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
Oil - US Crude
Bearish
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
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
Mixed
USD/JPY
Bullish
More View more
Real Time News
  • GBP/USD is still rising within a triangle pattern on the charts and will likely continue to do so as long as trendline support holds. Get your $GBPUSD market update from @MartinSEssex here:https://t.co/itmza6bpyG https://t.co/pz8UlNfQQr
  • 🇺🇸 House Price Index MoM Actual: 0.1% Previous: 0.7% https://www.dailyfx.com/economic-calendar#2020-05-26
  • Heads Up:🇺🇸 House Price Index MoM due at 13:00 GMT (15min) Previous: 0.7% https://www.dailyfx.com/economic-calendar#2020-05-26
  • Heads Up:🇷🇺 Unemployment Rate due at 13:00 GMT (15min) Expected: 5.5% Previous: 4.7% https://www.dailyfx.com/economic-calendar#2020-05-26
  • Heads Up:💶 ECB Financial Stability Review due at 13:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-05-26
  • 🇺🇸 Chicago Fed National Activity Index Actual: -16.74 Previous: -4.19 https://www.dailyfx.com/economic-calendar#2020-05-26
  • U.S. Market Analyst at https://t.co/JsVsSmefgR, Shain Vernier covers - ✔️ Safe haven assets in volatile markets ✔️ Central banks and governments ✔️ How will commodities trade in a recession Only on Trading Global Markets Decoded #podcast. Tune in here: https://t.co/1UmEzEbwiy https://t.co/JlAqErwfbP
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.64%, while traders in US 500 are at opposite extremes with 75.09%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/MWeht74N7c
  • Forex Update: As of 12:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 1.50% 🇦🇺AUD: 1.39% 🇬🇧GBP: 1.30% 🇪🇺EUR: 0.72% 🇨🇭CHF: 0.62% 🇯🇵JPY: 0.26% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/LT66cMBc99
  • Heads Up:🇺🇸 Chicago Fed National Activity Index due at 12:30 GMT (15min) Previous: -4.19 https://www.dailyfx.com/economic-calendar#2020-05-26
Crude Oil Prices Rise as Chinese Stocks Ignore Soft Economic Data

Crude Oil Prices Rise as Chinese Stocks Ignore Soft Economic Data

2016-05-16 09:07:00
Ilya Spivak, Head Strategist, APAC
Share:

Talking Points:

  • Gold prices remain range-bound as markets await US CPI figures
  • Crude oil prices probe upward as risk trends shrug off China data
  • Corrective and pre-positioning flows set to define near-term trade

Crude oil prices are on the upswing to start the trading week as markets shrug off initial negativity in the wake of soft data from China reported over the weekend. The WTI contract was off to a quiet start initially as Asian markets came online but upward momentum swelled alongside a strong push higher from Hong Kong and Shanghai shares at the opening bell.

Meanwhile, gold prices may find a near-term lead amid pre-positioning for Tuesday’s release of April’s US CPI figures. The report is expected to show the spread between headline and core CPI hit a three-month low, which may lay the groundwork for a Fed rate hike. The US Dollar hit a two-month high late last week however and a degree of retracement ahead of the inflation report may see it trading lower, boosting the yellow metal in the process.

Are FXCM traders betting on gold gains or losses? Find out here!

GOLD TECHNICAL ANALYSISGold prices remain confined in familiar territory as markets await a clear-cut catalyst to spark directional momentum. Near-term support is at 1261.70, the 23.6%Fibonacci expansion, with a break below that on a daily closing basis exposing the bottom of a rising channel at 1233.63. Alternatively, a push above resistance in the 1294.26-1307.49 area (January 22 2015 high, 38.2% level) targets the 50% Fib at 1324.58.

Crude Oil Prices Rise as Chinese Stocks Ignore Soft Economic Data

CRUDE OIL TECHNICAL ANALYSISCrude oil prices continue to test resistance in the 46.76-47.41 area marked by the April 29 high and the 38.2% Fibonacci expansion. A daily close above this barrier exposes the 50% level at 48.77. Alternatively, a reversal below the 23.6% Fib at 45.73 targets the 14.6% expansion at 44.69. Early signs of negative RSI divergence keep alive the possibility of a double top in the works.

Crude Oil Prices Rise as Chinese Stocks Ignore Soft Economic Data

--- 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

News & Analysis at your fingertips.