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.

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
Gold
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
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.96%, while traders in France 40 are at opposite extremes with 79.08%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/UTedfJSFZu
  • Heads Up:🇲🇽 Consumer Confidence (JUL) due at 11:00 GMT (15min) Previous: 44.5 https://www.dailyfx.com/economic-calendar#2021-08-03
  • Slippage can be a common occurrence in forex trading but is often misunderstood. Understanding how forex slippage occurs can enable a trader to minimize negative slippage, while potentially maximizing positive slippage. Learn about FX slippage here: https://t.co/Blrl0uF2Ct https://t.co/L26tzZspCx
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.39% Silver: 0.26% Gold: -0.14% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/MqxAhumcFl
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.55% 🇦🇺AUD: 0.45% 🇬🇧GBP: 0.24% 🇯🇵JPY: 0.17% 🇪🇺EUR: 0.12% 🇨🇦CAD: -0.05% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/olaJUyX1bT
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: France 40: 0.81% FTSE 100: 0.46% Wall Street: 0.44% US 500: 0.34% Germany 30: -0.02% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/NY5gnFSnWv
  • Technical analysis of charts aims to identify patterns and market trends by utilizing differing forms of technical chart types and other chart functions. Learn about the top three technical analysis tools here: https://t.co/KDjIjLdTSk https://t.co/arE0VMeE3k
  • Coming up at half past the hour. I'll be analysing the charts, looking at the confidence data on the calendar this week and talking about the IG client sentiment numbers. Do join me if you can https://t.co/nm3tP1xRmA
  • Join @MartinSEssex at 5:30 EST/9:30 EST for a webinar on trading sentiment. Register here: https://t.co/CX9djlHnWK https://t.co/NN8iRzbMsl
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.65%, while traders in France 40 are at opposite extremes with 77.78%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/mhS5GPlzBU
Crude Oil, Gold Sink as Risk Aversion Returns at Month-End

Crude Oil, Gold Sink as Risk Aversion Returns at Month-End

Ilya Spivak, Head Strategist, APAC

Crude oil and gold prices are under pressure amid what looks like the return of “classic” risk aversion. Month-end flows may be the catalyst at work.

Talking Points

Commodity prices are under pressure into the end of the trading week in a move that looks very much like the return of familiar risk-averse dynamics. Cycle-sensitive crude oil and copper prices are following stocks lower while the US Dollar is reclaiming its safe-haven credentials, pushing higher and applying de-facto selling pressure to gold and silver. S&P 500 futures are pointing sharply lower, arguing for more of the same as Wall Street comes online. Month-end flows may be the catalyst at work, but that is purely speculation at this point. On the economic data front, US Personal Income and Spending numbers as well as the Chicago PMI survey and the final revision of May’s University of Michigan Consumer Confidence gauge are in focus.

Crude Oil Technical Analysis (WTI)- Prices appear to be forming a Head and Shoulders top chart formation. Confirmation requires a close below the pattern’s neckline (now at 92.78), initially exposing the May 1 low at 90.09 and a measured downside objective at 88.58. Near-term resistance is at 95.89, the May 28 high, with a push beyond that eyeing a falling trend line at 96.82.

Commodities_Oil_Gold_Sink_as_Risk_Aversion_Returns_at_Month-End_body_Picture_3.png, Crude Oil, Gold Sink as Risk Aversion Returns at Month-End

Daily Chart - Created Using FXCM Marketscope 2.0

Gold Technical Analysis (Spot)- Prices moved higher as expected after completing a Bullish Engulfing candlestick pattern, taking out the 38.2% Fibonacci expansion at 1401.63. Buyers now stand to challenge the 50% mark at 1421.26, with a push above that eyeing the 61.8% Fib at 1440.90. The 1401.63 mark has been recast as near-term support.

Commodities_Oil_Gold_Sink_as_Risk_Aversion_Returns_at_Month-End_body_Picture_4.png, Crude Oil, Gold Sink as Risk Aversion Returns at Month-End

Daily Chart - Created Using FXCM Marketscope 2.0

Silver Technical Analysis (Spot)- Prices continue to consolidate above support at 22.03, the 38.2% Fibonacci retracement. A break below that targets the 50% level at 21.17. Near-term resistance is at 23.10, the 23.6% Fib, with a turn back above that eyeing the April 26 high at 24.82.

Commodities_Oil_Gold_Sink_as_Risk_Aversion_Returns_at_Month-End_body_Picture_5.png, Crude Oil, Gold Sink as Risk Aversion Returns at Month-End

Daily Chart - Created Using FXCM Marketscope 2.0

Copper Technical Analysis (COMEX E-Mini)- Prices may be carving out a Head and Shoulders (H&S) bottom chart formation. Confirmation is needed on a close above the pattern’s neckline, now at 3.357. A break above that initially targets the May 22 high at 3.418. Near-term support is at 3.275, the 38.2% Fibonacci retracement.

Commodities_Oil_Gold_Sink_as_Risk_Aversion_Returns_at_Month-End_body_Picture_6.png, Crude Oil, Gold Sink as Risk Aversion Returns at Month-End

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