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
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
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
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
Bearish
GBP/USD
Bullish
USD/JPY
Bearish
More View more
Real Time News
  • Learning how to trade does not have to feel foreign. Hone your skills and build your confidence with free DailyFX guides today! https://t.co/lnxaQOsgid https://t.co/7myL4vGnt8
  • Using margin in forex trading is a new concept for many traders, and one that is often misunderstood. Margin is the minimum amount of money required to place a leveraged trade and can be a useful risk management tool. Learn about margin trading here: https://t.co/qZCE5asCzM https://t.co/yxE0OmLIP0
  • Entry orders are a valuable tool in forex trading. Traders can strategize to come up with a great trading plan, but if they can’t execute that plan effectively, all their hard work might as well be thrown out. Learn how to place entry orders here: https://t.co/1mnOXUd00T https://t.co/iSrjZTeWwf
  • There are many different types of forex orders, which traders use to manage their trades. While these may vary between different brokers, there tends to be several basic FX order types all brokers accept. Learn about different FX order types here: https://t.co/WeLInepZiD https://t.co/7B0KI8HehW
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM73cHA https://t.co/vGW5BygTXU
  • When it comes to buying and selling forex, traders have unique styles and approaches. Learn about buying and selling forex here: https://t.co/xngExEdFdu https://t.co/kqpJ6oGXgt
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/F4dXbUzU3o https://t.co/G0ZWWVtSrZ
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here: https://t.co/IsnpfIZNKr https://t.co/5js6tWk5bY
  • The Euro has regained lost ground against its major counterparts recently. Are further gains in the offing or is this just a short-term countertrend correction? EUR/USD, EUR/JPY, EUR/GBP, EUR/NZD key levels. Get your market update from @DanielGMoss here:https://t.co/Z71MZEIJWC https://t.co/YAr1kN4eKd
  • Coinbase’s impending initial public offering could provide the necessary fuel for Bitcoin to push to fresh record highs in the coming days. Get your market update from @DanielGMoss here:https://t.co/twdu0zqmIM https://t.co/72HRMZlKUn
Gold Prices May Extend Loss Streak on US Durables Data, Fed-Speak

Gold Prices May Extend Loss Streak on US Durables Data, Fed-Speak

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Gold prices touch seven-month low but intraday momentum fizzles
  • Crude oil extends advance on inventory data, swell in risk appetite
  • US durables figures, Fed commentary may weigh on commodities

Gold prices continued to make progress downward after breaking three-month support, modestly bolstering the likelihood for bearish follow-through. The yellow metal pared intraday losses after dropping to a seven-week low however as disappointing US Markit PMI figures crossed the wires and poured cold water on Fed rate hike bets. Indeed, prices rebounded as front-end bond yields traded lower.

Meanwhile, crude oil pushed upward for a second consecutive day after the weekly EIA inventories report showed stockpiles fell by -4.23 million barrels, topping consensus forecasts calling for a -1.66 million barrel draw-down and making good on foreshadowing in the analogous API data set. Swelling risk appetite may have also helped the sentiment-linked WTI contract.

Looking ahead, US economic data and Fed-speak are once again in focus. The Durable Goods Orders report is expected to show an increase of 0.5 percent in April compared with a 1.3 percent gain in the prior month. US economic news-flow has increasingly improved relative to consensus forecasts over the past two weeks, opening the door for an upside surprise.

Comments from Fed Governor Jerome Powell take top billing on the speaking schedule. Members of the Governing Board outside of Chair Yellen and Vice Chair Fischer have seemed visibly more dovish than Presidents of regional Fed branches in recent months. If Mr. Powell’s remarks mirror the recent hawkish shift the central bank’s communication, traders may read this as a sign of firming agreement on near-term rate hike resumption.

Taken together, upbeat data and saber-rattling from the Fed are likely to make for another inward shift on the markets’ expected timeline for stimulus withdrawal. That such an outcome would be negative for gold prices seems relatively straight-forward. The implications for crude oil seem more clouded considering sentiment’s inconsistent relationship with policy bets, though a US Dollar rally on the back of an improved rates outlook may deliver de-facto selling pressure.

What does retail traders’ gold positioning say about where prices are going? Find out here!

GOLD TECHNICAL ANALYSISGold prices continue to face selling pressure, falling for a sixth consecutive session. Breaking below the 38.2% Fibonacci retracementat 1205.30 on a daily closing basis targets the 50% level at 1174.93. Alternatively, a move back above channel floor support-turned-resistance at 1229.91 sees the next upside barrier at 1242.88, the 23.6% retracement.

Gold Prices May Extend Loss Streak on US Durables Data, Fed-Speak

CRUDE OIL TECHNICAL ANALYSISCrude oil prices continue to push upward, hitting the highest level since mid-October 2015. A daily close above the 61.8% Fibonacci expansion at 50.13 exposes the 76.4% level at 51.82. Alternatively, a move back below the 50% Fibat 48.77 targets the 38.2% expansion at 47.41.

Gold Prices May Extend Loss Streak on US Durables Data, Fed-Speak

--- 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