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
Bearish
GBP/USD
Mixed
USD/JPY
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
Gold
Bullish
Oil - US Crude
Bearish
Bitcoin
Bearish
More View more
Real Time News
  • The $USD may fall against the Swedish Krona and Norwegian Krone if commentary from officials at the Davos forum uplift market mood and pressure haven-linked currencies. Get your market update from @ZabelinDimitri here:https://t.co/SZAG0yMu3d https://t.co/cBZj5tC0Ny
  • The $NZD is inching toward support guiding gains in the fourth quarter of 2019. A break may set the stage for long-term bearish trend resumption. Get your market update from @IlyaSpivak here:https://t.co/bnlx4RJ8oV https://t.co/d60YziMYnO
  • $Gld prices are poised to mark the highest weekly-close in nearly seven-years, but the bulls aren’t in the clear yet. Here are the XAU/USD levels that matter next week. Get your $XAUUSD technical analysis from @MBForex here: https://t.co/yeTH6HwncQ https://t.co/6sIpxTSNaX
  • Video https://t.co/PZeqhLumSR
  • The $USD rose as the Singapore Dollar, Malaysian Ringgit and Philippine Peso fell on coronavirus fears. What is the technical outlook for USD/IDR, USD/SGD, USD/MYR and USD/PHP? Find out from @ddubrovskyFX here: https://t.co/G3GmyOe4IT https://t.co/iq7ajeP6iv
  • RT @ddubrovskyFX: The Indian Rupee 2020 outlook is bearish as India faces stagflation risk amid rising onion and crude oil prices. USD/INR…
  • Bloomberg just reported that Australia confirmed its first #coronavirus case
  • Monday open volatility? https://t.co/0ElZtSfHsz
  • China confirmed 444 new cases of the #coronavirus -BBG #SP500 #Yen #USD
  • The #Euro has broken four-month support guiding a recovery against the US Dollar to suggest that the long-term downtrend has been re-engaged. Get your market update from @IlyaSpivak here: https://t.co/FHiGQZ6zvV https://t.co/2lGDCmuGab
Gold Price Jumps after Yellen Dovish Remarks, Copper Price Slides

Gold Price Jumps after Yellen Dovish Remarks, Copper Price Slides

2016-03-30 07:43:00
Nathalie Huynh,
Share:

Talking Points:

  • Gold price rose as Fed Chair Yellen emphasized caution in Fed rate policy
  • Oil price pared losses after data of a smaller than expected inventory build
  • Copper price hit three-week low on Yellen’s outlook concerns

Crude oil prices cut losses late in New York session after data showed a smaller than expected build in crude inventories. The American Petroleum Institute published an inventory figure of2.6 million barrels in the week to March 25, compared with 3.3 million barrels expected.

Gold prices jumped to a daily high of $1243.1 after hitting a one-month low on Monday as buyinginterests returned after Federal Reserve Chair Janet Yellen said the Fed should proceed cautiously in interest rate policy. Her comments diverged from the recent hawkish remarks from other Fed members. U.S. Treasuries rallied with 2 and 10-year notes hitting four-week highs, as the market expected a more gradual pace of rate hikes.

Copper prices hit a three-week low of $2.1920 on Wednesday due to global growth concerns expressed in Ms. Yellen’s remarks. Looking ahead, China’s reviving property market will likely boost sales of steel, copper and other construction materials. However the outlook for metal demands remains gloomy as the Asian Development Bank downgraded its economic growth forecast for Asian developing economies in 2016.

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 rose although they still fell short of a medium-term trend line. An immediate support level at 1207.6 held firmly. Current momentum signals indicate an upside potential in gold prices. Resistance levels are in the 1265-1282 area.

Gold Price Jumps after Yellen Dovish Remarks, Copper Price Slides

Daily Chart - Created Using FXCM Marketscope

COPPER TECHNICAL ANALYSIS – Copper prices dropped for a second consecutive session. This price slip brought attention to the 2.1485 support level. Similar to the case of oil, a downward pressure is prevalent in copper chart. Investors should watch out for a test of the support level.

Gold Price Jumps after Yellen Dovish Remarks, Copper Price Slides

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS Oil prices traded below the $39 mark today as a downward momentum persisted. This level may act as a resistance level while oil prices fluctuate according to broader market developments. An immediate support level is at 34.79.

Gold Price Jumps after Yellen Dovish Remarks, Copper Price Slides

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.

DISCLOSURES

News & Analysis at your fingertips.