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
Bearish
Oil - US Crude
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
Wall Street
Mixed
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
Bullish
More View more
Real Time News
  • Entry orders are a valuable tool in forex trading. Traders can strategize to come up with a great trading plan, but if they can’t execute that plan effectively, all their hard work might as well be thrown out. Learn how to place entry orders here: https://t.co/lAFyv1gM0P https://t.co/ubLimoYAcr
  • What is the outlook for financial markets ahead of the first presidential debate and how are Democratic nominee Joe Biden and President Donald Trump doing in the polls? Find out from @ZabelinDimitri here:https://t.co/QQwAZTxZFg https://t.co/4cRhRCiv3C
  • The US Dollar could gain as it forms bullish technical formations against the Singapore Dollar and Malaysian Ringgit. USD/PHP may have bottomed, will USD/IDR rise next? Find out from @ddubrovskyFX here:https://t.co/3UIKmbLIvD https://t.co/PY2YyH4vkQ
  • The Indian Rupee may be at risk to the US Dollar as USD/INR attempts to refocus to the upside. This is as the Nifty 50, India’s benchmark stock index, could fall further. Get your $USDINR market update from @ddubrovskyFX here:https://t.co/3wsYlSxd26 https://t.co/z2qB9p8IgX
  • A proxy of #EmergingMarket capital flows hit its lowest since July, falling with the #SP500 after some divergence This is as #USD gained against its developing FX counterparts, highlighting potential risk of a spillover outwards Stay tuned for next week's #ASEAN fundy outlook! https://t.co/kAvpnb0EXO
  • 4 consecutive down weeks for the #SP500, last matched over a year ago #Fed balance sheet continues to gain very cautiously, now at its highest since the middle of June. Still, at slower pace than last week Focus shifts to US fiscal stimulus next week in the House of Reps https://t.co/f8zpSILm86
  • #Gold prices have broken lower and while the broader technical structure is constructive, the risk remains for a deeper correction before resumption. Get your $XAUUSD technical analysis from @MBForex here: https://t.co/7p3jPx6nQd https://t.co/nnCSdt6OV5
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.00% 🇳🇿NZD: -0.02% 🇯🇵JPY: -0.15% 🇨🇭CHF: -0.23% 🇦🇺AUD: -0.25% 🇪🇺EUR: -0.33% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/O8Qb7OHZza
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -0.30% Gold: -0.33% Silver: -0.92% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/lEALo4Z1M9
  • The S&P 500 breakdown is testing the first major zone of support and we’re looking for a reaction. Get your S&P500 technical analysis from @MBForex here:https://t.co/JrTNmQ5c7g https://t.co/D79T1134P9
Gold Gains as ECB Cut Rate; Oil Trades Choppy to OPEC Headlines

Gold Gains as ECB Cut Rate; Oil Trades Choppy to OPEC Headlines

2015-12-04 08:55:00
Nathalie Huynh,
Share:

Talking Points:

  • Oil buying interests build in anticipation of OPEC’s resolution for glut
  • Copper recovers on weak USD, awaiting NFP today and China trade data next week
  • Gold sets for first weekly gain after ECB’s deposit rate cut

Oil price traded below 41.50 with a slight upside bias as USD weakness was countered by oil volatility due to conflicting reports on OPEC output cuts. The group will meet today in Vienna to decide on output policy, inclusion of former member Indonesia, and leeway for additional Iranian oil. Brent oil also display an upward bias. The impact of downside surprise to oil price will be huge if OPEC eventually decides not to cut production.

Gold price stabilized below 1064.55, heading for the first weekly gain since October after the European Central Bank cut deposit rate by 10 basis points to -0.3% (negative rate). The biggest driver for gold this week is perhaps U.S. Non-farm Payrolls data today. After 271K jobs in October, the forecast for November is 200K jobs gain.

Gold will likely react in reverse of how this data comes out in comparison to forecasted, as it is a primary indicator to a US rate hike.

Copper pricealso benefited from the USD decline and recovered up to a resistance at 2.0650. Metals largely ignored an equity rout in Asia today to focus on direction of the dollar. As such, market driver for metals until the end of this week will be Non-farm Payrolls and subsequent market reaction in the USD. Next week will start with one of the most important Chinese data: trade balance, exports, imports, which will undoubtedly make a big impact on metal prices.

GOLD TECHNICAL ANALYSIS – Similar to other commodities, gold price halted ahead of a 6-year low and support level at 1044.73 in yesterday’s session. Muted price action dominates the market coming up to a U.S. major data with potential for more downward pressure on gold. 20-day moving average at 1073.5 continues to cap the topside.

Gold Gains as ECB Cut Rate; Oil Trades Choppy to OPEC Headlines

Daily chart - Created Using FXCM Marketscope

COPPER TECHNICAL ANALYSIS – Copper continued to trade the range between multi-year low at 2.0020 and 20-day moving average at 2.098. There is no sign for a change of momentum nor a breach out of range at moment. High volatility will emerge before and after event risk today, where short-term traders could lock in small profit.

Gold Gains as ECB Cut Rate; Oil Trades Choppy to OPEC Headlines

DailyChart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS The recent halt of WTI oil price confirmed the resilience of long-term support at 40.07. Oil remains range-bound with an imminent upside bias as seen in momentum signals. These movements provide some opportunities to range traders, although they should be mindful of extreme volatility around the OPEC meeting.

Gold Gains as ECB Cut Rate; Oil Trades Choppy to OPEC Headlines

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