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
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
Wall Street
Mixed
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Bullish
More View more
Real Time News
  • Struggling to define key levels? Floor-Trader Pivots assist traders in identifying areas in a chart where price is likely to approach and can be used to set appropriate targets, while effectively managing risk. Learn how to use this indicator here: https://t.co/Ye4m1FMKUW https://t.co/mAMhWbV6Jy
  • Make smart trading decisions with your free guide to trade the news. Download your free guide here.https://t.co/pb5E2KgRzW #DailyFXGuides https://t.co/E9ZmJvqO0z
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here: https://t.co/4jsORznRTE https://t.co/fqxw1AoKc1
  • Gold snapped a two-week losing streak but keeps price within the broader August downtrend. These are the levels that matter on the $XAUUSD weekly chart. Get your market update from @MBForex here: https://t.co/B3Jct6mIBD https://t.co/xTGIM2hRBv
  • $GBPUSD continues to move higher, despite Friday’s weakness, as vaccination hopes continue to fuel positive sentiment despite ongoing lockdown fears and downbeat UK data. Get your market update from @nickcawley1 here: https://t.co/S8UoHzOwFN https://t.co/qI6UZdggvM
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here: https://t.co/IsnpfJhp91 https://t.co/6wxX6oQurn
  • Recessions can devastate the economy and disrupt the fortunes of individuals, businesses, and investors. But economic decline in the business cycle is inevitable, and your trading can be defined by how you respond to crisis. learn how to prepare here: https://t.co/e4CnobJCss https://t.co/w009tJEQZn
  • Looking for a new way to trade reversals? One of the most used reversal candle patterns is known as the Harami. Like most candlestick formation patterns, the Harami tells a story about sentiment in the market. Get better with trading reversals here: https://t.co/rfwUWJfbz9 https://t.co/2AeO1AdD2M
  • MACD who? The Moving Average Convergence Divergence (MACD) is a technical indicator which simply measures the relationship of exponential moving averages (EMA). Find out how you can incorporate MACD into your trading strategy here: https://t.co/ZNs4Qi8ieG https://t.co/INJz4NSugQ
  • 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/QszmdZX8cS https://t.co/qdrsi61CN8
Oil Prices Slip as Rig Count Steadies, Gold Prices Retreat

Oil Prices Slip as Rig Count Steadies, Gold Prices Retreat

Nathalie Huynh,

Talking Points:

  • Gold price retreated as investors took profit and left gold trades
  • Oil price slipped after US rig count halts its declines
  • Copper price traded muted after China’s monthly imports fell to the lowest since 2004

U.S. oil prices dropped 1.4 percent andconsolidated around $39in the Asian afternoon,after a high of $41.20 on Friday. Consequently, the Canadian dollar strengthened to C$1.30 per USD. The number of active rigs counted by Baker Hughes Inc. rose by 1 to a total of 387 last week, following several weeks of declines. Oil prices previously garnered support from a consistent slowdown in rig count, as seen in the below graph.

Oil Prices Slip as Rig Count Steadies, Gold Prices Retreat

Chart created by author – Data by Baker Hughes Inc. via Bloomberg

Among OPEC producers, efforts to reach an accord to freeze production continued with a meeting set for April 17 in Doha, Qatar. However the list of attendees remains unclear.

Copper prices also retreated from an 11-month high of 2.3235 on Friday, in spite of regional stock gains including a 1.8 percent gain in the Shanghai Composite. Metals mostly lowered, except for iron ore which scored 4.3 percent gain on Dalian Commodity Exchange. The outlook for copper remains gloomy as data from China’s General Administration of Customs revealed that monthly imports fell to the lowest since 2004.

Gold prices lowered to the $1250 area today as investors took profit on their long positions which built up before and during U.S. FOMC event last week. Money managers have reduced both long and short bets in gold, according to U.S. CFTC and our own SSI. This likely brings gold volatility down.

Need a hand to start trading: Free Guides

Want to read market’s momentum: Speculative Sentiment Index

GOLD TECHNICAL ANALYSIS – Gold prices slipped for a third day although they remained above the support trend line. A slight upward momentum signal indicates consolidation ahead. For now bullion is trapped between the trend line and 2015’s top at 1307.6.

Oil Prices Slip as Rig Count Steadies, Gold Prices Retreat

Daily Chart - Created Using FXCM Marketscope

COPPER TECHNICAL ANALYSIS – Copper prices did not follow through with higher moves after a break of the 2.3020 resistance level on Friday. Prices remain in a correction, although pressure continues to build on the upside. A firm support level comes at 2.1485.

Oil Prices Slip as Rig Count Steadies, Gold Prices Retreat

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS Oil prices traded sideways above the 38.99 support level for a second day. It will be a good sign for the oil bulls if prices could sustain these levels throughout this week, or continue rising toward the resistance level at 43.43.

Oil Prices Slip as Rig Count Steadies, Gold Prices Retreat

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