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.

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
GBP/USD
Bearish
USD/JPY
Bullish
Gold
Bullish
Oil - US Crude
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
Bitcoin
Mixed
More View more
Real Time News
  • LIVE NOW: In this session, Currency Analyst @ZabelinDimitri will preview the upcoming week's main political themes and discuss their impact on financial markets. https://www.dailyfx.com/webinars/146770987
  • LIVE IN 30 MIN: In this session, Currency Analyst @ZabelinDimitri will preview the upcoming week's main political themes and discuss their impact on financial markets. https://www.dailyfx.com/webinars/146770987
  • How will the $JPY respond as the Bank of Japan appears to begin walking back from years of assuring the markets that ‘powerful monetary easing’ would be enough to stoke inflation? Get your market update from @DavidCottleFX here:https://t.co/ETZgk4xf5U https://t.co/ArTaaTninN
  • Join @ZabelinDimitri 's #webinar at 11:30 PM ET/4:30 AM GMT to find out how geopolitical risk will affect the markets in the week ahead. Register here: https://t.co/hsULxMNOtM https://t.co/dClnkF5vrD
  • LIVE NOW: Join DailyFX Senior Strategist @IlyaSpivak LIVE as he discusses the outlook for the financial markets in the week ahead! https://www.dailyfx.com/webinars/889679267
  • RT @BloombergAsia: China threatens Germany with retaliation if Huawei 5G is banned https://t.co/fNLdzRRCbL
  • EUR/USD Technical Analysis: Euro Flirting with Support Break - https://www.dailyfx.com/forex/technical/home/analysis/eur-usd/2019/12/16/EURUSD-Technical-Analysis-Euro-Flirting-with-Support-Break.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr #EURUSD #technicalanalysis
  • LIVE IN 30 MIN: Join DailyFX Senior Strategist @IlyaSpivak LIVE as he discusses the outlook for the financial markets in the week ahead! https://www.dailyfx.com/webinars/889679267
  • #AUD had seen a little pressure Monday as investors wondered how much of a real step forward an interim #USChinaTrade agreement is. Still, China's retail sales and industrial data beat forecasts and gave it a lift. https://www.dailyfx.com/forex/market_alert/2019/12/16/Australian-Dollar-Chinese-Economic-Data.html?utm_source=Twitter&utm_medium=Cottle&utm_campaign=twr
  • Tune in to @IlyaSpivak 's #webinar at 10:00 PM ET/3:00 AM GMT for insight on the cross market weekly outlook. Register here: https://t.co/E213bTtq5C https://t.co/1hiYTne4JK
Oil at Fresh Low amid Unabated Stocks, Gold Jumps to Rate Delay

Oil at Fresh Low amid Unabated Stocks, Gold Jumps to Rate Delay

2016-02-11 12:07:00
Nathalie Huynh,
Share:

Talking Points:

  • Gold rallied after Fed Chair Yellen hinted at possible rate hike delay amid growth concerns
  • Oil price saw no bottom yet, hit by Cushing build and Iranian oil
  • Copper traded flat amid weaker USD

Oil price set on a free fall into the 26s area today as risk-selling persisted. After an initial recovery to unexpected crude draw reported by U.S. Department of Energy, a similarly unexpected build in Cushing reminded the market of a global glut. News of Iran offering lower price than Saudi’s oil reinstated this outlook. A full recovery in risk sentiment is needed before oil could pick up from more fresh lows.

Gold price rallied near the highest since February 2015 at 1232 as Fed Chair Yellen hinted at possible delay of US interest rate hikes this year. Previously expected to deliver four hikes including one in March, the Fed now shifted to wait-and-see mode after recent market turbulence and slow US employment growth. Likewise, JPY also rallied through today while Nikkei and regional stocks slid further. The extent of gold’s advance depends on whether this risk rout will carry on until the weekend.

Copper price traded flat after 4 straight days of sharp declines as the USD weakened among G10 currencies and Chinese yuan. Extremely thin market with the absence of China kept copper in a choppy yet directionless manner. However growth concerns in the US and globally as outlined by Yellen will likely limit upside potential.

Need a hand to start trading:Free Guides

GOLD TECHNICAL ANALYSIS – Gold advanced near the top of a consolidation in first-half of 2015, also the highest since last February. It is unclear whether it will break through this level, given flat momentum signals in overbought territory. One thing for sure is the strong momentum will keep gold elevated for a while.

Oil at Fresh Low amid Unabated Stocks, Gold Jumps to Rate Delay

Daily Chart - Created Using FXCM Marketscope

COPPER TECHNICAL ANALYSIS – Copper price held out above the 2.0020 support level on a second day, an indication that it may sustain these levels until this weekend. Inherent downward pressure remains, hence traders should be prepared for lower moves in near future.

Oil at Fresh Low amid Unabated Stocks, Gold Jumps to Rate Delay

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS WTI oil broke through a multi-year low in the 27s to tackle fresh lows in the 26s area. There is no stopping to the oil slide in near term with strong downward momentum. Next support is 25.80, the lowest since 2003.

Oil at Fresh Low amid Unabated Stocks, Gold Jumps to Rate Delay

Daily Chart - Created Using FXCM Marketscope

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

Want to read market’s momentum: Speculative Sentiment Index

Losing Money Trading Forex? This Might Be Why.

Contact and follow Nathalie on Twitter: @nathuynh

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

DISCLOSURES

News & Analysis at your fingertips.