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
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
Oil - US Crude
Mixed
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
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
USD/JPY
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
More View more
Real Time News
  • China sets the Yuan reference rate vs #USD at 7.0477 (BBG)
  • South Korea coronavirus death toll rises by 6 to 158 following reports that the country had confirmed 78 more additional cases, bringing the total to 9,661 (BBG) #USDKRW #covid19
  • Currency Strategist,@PaulRobinsonFX is a Swing trader. What is your #tradingstyle? Take the quiz and let us know: https://t.co/LPBOcS0Vtd https://t.co/skDq5iLemR
  • Singapore MAS eases policy and reduced the currency band slope to zero. (BBG) Learn more about how to trade #USDSGD here - https://www.dailyfx.com/forex/fundamental/article/special_report/2019/09/03/The-Singapore-Dollar-and-MAS-What-is-SGD-and-How-to-Trade-it.html
  • Tune in to @IlyaSpivak 's #webinar at 10:00 PM ET/2:00 AM GMT for insight on the cross market weekly outlook. Register here: https://t.co/E213bTtq5C https://t.co/x0FHuNIsJ5
  • RT @JPan_IG: SINGAPORE CENBANK SAYS MAS WILL ADOPT A ZERO PERCENT PER ANNUM RATE OF APPRECIATION OF THE POLICY BAND STARTING AT THE PREVAIL…
  • 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/rUp1G9zzxj
  • #SPX futures down over 1.5% too, echoing risk-off bias https://t.co/Z0n4L156tl
  • MARKET SNAPSHOT: #ASX200 modestly higher in early trade but #Nikkei futures down over 2.5% before Tokyo trading open. #USD and #JPY leading the way higher in G10 FX, hinting at risk-off tilt, but #AUD and #NZD recovering from earlier losses
  • While Sino-US trade jitters are temporarily abating, China-Swedish trade tensions are rising as a part of a political contagion of growing economic hostilities between nations across the world. Get your market update from @ZabelinDimitri here:https://t.co/F1fVoyzoz5 https://t.co/Nij6senHVx
Gold Prices May Turn Lower on Upbeat US ISM Data

Gold Prices May Turn Lower on Upbeat US ISM Data

2014-01-06 12:56:00
Ilya Spivak, Head Strategist, APAC
Share:

Talking Points:

  • US Service-Sector ISM Report in Focus to Start the Trading Week
  • Gold Prices Are Eyeing Technical Resistance Near $1250/oz Level
  • Crude Oil Selling May Slow After Inventories Fell to 7-Week Low

The spotlight is on the US Non-Manufacturing Composite gauge to start the trading week. Expectations suggest service-sector activity accelerated in December after hitting a five-month low in November. Such an outcome is likely to support speculation about continued “tapering” of the Federal Reserve’s QE asset purchases, boosting the US Dollar and weighing against anti-fiat demand for gold. In the energy space, news-flow supportive of Fed stimulus reduction may weigh on the crude oil prices but losses may prove limited after inventories at the key Cushing, Oklahoma storage facility were reported at the lowest in seven weeks last Friday.

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 93.86, the 76.4% Fibonacci retracement, exposes the November 26 low at 91.74. Reversing above resistance at 95.17, the 61.8% Fib, targets the 50% retracement at 96.24.

Gold_Prices_May_Turn_Lower_on_Upbeat_US_ISM_Data_body_Picture_3.png, Gold Prices May Turn Lower on Upbeat US ISM Data

GOLD TECHNICAL ANALYSIS Prices turned higher as expected after putting in a Harami candlestick pattern. A break above resistance at 1224.39, the 23.6% Fibonacci retracement, has exposed the 38.2% level at 1250.63. A further push beyond that aims for the 50% Fib at 1271.84. The 1224.39 mark has been recast as near-term support.

Gold_Prices_May_Turn_Lower_on_Upbeat_US_ISM_Data_body_Picture_4.png, Gold Prices May Turn Lower on Upbeat US ISM Data

--- 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.