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
Bullish
Oil - US Crude
Bearish
Wall Street
Bearish
Gold
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
Bullish
USD/JPY
Bullish
More View more
Real Time News
  • Fed Discount-Rate Meeting Minutes: - Directors reported noteworthy declines to economic activity, particularly in retail, tourism, and travel industries - Several directors expect jobless rate to increase further in coming months $DXY $SPX
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Wall Street: 1.48% US 500: 0.58% FTSE 100: 0.16% Germany 30: -0.05% France 40: -0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/qJvZxDmmST
  • Dow Jones Index strength continues in afternoon trading, as recovery hopes spur risk appetite $DJI https://t.co/4M6CoMdyGn
  • $USDCAD dives to lowest level since March 15 on USD weakness https://t.co/8abAuksdMo
  • #Equities: US futures on the front-foot with market participants returning from their elongated break, which in turn sees the S&P 500 pierce the psychological 3000. Get your #equities market update from @JMcQueenFX here: https://t.co/7O447VkToZ https://t.co/TyXEaPVnbb
  • LIVE NOW: Join @JStanleyFX as he runs through price action set-ups for the FX and CFDs market. https://www.dailyfx.com/webinars/1338844901231735299
  • it's time for the webinar, starting right now https://www.dailyfx.com/webinars/1338844901231735299 https://t.co/gLQFjotDmG
  • Senate Majority Leader McConnell says drop in revenue for States a concern, but national debt is also concerning- BBG
  • LIVE IN 5 MINUTES: Join @JStanleyFX as he runs through price action set-ups for the FX and CFDs market. https://www.dailyfx.com/webinars/1338844901231735299
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.52%, while traders in US 500 are at opposite extremes with 75.73%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/tkFbZhU9DE
Copper, Oil Price Join Risk-On, Gold Attracts Flows before Events

Copper, Oil Price Join Risk-On, Gold Attracts Flows before Events

2016-03-03 05:52:00
Nathalie Huynh,
Share:

Talking Points:

  • Gold saw inflows as investors took cover before major market events: NFP, ECB, BOJ, FOMC
  • Oil edged up as falling output overshadowed huge stock build
  • Copper continued rally alongside stocks and risk assets

WTI oil price finds a reprieve in falling US output and potential shortage of storage capacity into refinery maintenance season. Output fell for the sixth week and to the lowest level since November 2014 of 9.08 million barrels a day. Overall, market still waits to see if oil could rally back to $35 level.

On the other hand, long term pressure was reinstated by unexpected huge crude build in the US last week, also reported by Department of Energy. 10.37 million barrels were added nationally with 1.19 million barrels at Cushing hub alone. Contrasting to last week’s deep dip that triggered a price rally, gasoline inventories added around 1.14 million barrels.

Gold price continued to garner inflows as investors placed cautious hedge before major market events this month. Non-farm Payrolls starts the trail this Friday, followed by central banks meeting by the ECB, Bank of Japan, and US’s FOMC. While market debates whether a US hike or EU rate cut would materialise, safe havens like gold or JPY remain popular to preserve capital through period of high volatily.

Copper price touched up to 2.20 level, last seen in November 2015, along with a rally in stock after positive US jobs data. payrolls report from ADP Research Institute revived talk of the Federal Reserve’s rate hike, following Tuesday’sdata that manufacturing was steadying.

Need a hand to start trading:Free Guides

Want to read market’s momentum: Speculative Sentiment Index

GOLD TECHNICAL ANALYSIS – Gold price shows no sign to break out of consolidation, with occasional topside extensions. All other signals point to further stagnation hence long term investors may keep positions as planned. Low volatility is expected in the near term.

Copper, Oil Price Join Risk-On, Gold Attracts Flows before Events

Daily Chart - Created Using FXCM Marketscope

COPPER TECHNICAL ANALYSIS – Copper price rallied on a second day as investors await a clean break above trend line support. Given wide trading band in last two sessions, it is uncertain whether these new gains are sustainable. Tight stops should be exercised on the downside.

Copper, Oil Price Join Risk-On, Gold Attracts Flows before Events

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS Oil price broke through previous resistance level at 34.25 with today’s prices promising a clean break. If so that would be a good sign to long investors, and a signal to conclude range trades. Next resistance at 38.36 is safe for now.

Copper, Oil Price Join Risk-On, Gold Attracts Flows before Events

Daily Chart - Created Using FXCM Marketscope

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

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.