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
Bearish
Oil - US Crude
Bullish
Wall Street
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
Mixed
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • US House clears China delisting bill, sending it forward to President Trump - BBG $USD
  • 🇳🇿 Building Permits MoM (OCT) Actual: 8.8% Previous: 3.6% https://www.dailyfx.com/economic-calendar#2020-12-02
  • Heads Up:🇦🇺 Markit Services PMI Final (NOV) due at 22:00 GMT (15min) Previous: 53.7 https://www.dailyfx.com/economic-calendar#2020-12-02
  • $AUDUSD climbing to its strongest levels since 2018 on positive vaccine news and renewed US fiscal stimulus hopes Next key levels of resistance falling at the July 2018 high (0.7484) and the psychologically imposing 0.7500 mark. $AUD https://t.co/mluudxfVBv
  • Commodities Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Gold: 0.90% Silver: 0.38% Oil - US Crude: -0.45% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/KWAG9XnWYR
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 94.46%, while traders in NZD/USD are at opposite extremes with 72.72%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/sRpA2Wewya
  • Heads Up:🇳🇿 Building Permits MoM (OCT) due at 21:45 GMT (15min) Previous: 3.6% https://www.dailyfx.com/economic-calendar#2020-12-02
  • Euro is up across the board; and while EURUSD's break of 1.2000 and EURGBP's clearing 0.90 are impressive, $EURJPY's run through 126 is the most impressive move from a higher level technical perspective https://t.co/YzTGNrGx6Z
  • President-elect Joe Biden: Congressional Covid aid went to places 'doing well' Bipartisan aid plan won't be complete answer - BBG $USD
  • Indices Update: As of 21:00, these are your best and worst performers based on the London trading schedule: US 500: 0.02% Wall Street: 0.01% Germany 30: -0.06% France 40: -0.06% FTSE 100: -0.24% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/nf5wEorjm4
Gold, Oil Prices Top Out and Copper Price Eases on Broad USD Gain

Gold, Oil Prices Top Out and Copper Price Eases on Broad USD Gain

2016-04-14 08:11:00
Nathalie Huynh,
Share:

Talking Points:

  • Gold pricessank to one-week low on broad USD and risk recovery
  • Oil pricestopped out as both WTI and Brent showed signs to slow down
  • Copper prices remained supported amid encouraging data from China

The dollar was broadly firmer on Thursday after posting itsbiggest one-day gain in more than a month due to an improvement in global sentiment. This renewed strength in the greenback pressured prices of commodities and risk currencies.

Meanwhile in Asia, the Monetary Authority of Singapore (MAS) today abandoned its preference for a strong SGD, a move equivalent to an easing bias given Singapore does not control its interest rates. The market was quick to sell regional currencies whereas the recent China-inspired stock rally accelerated.

Gold prices plunged to a one-week low of $1229.20 in response to a broad recovery in USD and risk assets following firm China’s trade data. Before this retreat, bullion topped out right below a one-month high of $1262.79, making it a strong resistance level going forward. Safe haven assets like JPY also slipped for a third day except for G10 bonds.

WTI oil prices slipped today after topping out below a 3-month high of $42.29. Brent oil prices also retreated after establishing a fresh 2016’s high of $44.94. Front-month Brent crude futures are trading at a premium over forward prices due to a temporary supply constraint. Nonetheless, both WTI and Brent oil benchmarks show signs to slow down after a two-week rally, as the market take profit ahead of a producers meeting this Sunday.

Copper prices also eased from a two-week high of $2.1800 today. Prices remained supported on the back of this week's better-than-expected Chinese trade data, which raised hopes that the economy may have stabilised. An unexpected fall in U.S. March retail sales overnight has cooled this sentiment a little.

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 declined on a third day and hit a weekly low of $1229.20 as momentum strengthened on the downside. Looking ahead, a support level at 1207.6 may help to scale down the declines.

Gold, Oil Prices Top Out and Copper Price Eases on Broad USD Gain

Daily Chart - Created Using FXCM Marketscope

COPPER TECHNICAL ANALYSIS – Copper prices held up above a technical level at 2.1485 which has been acting as a support level lately. Strong upward momentum indicates that this support may hold firmly despite today’s losses. There is no apparent resistance level on the upside from here toward the 2016’s high of 2.3020.

Gold, Oil Prices Top Out and Copper Price Eases on Broad USD Gain

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS Oil prices topped out below a 3-month high of $42.49 and a long-term resistance level at $43.43. The recent declines and waning momentum both hint at the possibility of a downward reversal. Investors should tread with caution.

Gold, Oil Prices Top Out and Copper Price Eases on Broad USD Gain

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