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
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
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
GBP/USD
Mixed
USD/JPY
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
  • What are the truths and lies of #forex trading regardless of your #tradingstyle here: https://t.co/uF75VPzstr https://t.co/cuH9YESlr2
  • The $SGD is driven by the Monetary Authority of Singapore, which manages exchange rate instead of short-term interest rates. Learn more on the SGD and how to trade it. Get your SGD market update from @ddubrovskyFX here:https://t.co/eWLM9XZs5Y https://t.co/HdiCLtSFre
  • #Bitcoin prices may see a pickup in volatility ahead of the 2020 halving as the #coronavirus pandemic threatens to disrupt cross-continental $BTC mining operations. Get your market update from @ZabelinDimitri here: https://t.co/BoH24MVf4P https://t.co/4bgTwNqVvG
  • (Weekly Outlook) The Japanese #Yen faced a mixed week against currencies such as the US Dollar, Euro, British Pound and Canadian Dollar. What is ahead for $USDJPY, $EURJPY, $GBPJPY and $CAD/JPY? - https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2020/04/04/Japanese-Yen-Weekly-Forecast-USDJPY-EURJPY-GBPJPY-CADJPY.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/Flgbd5b2ag
  • Foreign exchange – or “#forex” – markets often pay close attention to politics and central bank policy. We offer a model for traders to gauge their impact on exchange rates. Get your market insight from @ZabelinDimitri and @CVecchioFX here: https://t.co/FbXc1Awu6a https://t.co/Qbhs4ndgPa
  • Why must financial market traders monitor both monetary and fiscal policy? Find out from @MartinSEssex here: https://t.co/Fkzk88Y5gm https://t.co/AldbSctm9V
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here: https://t.co/yF133btXFd https://t.co/Sjnr0iVgAf
  • Upside momentum stalls with the #DAX and #FTSE 100 vulnerable to testing lower levels as the economic backdrop deteriorates further. Get your #equities technical analysis from @JMcQueenFX here: https://t.co/BFIaXTfDcs https://t.co/q0Mso4zWlT
  • RT @iv_technicals: *TRUMP SAYS HE'D USE TARIFFS IF NEEDED TO PROTECT OIL INDUSTRY - BBG #OOTT #WTI $USO
  • After the pattern is composed with the closing of the signal candle, then you can look to the following candle to identify a clear bias and risk points. Learn how to apply this knowledge to a trading strategy here: https://t.co/uh3NwgHBVv https://t.co/yl4KUMNmUh
Gold May Fall on Fed Outlook as Crude Oil Bounces on Inventory Data

Gold May Fall on Fed Outlook as Crude Oil Bounces on Inventory Data

2014-01-03 08:08:00
Ilya Spivak, Head Strategist, APAC
Share:

Talking Points:

  • Fed Officials’ Speaking Calendar in the Spotlight into the Week-End
  • Gold Likely to Fall if Bernanke and Co. Signal “Taper” Continuity
  • Crude Oil May Correct Higher as Inventory Data Shows Drawdown

All eyes are on a busy schedule of “Fed-speak” due in the final hours of the trading week. Charles Plosser and Jeffrey Lacker – Presidents of the Philadelphia and Richmond branches of the central bank respectively – as well as Governor Jeremy Stein and Chairman Ben Bernanke are all on the day’s docket.

Rhetoric reinforcing the likelihood of continued “tapering” of the Fed’s QE3 program in the months ahead is likely to boost the US Dollar against most of its top counterparts. Meanwhile, precious metalsare likely to decline amid eroding anti-fiat demand. Alternatively, a more cautious tone stressing the data dependence of near-term policy as well as the idea that “tapering” doesn’t amount to tightening may yield the opposite effect.

Crude oil prices may find their catalyst in the weekly set of inventory figures from the US Department of Energy. The slide in the WTI contract from early September through late November was mirrored by a build in stockpiles at the pivotal Cushing, OK storage site. A recovery in December was likewise accompanied by a shallow drawdown in inventories. Expectations call for another decline in the week to December 27, which may help nudge prices higher (particularly after yesterday’s aggressive downswing of over 3 percent).

Capitalize on Shifts in Market Mood with the DailyFX Speculative Sentiment Index.

CRUDE OIL TECHNICAL ANALYSIS Prices fell as expected after putting in a Bearish Engulfing candlestick pattern. A break below 95.17, the 61.8% Fibonacci retracement, exposes the 76.4% level at 93.86. Reversing above resistance at 96.23, the 50% Fib, targets the 38.2% retracement at 97.30.

Gold_May_Fall_on_Fed_Outlook_as_Crude_Oil_Bounces_on_Inventory_Data_body_Picture_3.png, Gold May Fall on Fed Outlook as Crude Oil Bounces on Inventory Data

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices turned higher as expected after putting in a Harami candlestick pattern. Near-term resistance is at 1248.70, the 38.2% Fibonacci retracement, with a break higher targeting the 50% level at 1270.28. A turn back below resistance-turned-support at 1217.75 exposes a falling trend line at 1202.91.

Gold_May_Fall_on_Fed_Outlook_as_Crude_Oil_Bounces_on_Inventory_Data_body_Picture_4.png, Gold May Fall on Fed Outlook as Crude Oil Bounces on Inventory Data

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

To receive Ilya's analysis directly via email, please SIGN UP HERE

Contact and follow Ilya on Twitter: @IlyaSpivak

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

DISCLOSURES

News & Analysis at your fingertips.