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.

Free Trading Guides
EUR/USD
Bearish
Oil - US Crude
Mixed
Wall Street
Bullish
Gold
Bearish
GBP/USD
Mixed
USD/JPY
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
More View more
Real Time News
  • US equities continue to run higher with the Nasdaq 100 setting a fresh all-time-high, not even three months after giving back almost a third of its value in about a month. Get your #Nasdaq technical analysis from @JStanleyFX here: https://t.co/1LI54uvI8x https://t.co/e9FvSLqfaA
  • The US Dollar may be at risk to losses against some of its #ASEAN counterparts. USD/SGD, USD/PHP, USD/MYR and USD/IDR have recently broken to the downside. Will losses continue? Find out from @ddubrovskyFX here: https://t.co/0RTlj6maTT https://t.co/UyQ4i0AihI
  • The British Pound technical outlook still seems to favor the downside. GBP/CAD may pressure key rising support from August as GBP/AUD could prolong its downtrend. GBP/CHF may fall. Get your $GBP market update from @ddubrovskyFX here: https://t.co/hBOpDKXmfW https://t.co/AJlT2YKeCu
  • USD/JPY is approaching medium-term uptrend resistance and while the outlook remains constructive, the advance may be vulnerable near-term while below confluence resistance. Get your $USDJPY technical analysis from @MBForex here: https://t.co/93D7AyhHtG https://t.co/KQcLLrkMP3
  • AUD/USD has had the most impressive show of trend over the past couple of months with the pair gaining almost 1500 pips from the March low. Get your $AUDUSD technical analysis from @JStanleyFX here: https://t.co/vLz4Rpln3u https://t.co/AOwnJja5V8
  • Has the #Euro been saved? Find out from @CVecchioFX here: https://t.co/eiXfOTyGa6 https://t.co/AyRiYpb4cN
  • U.S. Market Analyst at https://t.co/JsVsSmefgR, Shain Vernier covers - ✔️ Safe haven assets in volatile markets ✔️ Central banks and governments ✔️ How will commodities trade in a recession Only on Trading Global Markets Decoded #podcast. Tune in here: https://t.co/1UmEzEbwiy https://t.co/ygwjGNvS61
  • The $USD, Euro, British Pound and Australian Dollar will all be at the mercy of political developments in Asia, Europe and North America this week. An avalanche of PMI data will set the backdrop. Find out from @ZabelinDimitri here: https://t.co/L8cfAgVx94 https://t.co/THWhPAS6AM
  • The price of #gold plunged 1% immediately after the stunning US jobs report crossed the wires. Get your market update from @RichDvorakFX here: https://t.co/8i0L6YIqjy https://t.co/y9dIXazJf9
  • S&P 500, Dow Jones, Nasdaq explode higher with stocks surging in response to shockingly better-than-expected monthly jobs data. Get your #equities market update from @RichDvorakFX here: https://t.co/nuMVWOzzuC https://t.co/M3nGBjd7kZ
Crude Oil and Gold Recover on Fed, ECB Stimulus Hopes

Crude Oil and Gold Recover on Fed, ECB Stimulus Hopes

2013-04-29 13:56:00
Ilya Spivak, Head Strategist, APAC
Share:

Crude oil and gold prices are on the upswing to start the trading week as optimism about policy support from the Fed and the ECB boosts risk appetite.

Talking Points

Commodity prices are on the upswing to start the trading week as risk appetite firms across the financial markets. The newswires are chalking up the chipper mood to rising monetary stimulus expectations ahead of this week’s FOMC and ECB policy announcements. The Fed is expected to strike a dovish tone, reinforcing the continuity of QE3 in the wake of recently soft US data. Meanwhile, consensus forecasts now point to a rate cut from Mario Draghi and company.

Cycle-sensitive crude oil and copper prices are following shares higher while gold and silver find de-facto support as the US Dollar comes under pressure, increasing the allure of anti-fiat assets. The greenback started the week on the defensive after Friday’s disappointing US GDP report, with the pickup sentiment only amplifying the move lower on evaporating haven flows. US Pending Home Sales figures headline the economic calendar from here, with expectations calling for a pick-up in March compared with the prior month.

WTI Crude Oil (NY Close): $93.00 // -0.64 // -0.68%

Prices are testing support at 92.62, the 76.4% Fibonacci retracement. A break back below this barrier exposes the 61.8% mark at 91.28. Near-term resistance is in the 93.84-94.79 area, marked by the April 10 and 25 swing highs. A push above that eyes rising trend line support-turned-resistance now at 97.46.

Commodities_Crude_Oil_Gold_Recover_on_Fed_ECB_Stimulus_Hopes_body_Picture_3.png, Crude Oil and Gold Recover on Fed, ECB Stimulus Hopes

Daily Chart - Created Using FXCM Marketscope 2.0

Spot Gold (NY Close): $1462.09 // -5.78 // -0.39%

Prices put in a Spinning Top candlestick below resistance at 1469.28, the 50% Fibonacci retracement, pointing to indecision and hinting a pullback may be ahead. Near-term support is 1434.43, the 38.2% Fib, with a break beneath that aiming for the 23.6% expansionat 1391.30. Alternatively, a break above 1469.28 on a daily closing basis exposes the 61.8%level at 1504.14.

Commodities_Crude_Oil_Gold_Recover_on_Fed_ECB_Stimulus_Hopes_body_Picture_4.png, Crude Oil and Gold Recover on Fed, ECB Stimulus Hopes

Daily Chart - Created Using FXCM Marketscope 2.0

Spot Silver (NY Close): $23.99 // -0.40 // -1.65%

Prices are testing resistance at 24.34, the 38.2% Fibonacci retracement. A break above that targets the 50% level at 25.05. Near-term support is at 23.46, the 23.6% level, with a reversal beneath that aiming for the April 16 low at 22.03.

Commodities_Crude_Oil_Gold_Recover_on_Fed_ECB_Stimulus_Hopes_body_Picture_5.png, Crude Oil and Gold Recover on Fed, ECB Stimulus Hopes

Daily Chart - Created Using FXCM Marketscope 2.0

COMEX E-Mini Copper (NY Close): $3.186 // -0.056 // -1.73%

Prices are testing resistance at 3.213 the 50% Fibonacci expansion, with a break higher targeting the 38.2% level at 3.269. Near-term support is at 3.157, the 61.8% Fib, with a reversal back beneath that aiming for the 76.4% expansion at 3.087.

Commodities_Crude_Oil_Gold_Recover_on_Fed_ECB_Stimulus_Hopes_body_Picture_6.png, Crude Oil and Gold Recover on Fed, ECB Stimulus Hopes

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

News & Analysis at your fingertips.