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.

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
EUR/USD
Mixed
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Bullish
GBP/USD
Bearish
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
  • Forex Update: As of 11:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.17% 🇨🇦CAD: 0.16% 🇦🇺AUD: -0.05% 🇳🇿NZD: -0.11% 🇨🇭CHF: -0.17% 🇯🇵JPY: -0.25% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/gbOKCTOkIE
  • Make smart trading decisions with your free guide to trade the news. Download your free guide here.https://t.co/pb5E2KgRzW #DailyFXGuides https://t.co/LLkrZwdTae
  • Indices Update: As of 11:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.90% FTSE 100: 0.80% France 40: 0.76% Wall Street: 0.67% US 500: 0.61% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/GbHvaz35ZV
  • ECB's Weidmann says the ECB can flexibly adjust PEPP purchase pace $EUR
  • The bull flag pattern is a great pattern to add to a forex trader's technical arsenal. Explosive moves are often associated with the bull flag. Learn more about the bull flag pattern here: https://t.co/yOEvLjKnct https://t.co/o8wSmAUaQM
  • Bundesbank says German HICP will exceed 3% by year-end but only temporarily
  • Briefly lifting Euro above 1.21 https://t.co/oROMtbKqjT
  • ECB see no need for drastic action to curb bond yields $EUR
  • 🇬🇧 Markit/CIPS Composite PMI Final (FEB) Actual: 49.6 Expected: 49.8 Previous: 41.2 https://www.dailyfx.com/economic-calendar#2021-03-03
  • 🇬🇧 Markit/CIPS UK Services PMI Final (FEB) Actual: 49.5 Expected: 49.7 Previous: 39.5 https://www.dailyfx.com/economic-calendar#2021-03-03
Gold Remains At Risk Ahead Of US Data, Copper Slides On China PMI Miss

Gold Remains At Risk Ahead Of US Data, Copper Slides On China PMI Miss

David de Ferranti, Currency Analyst

Talking Points

Gold and silver extended their declines on Friday as gains for the greenback dragged the precious metals lower by over 2 percent for the session. Looking ahead, the USD may offer further guidance to the alternative assets, putting US ISM Manufacturing figures in focus. The leading indicator is tipped to deteriorate slightly from its prior reading, yet remain well within expansionary territory at a healthy 56.4. Given the upside momentum for the reserve currency the bulls may be easily impressed by an upside surprise, which would spell further weakness for gold. Read more in the weekly outlook for gold and the US Dollar.

Meanwhile, crude oil witnessed a modest decline to wrap up the week as supply glut concerns continue to keep pressure on prices. Over the past several months WTI has proven almost indifferent to robust economic releases from its largest consumer, the US. This suggests a recovery on the back of upcoming ISM data may prove challenging.

Finally, copper is out of the gates to a rough start in early Asian trading today, which follows the release of disappointing Chinese economic data over the weekend. Official Manufacturing PMI figures from the largest consumer of the base metal slipped to their lowest since May. If the upcoming Service PMI and the HSBC Manufacturing data also miss expectations it may add to concerns over slowing growth in the Asian giant – a negative for copper.

ECONOMIC EVENTS

Gold Remains At Risk Ahead Of US Data, Copper Slides On China PMI Miss

Source:DailyFX Economic Calendar, Times In GMT

Market Movements (Fri 31 Oct, 2014, Close 5PM EST)

Energy

Open

High

Low

Close

$ Chg.

% Chg

US Oil

80.94

81.24

79.51

80.65

(0.29)

-0.36%

UK Oil

86.01

86.22

84.58

85.86

(0.15)

-0.17%

Natural Gas

3.857

3.95

3.831

3.87

0.01

0.26%

Metals

Open

High

Low

Close

$ Chg.

% Chg

Gold

1,198.56

1,202.61

1,161.06

1,170.95

(27.61)

-2.30%

Silver

16.48

16.52

15.64

16.13

(0.34)

-2.07%

Palladium

778.7

793.7

769.5

790.5

11.80

1.52%

Platinum

1,244.10

1,247.20

1,218.50

1,233.30

(10.80)

-0.87%

Copper

3.06

3.09

3.04

3.05

(0.01)

-0.36%

CRUDE OIL TECHNICAL ANALYSIS

Crude remains contained below the 84.00 barrier and within striking distance of the critical 80.00 floor. Alongside a core downtrend (descending trendline, 20 SMA, ROC) a daily close below the 80.00 barrier would be required to open the 2012 low near 77.00.

Crude Oil: Awaiting Break Below Psychologically-Significant Barrier

Gold Remains At Risk Ahead Of US Data, Copper Slides On China PMI Miss

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS

Gold remains in a short-term downtrend as indicated by the 20 SMAand ROC. Alongside the break below 1,180 this leaves a bearish technical bias intact with a target offered by the July ’10 low near 1,158.

The DailyFX SpeculativeSentimentIndex suggests a mixed bias for gold based on trader positioning.

Gold: Trend Indicators Align With Broader Bearish Backdrop

Gold Remains At Risk Ahead Of US Data, Copper Slides On China PMI Miss

Daily Chart - Created Using FXCM Marketscope 2.0

SILVER TECHNICAL ANALYSIS

Silver remains in respect of trendline resistance alongside broader signs of a downtrend. The cut through 16.50 places the spotlight on the late February 2010 low near 15.60.

Silver: Respect of Trendline Resistance Keeps Immediate Risks Lower

Gold Remains At Risk Ahead Of US Data, Copper Slides On China PMI Miss

Daily Chart - Created Using FXCM Marketscope 2.0

COPPER TECHNICAL ANALYSIS

An Evening Starhas emerged following copper’s retreat from trendline resistance. The key reversal pattern suggests some scope for further weakness. Yet traders should be wary of prematurely adopting short positions given the indication that an uptrend from the 20 SMA persists.

Copper: Awaiting Greater Confluence Of Technical Signals

Gold Remains At Risk Ahead Of US Data, Copper Slides On China PMI Miss

Daily Chart - Created Using FXCM Marketscope 2.0

PALLADIUM TECHNICAL ANALYSIS

Palladium’s rebound from the 775 floor has left an Evening Starformation lacking confirmation suggesting the bulls are unprepared to relinquish their grip on prices. Moreover, trend indicators (20 SMA and ROC) are pointing higher, suggesting the possibility of a revisit of the 800 barrier. A climb above the nearby hurdle would be required to open the 820 handle.

Palladium: Bearish Reversal Signal Fails To Find Confirmation

Gold Remains At Risk Ahead Of US Data, Copper Slides On China PMI Miss

Daily Chart - Created Using FXCM Marketscope 2.0

PLATINUM TECHNICAL ANALYSIS

Platinum has finally closed outside its1,242 to 1,289 range that had contained the precious metal over the past several weeks. Alongside signs of a short-term downtrend a bearish technical bias is preferred, placing the spotlight on the recent lows near 1,187. A climb back above 1,242 and bullish reversal signal would be required to warn of a base for the metal.

Platinum: Breakout Places Focus On 2014 Lows

Gold Remains At Risk Ahead Of US Data, Copper Slides On China PMI Miss

Daily Chart - Created Using FXCM Marketscope 2.0

Written by David de Ferranti, Currency Analyst, DailyFX

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