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
Mixed
Wall Street
Mixed
Gold
Bullish
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • The bull flag pattern is a great pattern to add to a forex trader's technical arsenal. Explosive moves are often associated with the bull flag. Learn more about the bull flag pattern here: https://t.co/yOEvLjKnct https://t.co/imv2PnapzH
  • Defensive stocks have proven critically important when navigating stock market volatility. Find out what are the most defensive stocks here:https://t.co/TMcbMALtbw https://t.co/mmldxxEtsc
  • Dollar Index has broken major uptrend support and risks accelerated losses into the December open. Get your $USD technical analysis from @MBForex here:https://t.co/Txo8l8S1f1 https://t.co/YLVzP95JH8
  • The MACD is an indicator that uses exponential moving averages (EMA) to determine trend strength along with entry points based on crossovers. Find out how you can use the MACD as a buy/sell signal here: https://t.co/qxnP99uqTQ https://t.co/tGVqSZ2zK3
  • Support and resistance are the cornerstone of technical analysis, making it the foundation that you build your knowledge on. Build a stronger foundation here: https://t.co/yXLaRpl90I https://t.co/reMoYpqkQO
  • 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/sqeRL7Rf7u
  • Cyclical and non-cyclical stocks can help diversify a trader’s equity portfolio. Get your guide to understanding these stocks here: https://t.co/h7BKTd2J8N https://t.co/ukOW0dWJxf
  • Beautifully put. https://t.co/0fBsmUH6Pb
  • Gold prices could claw back lost ground ahead of the non-farm payrolls report for November, buoyed by a dovish FOMC, falling real yields and rising inflation expectations. Get your $XAUUSD market update from @DanielGMoss here:https://t.co/3mqut0yQIQ https://t.co/nfyycibwKM
  • 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/UWnLJHVPN4
Copper Price Holds Out; Oil Price Recovers on Kuwaiti Strike

Copper Price Holds Out; Oil Price Recovers on Kuwaiti Strike

2016-04-19 11:24:00
Nathalie Huynh,
Share:

Talking Points:

  • Gold prices eased as safe haven bids faded
  • Oil prices recovered as Kuwaiti workers strike nearly halved production in the short-term
  • Copper prices held out as position unwinding mixed up with demand optimism

Gold prices eased on Tuesday as safe haven bids retreated following a recovery in oil prices and Asian equities. Prices dipped from yesterday’s high although they still held out above $1220. Some downward pressure on prices may materialise after remarks from New YorkFed President Dudley that recent favourable news on the US economy signalled that inflation may return to the Fed’s 2% target over the next few years.

Copper prices slipped as market players unwound long bets, although these losses were scaled back by growing optimism over China’s demand. Chinese economic data from both the first quarter and March month showed a slight pick-up in industrial activities. On the other hand, short term supply concerns on the London Metal Exchange continued to push up a price premium for spot copper over the 3-month futures contract. The downside of prices is supported for now.

Oil prices recovered just as quickly as they plunged on Monday, as a workers strike nearly halved crude production in Kuwait. The protest over public sector pay cuts entered its third day, cuttingoutput to 1.5 million barrels per day from an average of 2.8 million barrels in March, according to news agency KUNA.This provided a temporary relief to crude prices and diverted market’s attention away from a failed output freeze accord.

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 eased today although they remained well contained in the 1191-1207.6 range. Momentum lackluster and mixed price action continued to lead gold to choppy trading. Chances for a break out of range are rather slim.

Copper Price Holds Out; Oil Price Recovers on Kuwaiti Strike

Daily Chart - Created Using FXCM Marketscope

COPPER TECHNICAL ANALYSIS – Copper prices remained resilient above the 2.1485 support level on a fifth day, even as momentum waned somewhat. Copper remains vulnerable on the downside although there is not yet strong enough pressure to forge a clean break below the support level.

Copper Price Holds Out; Oil Price Recovers on Kuwaiti Strike

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS Oil prices displayed typical pattern of a downward reversal following a double top at 41.87. There is little hindrance on the way down toward 34.79. Upcoming movement in oil prices may be subject to short-term volatility, with a downside bias.

Copper Price Holds Out; Oil Price Recovers on Kuwaiti Strike

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