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
GBP/USD
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
USD/JPY
Mixed
Gold
Bullish
Oil - US Crude
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
Bitcoin
Mixed
More View more
Real Time News
  • While Sino-US trade jitters are temporarily abating, China-Swedish trade tensions are rising as a part of a political contagion of growing economic hostilities between nations across the world. Get your market update from @ZabelinDimitri here:https://t.co/F1fVoyzoz5 https://t.co/uOLKRebXB1
  • #DidYouKnow the global trade volumes dropped by close to 10% amid the Great Recession. Want to know your #tradewars history? Get it here: https://t.co/f4loFVzX6w https://t.co/GDTFHvUIf7
  • The spread of #coronavirus promises a global economic hit at a time when the global economy is perhaps especially ill-equipped to deal with one. Growth-correlated assets are vulnerable. Get your market update from @DavidCottleFX here: https://t.co/0If0Jw7c2P https://t.co/mph6z70XeF
  • The $JPY continues to struggle against the US Dollar but there seems little appetite to push USD/JPY much beyond a range which has tended to reassert itself since late last year. Get your market update from @DavidCottleFX here: https://t.co/iaVfPSuXy4 https://t.co/1QPhJmYlQv
  • The #Euro may bounce after hitting the lowest level in close to three years against the US Dollar. While the broader trend points firmly lower, selling pressure may be ebbing. Get your market update from @IlyaSpivak here: https://t.co/697SQ9j5FY https://t.co/6SEvwQyod8
  • GBP/CAD has broken below the September uptrend while EUR/CAD may be ending its consecutive 12 day decline with EUR/CHF approaching key resistance as NZD/CAD aims at November lows. Get your currencies update from @ZabelinDimitri here: https://t.co/GpRB7IKhTA https://t.co/hlHlGdhkHc
  • The $GBP recoiled from chart resistance against the US Dollar, setting the stage for prices to resume a bearish trend reversal triggered mid-January. Get your market update from @IlyaSpivak here:https://t.co/lVpyZkIfJt https://t.co/9oXusxs0Kg
  • The #Euro may have more room to fall versus its major peers such as the US Dollar, Japanese Yen and British Pound. What is the technical picture of EUR/USD, EUR/JPY and EUR/GBP? Get your market update from @ddubrovskyFX here: https://t.co/M6fLA9g3BK https://t.co/HMwQgr1WP5
  • The $USD’s aggressive rise versus ASEAN currencies such as the Singapore Dollar, Indonesian Rupiah, Malaysian Ringgit and Philippine Peso prolonged. What is the technical road ahead? Find out from @ddubrovskyFX here:https://t.co/RsFptNzODf https://t.co/u8meQUSsVG
  • $AUD broke critical range support against its US counterpart, suggesting deeper losses are ahead even after prices hit an 11-year low. Get your market update from @IlyaSpivak here:https://t.co/45YpJRjDYj https://t.co/zWAzaL78Sc
Oil and Gold Prices Hold Gains while Copper Price Dwindles

Oil and Gold Prices Hold Gains while Copper Price Dwindles

2016-04-12 08:23:00
Nathalie Huynh,
Share:

Talking Points:

  • Gold price rallied to 3-week high while equities traded subdued
  • Oil price held above $40/barrel ahead of oil-producers meeting
  • Copper price traded flat amid seasonal demand slack

Oil prices held above $40 per barrel in both WTI and Brent futures, ahead of an oil-producers meeting to discuss an output freeze at January's levels. Major producers from the Middle East and Russia will attend the April 17 summit, although tensions remain after Iran and Libya expressed their non-committal stance. The oversupply currently reigns over oil market sees between 1 million and 2 million barrels of excessive crude produced daily. WTI oil reached a three-week high of $40.75 today and higher moves are not ruled out as the market hopes for a positive outcome.

Gold prices rallied to a three-week high of $1260.06 as US and European equities subsided and the US dollar stayed under pressure against risk currencies. Investors will look to U.S. retails sales data this week for further clues on how the economy is faring, which would affect monetary policy by the Federal Reserve. Gold prices have rallied since early January as investors scaled back projections for U.S. interest rate rises, making it more attractive against interest-bearing assets.

Copper prices traded flat above a seven-week low and support level at $2.0670 amid broad dollar weakness. This support level has held for four sessions thus a breach would likely trigger a sharp sell-off. Asian stocks also traded mutedfor most of the day with Japanese shares dipping on a bullish yen.China's copper producer prices fell less than expected in March and consumer inflation stabilised, signalling that deflationary pressures have abated. Howeveran upcoming slack in seasonal demand may keep prices in check.

Need a hand to start trading: Free Guides

Want to read market’s momentum: Speculative Sentiment Index

Want to improve your trading strategy:Traits of Successful Traders

GOLD TECHNICAL ANALYSIS – Gold prices rose within the range of 1207.6-1284.6 and heading to the upper boundary. Upward momentum is building strongly, a sign that this elevation has not yet run its course. Given the stretch so far, a recent top and one-year high of $1284.64 may hold firmly.

Oil and Gold Prices Hold Gains while Copper Price Dwindles

Daily Chart - Created Using FXCM Marketscope

COPPER TECHNICAL ANALYSIS – Copper prices formed a head and shoulders pattern after copper failed to return above a resistance level at 2.1485. Prices are trading flat within the range. There is little signal for an upcoming direction.

Oil and Gold Prices Hold Gains while Copper Price Dwindles

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS The oil rally continued unperturbed and WTI prices head to the 2016’s high of $41.87. A resistance level at 43.43 comes above that. Momentum has entered overbought area, which may hint at a slowdown period ahead.

Oil and Gold Prices Hold Gains while Copper Price Dwindles

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.