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
Bearish
Oil - US Crude
Bullish
Wall Street
Bearish
Gold
Mixed
GBP/USD
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
USD/JPY
Bullish
More View more
Real Time News
  • Indices Update: As of 08:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 1.45% France 40: 1.26% Germany 30: 1.20% US 500: 1.15% Wall Street: 0.97% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/IJvDb1nDQE
  • Heads Up:🇪🇸 Markit Manufacturing PMI (FEB) due at 08:15 GMT (15min) Expected: 52 Previous: 49.3 https://www.dailyfx.com/economic-calendar#2021-03-01
  • Euro Price Forecast: EUR/USD, EUR/JPY Eyeing ECB Weekly Bond Purchases - https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/euro_open/2021/03/01/Euro-Price-Forecast-EURUSD-EURJPY-Eyeing-ECB-Weekly-Bond-Purchases.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr $EUR $EURUSD $EURJPY https://t.co/2phQjBQPO1
  • 🇨🇭 Retail Sales YoY (JAN) Actual: -0.5% Previous: 5.4% https://www.dailyfx.com/economic-calendar#2021-03-01
  • Heads Up:🇨🇭 Retail Sales YoY (JAN) due at 07:30 GMT (15min) Previous: 4.7% https://www.dailyfx.com/economic-calendar#2021-03-01
  • Slippage can be a common occurrence in forex trading but is often misunderstood. Understanding how forex slippage occurs can enable a trader to minimize negative slippage, while potentially maximizing positive slippage. Learn about FX slippage here: https://t.co/Blrl0uF2Ct https://t.co/y5QA5ZNvgs
  • 🇷🇺 Markit Manufacturing PMI (FEB) Actual: 51.5 Previous: 50.9 https://www.dailyfx.com/economic-calendar#2021-03-01
  • Heads Up:🇷🇺 Markit Manufacturing PMI (FEB) due at 06:00 GMT (15min) Previous: 50.9 https://www.dailyfx.com/economic-calendar#2021-03-01
  • 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/XuRCWHWsEV
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.74%, while traders in GBP/JPY are at opposite extremes with 64.08%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/0MjvT6Ao40
Risk Assets Ride on Oil Winning Streak while Gold Pares Gains

Risk Assets Ride on Oil Winning Streak while Gold Pares Gains

Nathalie Huynh,

Talking Points:

  • Gold was hammered by the flight out of safe havens
  • Oil sustained rising streak while news of production cuts unfold
  • Copper advanced further as China sets yuan high and boosted new loans

The rally of risk assets may prolong throughout this week with the aid from oil gains and high CNY fixing by the PBoC. The central bank today set yuan mid-point not far off yesterday’s half-year low. All Asian equity indices posted gains during the day and bonds retreated.

Oil price continued its impressive winning streak on a second day to almost touch up to $31. This big handle is worth watching as it alternatively acted as support and resistance levels during various days this year. A breach above it would be good indication of further topside development.

After rumor of OPEC’s coordinated cuts on Friday lifted oil and the risk complex, more have been revealed, all positive to oil price. Bloomberg reported that oil ministers from Saudi Arabia and Russia are meeting in Qatar, after a tour by Venezuela’s oil minister around OPEC countries last month.

Gold price nearly gave back all of last week’s gains as investors withdrew from safe haven and move into risk. Macro sentiment and position adjustments are driving gold price in the short term, with more downside expected. A stall in the equity rebound would be a prerequisite for gold to regain its footing.

Copper priceis facing a recurring level of 2.0845 at top, similar to oil. A consecutive high CNY fix and a record high new yuan loans in China affirm investors of the government’s intention to keep their market and economy in check. Such is inherently beneficial to metals including copper. On the other hand, industry-wide consolidation continued with Freeport selling its stake in Morenci Mine to Sumitomo.

Need a hand to start trading: Free Guides

GOLD TECHNICAL ANALYSIS – This week’s losses nearly pared all gains of gold in the last week. Despite the recent rapid climb, uptrend signal has not emerged in gold’s weekly chart. Hence a slide in price may carry on as sharply as it did on the way up. Investors should prepare for a return to support trend line.

Risk Assets Ride on Oil Winning Streak while Gold Pares Gains

Weekly Chart - Created Using FXCM Marketscope

COPPER TECHNICAL ANALYSIS – Copper price did not managed to climb above a past support trend line – which has turned into a resistance. Strong upward momentum boosts this chance however. Copper bulls should be mindful of not just this but also 2016’s high at 2.1485 above head.

Risk Assets Ride on Oil Winning Streak while Gold Pares Gains

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS WTI oil traded choppy above the 13-year lows at 25.80 and 27.55 during the last few weeks. There is still not a strong case for its full recovery above next resistance level at 34.25. More volatile price action may follow until oil breaks out of range.

Risk Assets Ride on Oil Winning Streak while Gold Pares Gains

Weekly 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