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.

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
Bearish
Oil - US Crude
Bullish
Wall Street
Bearish
Gold
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
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • (Weekly Technical Outlook) US Dollar Outlook, Key Trend Reversals Playing Out? USD/CAD, AUD/USD, EUR/USD, GBP/USD #USD $USDCAD $AUDUSD $EURUSD $GBPUSD https://www.dailyfx.com/forex/technical/article/special_report/2021/06/20/US-Dollar-Outlook-Key-Trend-Reversals-Playing-Out-USDCAD-AUDUSD-EURUSD-GBPUSD.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/7C56bfljV4
  • 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: https://t.co/CNtqrKWDBY https://t.co/Gea69MhO04
  • 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: https://t.co/yOUVEEqhc5 https://t.co/oPaSJLahbE
  • 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: https://t.co/zEEUHZBx7g https://t.co/bFOK9RRXtv
  • 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: https://t.co/lgDf5cVYOn https://t.co/LIumDnHrTo
  • 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: https://t.co/SRsG8CxjEn https://t.co/ITdDUGoAL0
  • 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: https://t.co/QszmdZFxlk https://t.co/eF0XS79LgK
  • The continuity seen across these volatility cycles is a good thing. Historical precedence offer a blueprint for identifying conditions supportive for a vol-event to occur, and how they may unfold. Deepen your knowledge of historical volatility here: https://t.co/vg7w10la3j https://t.co/gaYbbaTnpb
  • Get your snapshot update of the of relative currency strength and exchange status from around the globe here: https://t.co/H19vRDCpUJ https://t.co/HCvzbjEkr6
  • Get our analysts’ view on the key fundamentals for indices in Q2. Download now. https://t.co/Etdyanp76f https://t.co/n2wxfyMsJt
Copper Tumbles to 6-Year Low while Haven Interests Subside in Gold

Copper Tumbles to 6-Year Low while Haven Interests Subside in Gold

Nathalie Huynh,

Talking Points:

  • Volatility returns to oil on last trading day, downside risk from supply data by API
  • Safe haven bid for gold subsides as political tension eases and Fed is back in focus
  • Copper plunges to new 6-year low before industrial data in US, Eurozone

Gold price gave back some of its safe haven leverage as anxiety on European political risk subsided. Broad gains in USD overnight also sent commodities lower. Bullion spent most of Asia’s session in the 1080s and lingered below a previous support-turn-resistance at 1085.5. Downward pressure will likely return to dominance once market’s focus shifts back to an imminent Fed rate rise.

In spite of a rebound in Asian stocks, copper price (and industrial metals) fell to the lowest since May 2009 as demand concerns loom large. This prompted Codelco, world’s largest producer, to cut the premium charged to Chinese buyers by the most since the financial crisis. More hints from the US and Eurozone will emerge via U.S. Industrial production data and Eurozone’s construction output tomorrow.

Oil price experienced heightened volatility on the last trading day of the November futures contract as investors covered their shorts or roll over positions. WTI price fell to 40.07 then picked up above 42 before it stabilized in range 41.60-80 in Asia’s trade. Volatility may return after a weekly inventory data by the American Petroleum Institute today, which is expected to signal another stock build thus supply-demand imbalance prior to official data by EIA.

GOLD TECHNICAL ANALYSIS – After a day of rebound, gold marked a 5th day of declines within 6 straight days. Firm support at 1074.25 is holding through this volatility. A breach of support would be a clear sign of downtrend resumption. Otherwise gold may continue its consolidation in the 1080 region.

Copper Tumbles to 6-Year Low while Haven Interests Subside in Gold

Daily Chart - Created Using FXCM Marketscope

COPPER TECHNICAL ANALYSIS – The weekly chart shows copper on a 6th week of decline with ever stronger downtrend signal. There is no stopping to this free fall in prices. The bears could look to 5-day moving average for an indication of topside resistance and to place their stops.

Copper Tumbles to 6-Year Low while Haven Interests Subside in Gold

Weekly Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS WTI oil tested and failed to break below the 40.07 support level for the second time yesterday. Upward momentum signals led to a rebound up to 42 levels. Topside remains limited in the absence of trend signal, calling for caution by the bulls. Although there are not yet signs for a breach of the floor either.

Copper Tumbles to 6-Year Low while Haven Interests Subside in Gold

Daily Chart - Created Using FXCM Marketscope

--- Written by Nathalie Huynh, Currency Strategist for DailyFX.com

Contact and follow Nathalie on Twitter: @nathuynh

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

DISCLOSURES