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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
Oil - US Crude
Wall Street
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
  • Traders focus a lot of their energy on spotting the perfect time to enter a trade. While this is important, it is ultimately where traders choose to exit trades that will determine success. Learn about the three types of trading exit strategies here:
  • Trading bias allows traders to make informative decisions when dealing in the market. This relates to both novice and experienced traders alike. Start learning how you may be able to make more informed decisions here:
  • What suits your style of trading stocks or commodities? Find out what are the differences in these two markets here:
  • (Weekly Technical Outlook) US Dollar Outlook, Key Trend Reversals Playing Out? USD/CAD, AUD/USD, EUR/USD, GBP/USD #USD $USDCAD $AUDUSD $EURUSD $GBPUSD
  • Forex quotes reflect the price of different currencies at any point in time. Since a trader’s profit or loss is determined by movements in price, it is essential to develop a sound understanding of how to read currency pairs. Learn how to read quotes here:
  • The non-farm payroll (NFP) figure is a key economic indicator for the United States economy. It is also referred to as the monthly market mover. Find out why it has been given this nickname here:
  • It’s important for traders to be familiar with FX spreads as they are the primary cost of trading currencies. Understand a pair's spread here:
  • Dealing with the fear of missing out – or FOMO – is a highly valuable skill for traders. Not only can FOMO have a negative emotional impact, it can cloud judgment and overshadow logic. Learn how you can control FOMO in your trading here:
  • Rollover is the interest paid or earned for holding a currency spot position overnight. Learn how to earn rollover interest on your open positions here:
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here:
Crude Oil, Gold Looking Ahead to Next Week's FOMC Outcome

Crude Oil, Gold Looking Ahead to Next Week's FOMC Outcome

David de Ferranti, Currency Analyst

Talking Points

  • Crude Oil Surges Following a Supportive Set of DOE Inventory Figures
  • Gold Swings Higher as Chinese PMI Data Boosts Dollar, Weighs on Yields
  • Commodities to Consolidate Amid Data Lull as Focus Turns to FOMC

Gold put in its best single-day performance in three months yesterday, rising 2.2 percent. The move began in Asia and accelerated in European hours in what appeared to be a response to soft Chinese PMI figures. The report sparked risk aversion, driving safe-haven demand for US Treasury bonds and consequently sinking yields. That weighed against the US Dollar and reduced the opportunity cost of owning gold versus yield-bearing assets.

Crude oil shrugged off negative sentiment cues however as the weekly DOEInventories report sent WTI higher for the fourth straight day.Crude stockpiles grew by 990,000 barrels for the week, falling short of expectations calling for a 1.15 million increase. Meanwhile, distillate inventories plunged by 3.2 million barrels, a vastly larger drawdown than the 561,000 drop penciled in by economists ahead of the report. Newswires suggested this reflected a swell in heating demand as frigid weather conditions continue to grip the East Coast.

Looking ahead, a light economic docket may leave commodity prices wanting for a fresh catalyst to spur directional momentum. This may result in some consolidation into the weekend. Trading activity is likely to be reignited next week however in the lead-up to Wednesday’s FOMC policy meeting. Economists are currently expecting the central bank to continue “tapering” QE asset purchases at a rate of $10 billion per month. Any deviation from this dynamic or clues about a possible strategy adjustment in upcoming meetings that emerges in the statement accompanying the announcement is likely to drive volatility.

The DailyFX Speculative Sentiment Index is providing a mixed bias on gold.

CRUDE OIL TECHNICAL ANALYSIS The 61.8% Fib retracement level is suggesting some support around the psychologically significant $97 handle, while resistance looms ahead at 98.80 (the yearly high). A short-term uptrend as signaled by gaining upside momentum on the rate of change indicator, as well as prices being above the 20 SMA, favors the upside.

Crude_Oil_Gold_Looking_Ahead_to_Next_Weeks_FOMC_Outcome_body_Picture_5.png, Crude Oil, Gold Looking Ahead to Next Week's FOMC Outcome

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS The 38.2% Fib retracement level and 20 SMA provided a launching pad for gold as buyers moved in and swung prices above previous resistance (now support) at $1,256. A break above the December 2013 high at $1,264 would open up the $1,270 level.

Crude_Oil_Gold_Looking_Ahead_to_Next_Weeks_FOMC_Outcome_body_Picture_6.png, Crude Oil, Gold Looking Ahead to Next Week's FOMC Outcome

Daily Chart - Created Using FXCM Marketscope 2.0

SILVER TECHNICAL ANALYSIS Silver’s price action remains muted compared with its bigger brother, gold. Upside resistance remains at $20.48, while buying support is sitting at $19. With volatility near multi-year lows, range-trading remains preferred.

Crude_Oil_Gold_Looking_Ahead_to_Next_Weeks_FOMC_Outcome_body_Picture_7.png, Crude Oil, Gold Looking Ahead to Next Week's FOMC Outcome

Daily Chart - Created Using FXCM Marketscope 2.0

COPPER TECHNICAL ANALYSIS Copper has found some buying support at $3.273 following the break below an ascending triangle pattern. A move below the 50% Fib retracement level would open up the $3.237 level.

Crude_Oil_Gold_Looking_Ahead_to_Next_Weeks_FOMC_Outcome_body_Picture_8.png, Crude Oil, Gold Looking Ahead to Next Week's FOMC Outcome

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.