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
EUR/USD
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
Oil - US Crude
Bearish
Wall Street
Bearish
Gold
Bullish
GBP/USD
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
USD/JPY
Mixed
More View more
Real Time News
  • #Market Snapshot $AUDUSD sliding to fresh session-lows on the back of #MorganStanley's suggestion #IronOre prices will fall in Q4 Haven-linked $USD and $JPY pushing back to session-highs after dipping lower in early trade $Gold nudging slightly higher https://t.co/FsT9RIZYvR
  • All eleven S&P 500 sectors ended deeply in the red, with energy (-4.55%), information technology (-3.21%), materials (-2.93%) and real estate (-2.91%) among the worst performers. A whopping 94.7% of the S&P 500 components closed lower. https://t.co/kqP3xPZBJf
  • Rising demand for safety boosted the US Dollar, which climbed for a third day to 94.43 - a two-month high. Strong USD dampened precious metal prices, and put pressure on risk-linked currencies namely AUD, NZD and NOK. https://t.co/ijthZpUdTn
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.57%, while traders in EUR/GBP are at opposite extremes with 63.44%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/zn9sbgM386
  • While @IG_US Client Sentiment is offering a mixed outlook for the S&P 500 and #Dow Jones, these could be at risk to a turn lower based on multiple bearish technical warning signs. Get your market update from @ddubrovskyFX here:https://t.co/9kYnq6hH1f https://t.co/YIvXZ76eH1
  • #NOK, #AUD and #NZD are expected to be the most-active #G10 majors versus #USD with one-week implied volatility at 16.33, 12.22 and 12 respectively [delayed] -BBG
  • $DJIA futures carving out a Falling Wedge pattern just above the 200-MA after falling over 8% from the September 3 post-crisis high. $DJI #DowJones Is a recovery in the works? Find out how to trade these patterns and more here: https://www.dailyfx.com/education/technical-analysis-chart-patterns/falling-wedge.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr https://t.co/7dfYFgkpub
  • Copper prices may continue to push higher despite a worrying surge in Covid-19 cases and the lack of progress in Congressional stimulus negotiations. Get your #copper market update from @DanielGMoss here:https://t.co/N2OW566nID https://t.co/C33TkPT1vN
  • After some divergence, #EmergingMarkets capital outflows are picking up alongside the selloff in the #SP500 Markets may now be increasingly opening up to the consequences of a slowdown in the US spilling outward given a lack of new fiscal stimulus there - https://t.co/gKEdg1GeeZ https://t.co/I5dAptPjyQ
  • #SP500 futures hurtling towards the 200-MA after breaching Bear Flag support Above-average volume in tandem with the RSI snapping below 40 hints at extension of the recent move Implied measured move suggests price could fall as far as the 3000 level. #ES #SPX https://t.co/VdZKgblp3S https://t.co/hXHOIS1oho
Gold Holds up Amid USD Unwinding while Copper Sinks on Low U.S. ISM

Gold Holds up Amid USD Unwinding while Copper Sinks on Low U.S. ISM

2015-12-02 08:27:00
Nathalie Huynh,
Share:

Talking Points:

  • Oil is pressured by unexpected crude stock build reported by API, awaiting DoE’s data
  • Copper hovers on support level, as Chinese stock gains counter a huge drop in U.S. ISM index
  • Gold holds on to gains amid USD unwinding before event risk this week

Gold price held up above 1064.5 support level thank to broad USD weakness due to position adjustments. Traders have been unwinding USD longs, ahead of event risk this week: the European Central Bank policy meeting tomorrow December 3, and U.S. Non-farm Payrolls on Friday.

However the downside of gold price remains vulnerable to macro shocks, be that data or market action, as NFP approaches and so does the Federal Reserve’s meeting on December 16.

Copper price nearly paredall gains of the last two sessions after U.S. Institute for Supply Management’smanufacturing index dropped to the lowest since 2009. Copper hovers above 2.0650 intraday support level with modest support from today’s Chinese stock gains. The Shanghai Composite closed today’s trading up 2.33 percent. Prior to the US data, metals made a comeback following decent Chinese PMIs and commodity recovery.

Oil price remained under pressure after report of unexpected stock build from the industry-group American Petroleum Institute in the Asian morning. Total crude inventories rose by 1.6 million barrels during the week ended today, while Cushing build reached 453,000 barrels. These figures prelude potential upside surprise in official inventory data published by the U.S. Department of Energy tomorrow.

An intraday support level to oil price comes at 41.50, followed by a 3-month support level at 41.21.

Note: OPEC semi-annual meeting kicks off on December 4 in Vienna.

GOLD TECHNICAL ANALYSIS – 20-day moving average at 1077.7 continues to cap the topside of gold price. Upward momentum is inherent and a test of this resistance is possible, except for a change of direction due to event risk. A firm resistance comes above that at 1098.8, limiting higher price extensions. Range trades prevail given current conditions.

Gold Holds up Amid USD Unwinding while Copper Sinks on Low U.S. ISM

Daily chart - Created Using FXCM Marketscope

COPPER TECHNICAL ANALYSIS – Not much has changed in copper price as the metal continued choppy trading between a multi-year low at 2.0020 and the 20-day moving average at 2.1118. Downward momentum signals indicate lower moves to come. The bears could keep their stops trailing the MA or adjust target near this firm support level.

Gold Holds up Amid USD Unwinding while Copper Sinks on Low U.S. ISM

DailyChart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS WTI oil price is on a 4th day of declines as part of an apparent reversal from its recent top at 43.46. The bears should be mindful of 40.07 support level ahead, especially as downward momentum signals are near exhaustion. Like gold, rage trades dominate oil prices at present.

Gold Holds up Amid USD Unwinding while Copper Sinks on Low U.S. ISM

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