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
Oil - US Crude
Wall Street
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
More View more
Real Time News
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.05% 🇨🇭CHF: -0.08% 🇨🇦CAD: -0.10% 🇪🇺EUR: -0.16% 🇳🇿NZD: -0.17% 🇦🇺AUD: -0.20% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/1fVY4dfYMN
  • 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 76.00%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/HZ4bR3qFl2
  • Hey there traders, if you missed this week's session on IGCS where I discussed the #SP500, #FTSE100 and #CAC40, check out the recording on YouTube here - https://t.co/CJhhtY5WDJ
  • RBNZ Governor Orr: Is 'early days' for business lending schemes, expects schemes to be used more in coming months. Some payments from schemes put into bank deposits -BBG
  • Heads Up:🇨🇳 Industrial Profits (YTD) YoY due at 01:30 GMT (15min) Previous: -36.7% https://www.dailyfx.com/economic-calendar#2020-05-27
  • The US Dollar seems to have technical setups versus #ASEAN currencies such as the Singapore Dollar, Malaysian Ringgit, Indonesian Rupiah, and Philippine Peso that could go either way. Get your ASEAN currencies market update from @ddubrovskyFX here: https://t.co/qOofxVUI8t https://t.co/F6p8jediYz
  • The US Dollar could rise against #ASEAN currencies such as the Singapore Dollar as US-China tensions seem to escalate. The Indian Rupee is also looking ahead of local 1Q GDP data.Get your market update from @ddubrovskyFX here:https://t.co/LkEFJViPWY https://t.co/fc07BMitLx
  • Wall Street Futures Update S&P 500: -0.33% Dow Jones: -0.34% NASDAQ 100: -0.32% (delayed) - BBG
  • (Asia AM) The Japanese #Yen and US Dollar sank as the Australian Dollar rose despite escalating US-China tensions over Hong Kong. $USDJPY may be readying to turn lower after clearing support - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2020/05/26/Yen-Sank-Despite-US-China-Hong-Kong-Tensions-USDJPY-May-Fall.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/GxJ7D7W5Ov
  • RBNZ's Orr: Sees 'more room to go' on home loan interest rates -BBG
Gold Price Steadies before Fedspeak while Oil, Copper Prices Fade

Gold Price Steadies before Fedspeak while Oil, Copper Prices Fade

2016-03-29 07:15:00
Nathalie Huynh,

Talking Points:

  • Gold price pared yesterday’s losses as market players positioned before Fedspeak, NFP
  • Oil price faded as soft US data prompted growth downgrades
  • Copper price traded subdued following soft data and equity losses

Gold prices extended the upside to 1223.2 ahead of speeches from Fed Chair Yellen and Fed’s William later today. This level still fell short of a past daily low at 1225.7 which may act as resistance level in the near term. Liquidity has improved as regional markets returned to work from Easter holiday weekend. US dollar’s weakness following yesterday’s fall will provide support to gold until Non-farm Payrolls data release on Friday.

Oil prices and volatility faded into an inside-day trading, as soft US data prompted downgrades of growth forecasts. The downside of oil prices is at a safe distance from 38.2 support level. At top, past daily highs at 40.48 might restrict future movement. Oil and other commodities are leveraging on a weak US dollar ahead of major events in the US.

Copper prices also traded within yesterday’s band, with a downside bias in the Asian afternoon. This lacklustre was in line with losses in regional equities including in the Shanghai Composite index. Although the US dollar stayed weak versus commodity and risk currencies like AUD, NZD, copper prices have not yet recouped last week’s losses. A support level at 2.2035 has held firmly through thin holiday market.

Need a hand to start trading: Free Guides

Want to read market’s momentum: Speculative Sentiment Index

Losing Money Trading Forex? This Might Be Why.

GOLD TECHNICAL ANALYSIS – Gold prices recovered toward a daily high of 1223.2 while the 1207.6 support level held firmly on the downside. Below that, another support level comes at 1191. Mixed momentum signals indicate that gold prices may retain current levels ahead of economic events this week.

Gold Price Steadies before Fedspeak while Oil, Copper Prices Fade

Daily Chart - Created Using FXCM Marketscope

COPPER TECHNICAL ANALYSIS – Copper prices have dropped well below the 2.3020 resistance level to linger at the middle of its 2.1485-2.3020 range. Trading opportunity is limited while the metal is going through a lackluster period. Ranging price action abounds.

Gold Price Steadies before Fedspeak while Oil, Copper Prices Fade

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS Oil prices touched a support level at 38.99 (or 39) on the fifth straight session of losses. This level has held firmly so far, although downward momentum hints at possibility of a break. In such case, a lower support level comes at 34.79.

Gold Price Steadies before Fedspeak while Oil, Copper Prices Fade

Daily Chart - Created Using FXCM Marketscope

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

To receive Nathalie’s analysis directly via email, please SIGN UP HERE

Contact and follow Nathalie on Twitter: @nathuynh

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


News & Analysis at your fingertips.