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. See our updated Privacy Policy here.

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
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
GBP/USD
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
More View more
Real Time News
  • El Salvador's adoption of Bitcoin as legal tender has immediate negative implications for the country's credit rating - S&P Global via BBG $BTCUSD #Bitcoin
  • A stellar retail sales report takes the USD to fresh session highs and raises the probability of a more hawkish Fed at next week’s meeting. Get your market update from @JMcQueenFX here:https://t.co/upf3QgIuty https://t.co/SZaPbW5W4r
  • WTI Crude rebounds from intraday slide, turns positive for the session $CL_F #WTI #Oil https://t.co/XYgiTfcX27
  • #Oil Price Outlook: #Crude Breakout Eyes August Highs- $WTI Technicals - $USOil - https://t.co/i8YnZeqEx8 https://t.co/Yu5ySZ1cQb
  • While Gold's -2% slide is turning heads, Silver is taking an even more significant -4% hit - its biggest drop in three months. That said, 22.50 is not a support level to be taken lightly for $XAGUSD https://t.co/ZXbGJElXf6
  • RT @BrendanFaganFx: 74 counterparties take $1.147 trillion at Fed's fixed-rate reverse repo $USD $DXY https://t.co/9ouJNl8oYL
  • AUD/USD attempting to retrace some of its losses following this morning's US retail sales print $AUDUSD https://t.co/yWFEeszHtP
  • The US Dollar has spiked up to a fresh September high this morning on the back of a really strong retail sales report out of the US. Get your market update from @JStanleyFX here:https://t.co/Ve6TuQrMSS https://t.co/qx8BjQdn2Z
  • US Dollar Price Action Setups: EUR/USD, GBP/USD, AUD/USD https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2021/09/16/US-Dollar-Price-Action-Setups-EUR-USD-EURUSD-GBP-USD-GBPUSD-AUD-USD-AUDUSD.html https://t.co/w262MKMg5c
  • Goldman Sachs upgrades Q3 GDP forecast to 4.5% from 3.5%
Crude Oil, Gold Prices Look Ahead to US Jobs Data for Direction

Crude Oil, Gold Prices Look Ahead to US Jobs Data for Direction

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Crude oil prices break monthly uptrend, expose support near $42/barrel
  • Gold prices in corrective mode after testing resistance near 3-month high
  • Directional commitment likely to wait for Friday’s US employment data

Crude oil prices have pulled back from six-month highs alongside retreating stock prices. The move seems to reflect a broad-based moderation in risk appetite ahead of Friday’s much-anticipated release of April’s US Employment report.

A concurrent moderation in priced-in 2016 FOMC rate hike expectations implied in Fed Funds futures suggests the markets are positioning to evaluate the outcome at face value. This implies that a soft result will be interpreted as negative for sentiment trends even as it argues for a more dovish monetary policy stance.

Interestingly, gold prices have pulled back from three-month highs despite deterioration in the outlook for interest rates, which might have been expected to boost anti-fiat assets. This may speak to the broadly corrective mood in Fed-sensitive assets ahead of the US jobs data release.

Absent unexpected headline risk, pre-positioning flows are likely to remain in focus into Wall Street Friday morning. Commentary from James Bullard, Dennis Lockhart and John Williams – Presidents of the Fed’s St. Louis, Dallas and San Francisco branches respectively – may stir interim volatility. Officials’ penchant for hedged rhetoric will probably limit lasting follow-through however.

Are DaliyFX analysts expecting a larger crude oil recovery? See our forecast here!

GOLD TECHNICAL ANALYSIS Gold prices are edging cautiously downward after finding resistance in the 1294.26-1307.49 area, marked by the January 22, 2015 high and the 38.2% Fibonacci expansion. The first layer of support is at 1261.70, the 23.6% level, with a break below that on a daily closing basis exposing a rising trend line at 1229.07. Alternatively, a push above resistance targets the 50% Fib at 1324.58.

Crude Oil, Gold Prices Look Ahead to US Jobs Data for Direction

CRUDE OIL TECHNICAL ANALYSIS Crude oil prices declined after a Spinning Top candlestick identified earlier in the week developed into a full-blown bearish Evening Star pattern. A breach of trend line support guiding the upswing from the early-April swing low suggests a larger downward reversal may be in the cards. A daily close below the 41.87-42.35 area (March 22 high, 38.2% Fibonacci retracement) exposes the 50% level at 40.99. Alternatively, a push above the 14.6% Fib at 45.07 opens the door for a retest of the April 29 top at 46.76.

Crude Oil, Gold Prices Look Ahead to US Jobs Data for Direction

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

To receive Ilya's analysis directly via email, please SIGN UP HERE

Contact and follow Ilya on Twitter: @IlyaSpivak

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

DISCLOSURES