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
Bullish
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
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
Gold
Mixed
GBP/USD
Bullish
USD/JPY
Mixed
More View more
Real Time News
  • 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/K1F3QlB8ik
  • 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/cXImPrjl8x
  • Crude Oil Forecast: Oil Prices Edge Lower Toward Trend Support -via @DailyFX WTI #CrudeOil closed the week slightly higher on balance, but the commodity is struggling at resistance as bears look to challenge trend support. Link to Full Analysis: https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2021/05/08/crude-oil-forecast-oil-prices-edge-lower-toward-trend-support.html #OOTT https://t.co/MvtP36QxY8
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM7kO6a https://t.co/3f5sLijsVB
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here: https://t.co/ADSC4sIHrP https://t.co/PO93mIKAZP
  • Technical analysis of charts aims to identify patterns and market trends by utilizing differing forms of technical chart types and other chart functions. Learn about the top three technical analysis tools here: https://t.co/KDjIjLdTSk https://t.co/CHE6IOq3K5
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Learn about the importance of the ISM manufacturing index here: https://t.co/Xr3xtoFpZy https://t.co/Agl1q6EQyu
  • Take a closer look visually at the most influential global importers and exporters here: https://t.co/G58J1dg6y3 https://t.co/UmubxiDXGc
  • 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: https://t.co/rz7fqhRoMG https://t.co/e4G1gTGhex
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here: https://t.co/kODPAfJE79 https://t.co/pS48NIuwqX
Gold Gains as ECB Cut Rate; Oil Trades Choppy to OPEC Headlines

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

Nathalie Huynh,

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