at 1630.97. The 1677.84 level has been recast as near-term resistance, with a push back above that aiming for 1692.41 anew.

Commodities_Gold_and_Oil_Remain_Focused_on_Fiscal_Cliff_Concerns_body_Picture_3.png, Commodities: Gold, Oil Vulnerable on Fiscal Cliff Jitters

Daily Chart - Created Using FXCM Marketscope 2.0

Want to learn more about RSI? Watch this Video

Spot Silver (NY Close): $31.04 // -0.60 // -1.89%

Prices broke through support at 31.47, the 61.8% Fibonacci expansion. Sellers are now aiming to challenge the 76.4% level at 30.78, with a break below that targeting the 100% expansion at 29.66. The 31.47 level has been recast as near-term resistance. A reversal back above that exposes channel support-turned-resistance at 31.86.

Commodities_Gold_and_Oil_Remain_Focused_on_Fiscal_Cliff_Concerns_body_Picture_2.png, Commodities: Gold, Oil Vulnerable on Fiscal Cliff Jitters

Daily Chart - Created Using FXCM Marketscope 2.0

Want to learn more about RSI? Watch this Video

COMEX E-Mini Copper (NY Close): $3.606 // -0.048 // -1.31%

Prices are moving lower as expected after putting in a Bearish Engulfing below resistance at a falling trend line set from the September 14 high, taking out support at the 38.2% Fibonacci retracement (3.631). Sellers now aim to challenge the 23.6% level at 3.544. A break below that exposes 3.490. The 3.631 level has been recast as near-term resistance.

Commodities_Gold_and_Oil_Remain_Focused_on_Fiscal_Cliff_Concerns_body_Picture_1.png, Commodities: Gold, Oil Vulnerable on Fiscal Cliff Jitters

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, please CLICK HERE

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

DISCLOSURES