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
Bullish
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
Bearish
USD/JPY
Bearish
More View more
Real Time News
  • The non-farm payroll (NFP) figure is a key economic indicator for the United States economy. It is also referred to as the monthly market mover. Find out why it has been given this nickname here: https://t.co/yOUVEEqhc5 https://t.co/bpKdIqGxsn
  • Looking for a new way to trade reversals? One of the most used reversal candle patterns is known as the Harami. Like most candlestick formation patterns, the Harami tells a story about sentiment in the market. Get better with trading reversals here: https://t.co/rfwUWJfbz9 https://t.co/jmcAIW4w5k
  • It’s important for traders to be familiar with FX spreads as they are the primary cost of trading currencies. Understand a pair's spread here: https://t.co/zEEUHZBx7g https://t.co/M9isuvnzqF
  • The British Pound is giving back some of its multi-month gains with some pairs testing notable support despite a positive fundamental backdrop. Get your market update from @nickcawley1 here: https://t.co/6Ct5R0H41F https://t.co/c4rXmMjMrv
  • Dealing with the fear of missing out – or FOMO – is a highly valuable skill for traders. Not only can FOMO have a negative emotional impact, it can cloud judgment and overshadow logic. Learn how you can control FOMO in your trading here: https://t.co/lgDf5cVYOn https://t.co/4dhCP5pnxM
  • Gold is facing the neckline of a Double Bottom Pattern after bouncing off a confirmed longer-term trendline. Is a bullish reversal in order? Get your market update from @FxWestwater here: https://t.co/kLXZewWBMd https://t.co/w1Nu0z569m
  • 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/8G8mUX4so6 https://t.co/Gn41XsGktg
  • Rollover is the interest paid or earned for holding a currency spot position overnight. Learn how to earn rollover interest on your open positions here: https://t.co/SRsG8CxjEn https://t.co/2AR1qgx0tz
  • The New Zealand Dollar is in a tricky spot. On one hand, rising stocks can propel NZD. On the other, a dovish RBNZ ahead could cool bond yields as the government tackles soaring housing costs. Get your market update from @ddubrovskyFX here: https://t.co/5rjm2gr3EL https://t.co/aLwhWHMPqz
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here: https://t.co/QszmdZFxlk https://t.co/obH0RFLKhC
Crude Oil Gains on Alcoa Earnings, Gold Treading Water

Crude Oil Gains on Alcoa Earnings, Gold Treading Water

Ilya Spivak, Head Strategist, APAC

Crude oil gains with risk appetite on Alcoa Inc earnings report, gold and silver treading water ahead of tomorrow’s FOMC meeting minutes release.

Talking Points

  • Crude Oil and Copper Rise as Alcoa Earnings Boost Risk Appetite
  • Gold, Silver in Consolidation Mode Ahead of FOMC Minutes Release

Sentiment-linked crude oil and copper prices are on the upswing, tracking a recovery in risk appetite in European trading hours. The advance seems to reflect an upbeat earnings release from aluminum producer Alcoa Inc, which reported results that topped expectations and offered relatively upbeat forward guidance. The cycle-sensitive company is often cited as a bellwether the path of global economic performance expectations. S&P 500 index futures are pointing higher, arguing for more of the same as Wall Street comes online. Gold and silver prices are treading water, with consolidation appearing likely as investors wait for tomorrow’s release of minutes from the March FOMC meeting to get a gauge on anti-fiat demand. The weekly set of crude oil inventory figures from API headlines an otherwise lackluster economic calendar.

Want to see economic data releases directly on your charts? Try this App.

WTI Crude Oil (NY Close): $93.36 // +0.66 // +0.71%

Prices bounced from support at 91.96, the 38.2% Fibonacci expansion. Near-term resistance is in the 94.09-35 area, marked by the underside of a formerly broken rising trend line and the 23.6% level. A reversal back above that aims for a falling trend line at 97.54. Alternatively, a drop below support targets the 50% expansion at 90.03.

Commodities_Crude_Oil_Gains_on_Alcoa_Earnings_Gold_Treading_Water_body_Picture_3.png, Crude Oil Gains on Alcoa Earnings, Gold Treading Water

Daily Chart - Created Using FXCM Marketscope 2.0

Spot Gold (NY Close): $1573.64 // -7.52 // -0.48%

Prices rebounded as expected after putting in a Hammer candlestick. The bulls are now testing the 23.6% Fibonacci expansion at 1583.37. A break above that aims for the 14.6% Fib at 1596.19 and trend line support-turned-resistance at 1603.27. Near-term support is at 1562.58, the 38.2% level.

Commodities_Crude_Oil_Gains_on_Alcoa_Earnings_Gold_Treading_Water_body_Picture_4.png, Crude Oil Gains on Alcoa Earnings, Gold Treading Water

Daily Chart - Created Using FXCM Marketscope 2.0

Spot Silver (NY Close): $27.31 // -0.02 // -0.06%

Prices rebounded as expected, completing a bullish Morning Star candlestick pattern to hint at further gains ahead. Near-term resistance is at 27.76, the 14.6% Fibonacci expansion, with a break above that targeting the 23.6% level at 28.46. Near-term support is at 26.63, the April 4 low.

Commodities_Crude_Oil_Gains_on_Alcoa_Earnings_Gold_Treading_Water_body_Picture_5.png, Crude Oil Gains on Alcoa Earnings, Gold Treading Water

Daily Chart - Created Using FXCM Marketscope 2.0

COMEX E-Mini Copper (NY Close): $3.372 // +0.028 // +0.84%

Prices are recovering as expected after putting in a bullish Piercing Line candlestick above support at the bottom of a falling channel set from late February. Initial resistance is at 3.404-20 area, marked by the channel top and the 23.6% Fibonacci retracement. A break above that initially targets the 38.2% level at 3.491. Near-term support is at 3.305, the April 4 low.

Commodities_Crude_Oil_Gains_on_Alcoa_Earnings_Gold_Treading_Water_body_Picture_6.png, Crude Oil Gains on Alcoa Earnings, Gold Treading Water

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