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
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
Bullish
Wall Street
Mixed
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
Bullish
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
  • Tesla +17% on record breaking production and delivery quarter...#tesla #trading @DailyFX Prices via @IGcom https://t.co/bNCxQb7wZX
  • Indices Update: As of 07:00, these are your best and worst performers based on the London trading schedule: France 40: 0.07% Germany 30: -0.02% US 500: -0.83% Wall Street: -0.88% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/i898jORLxe
  • The #Dow Jones, S&P 500 and #DAX 30 have bounced after aggressive declines. Can this momentum last? Trader positioning seems to be offering mixed signals as technicals point bearish. Get your market update from @ddubrovskyFX here:https://t.co/DdCUyoGSmL https://t.co/GDKf6jfxa5
  • European Opening Calls From IG: #FTSE 5430 -0.92% #DAX 9510 -0.64% #CAC 4184 -0.88% #AEX 473 -1.15% #MIB 16621 -1.27% #IBEX 6537 -0.56% #OMX 1410 -1.19% #STOXX 2666 -0.84%
  • Have you been catching on your @DailyFX #podcast "Global Markets Decoded"? Catch up on them now, before new episodes release! https://t.co/Twr44cZ1GB https://t.co/UnkQqpmDPC
  • Singapore retail sales shrink -8.6% y/y in February versus -8.4% expected and from -5.3% prior. Softest outcome since June 2019 $USDSGD #SGD -BBG
  • #RBA bought A$2 billion of government notes, meeting A$2b goal -BBG
  • The $USD may return to the offensive as markets flee to cash amid fears of deep global recession thanks to the still-raging #coronavirus outbreak. Get your US Dollar update from @IlyaSpivak here: https://t.co/g1us4ZtzID https://t.co/XCoIreuN4G
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.58%, while traders in US 500 are at opposite extremes with 72.34%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/GrD6YXTx93
  • Don’t know who made this but whoever did is pretty clever #coronavirus https://t.co/BtyXw5zbrr
Crude Oil Advances Towards $96, Gold and Silver Slip at Key Resistance

Crude Oil Advances Towards $96, Gold and Silver Slip at Key Resistance

2014-01-22 12:10:00
David de Ferranti, Currency Analyst
Share:

Talking Points

  • Crude Oil Moves Above $95 on Bullish Global Demand Outlook
  • Gold Prices Plunge Following Test of Key Resistance at $1,256
  • Copper Coiled Like A Spring Within Ascending Triangle Pattern

Crude Oil surged above the $95 handle as an upward revision by the IMF to their global growth forecast stoked traders’ demand for the growth-sensitive commodity. Buying support was reinforced as a separate report from the International Energy Agency (IEA) suggested that the economic recovery in the US would help bolster demand.

A light economic docket for the session ahead may not offer traders a specific catalyst to fuel further gains for the WTI contract. However, as European and US equity futures edge cautiously higher, a general lean by traders towards risk assets may help it hold around the $95.50 level.

Meanwhile, gold turned lower from chart resistance in a move that may have reflected profit-taking after prices hit a six-week high yesterday. Investors are questioning the allure of gold in an environment where inflation remains benign and the US Federal Reserve moves closer to monetary policy normalization. With little formative event risk ahead, technical levels may help provide some guidance for traders.

CRUDE OIL TECHNICAL ANALYSIS Crude broke above the 38.2% Fibonacci retracement level and looks to be trading towards resistance at the psychologically significant $96 handle. The short term trend appears to be shifting to the upside, with prices having moved above the 20 SMA in intraday trade.

Crude_Oil_Advances_Towards_96_Gold_and_Silver_Slip_at_Key_Resistance_body_Picture_4.png, Crude Oil Advances Towards $96, Gold and Silver Slip at Key Resistance

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Gold has failed to break above selling pressure around the $1,256 mark, which continues to act as near-term resistance. An Evening Star candlestick formation is warning of a potential short-term reversal, with prices eyeing the 38.2% Fib retracement level as immediate support.

Crude_Oil_Advances_Towards_96_Gold_and_Silver_Slip_at_Key_Resistance_body_Picture_3.png, Crude Oil Advances Towards $96, Gold and Silver Slip at Key Resistance

Daily Chart - Created Using FXCM Marketscope 2.0

SILVER TECHNICAL ANALYSIS Sellers have once again emerged near the key resistance zone around $20.48 (the 38.2% Fibonacci retracement level). With volatility sitting near its yearly low, range trading strategies are preferred. Buying support remains at $19.

Crude_Oil_Advances_Towards_96_Gold_and_Silver_Slip_at_Key_Resistance_body_Picture_2.png, Crude Oil Advances Towards $96, Gold and Silver Slip at Key Resistance

Daily Chart - Created Using FXCM Marketscope 2.0

COPPER TECHNICAL ANALYSIS Copper is coiled like a spring within an ascending triangle pattern, suggesting a breakout may be imminent. A break above resistance at $3.36 would favour an advance towards the $3.42 monthly high.

Crude_Oil_Advances_Towards_96_Gold_and_Silver_Slip_at_Key_Resistance_body_Picture_1.png, Crude Oil Advances Towards $96, Gold and Silver Slip at Key Resistance

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by David de Ferranti, Market Analyst, FXCM Australia

To receive David’sanalysis directly via email, please sign up here

Contact and follow David on Twitter: @DaviddeFe

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

DISCLOSURES

News & Analysis at your fingertips.