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
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
Bullish
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
Bearish
USD/JPY
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
More View more
Real Time News
  • Update on #Cryptocurrencies #BITCOIN +3.19% #BITCOINCASH +1.80% #ETHEREUM +2.25% #RIPPLE +1.07% #LITECOIN +2.33%
  • $EURUSD Daily Pivot Points: S3: 1.0802 S2: 1.0883 S1: 1.0933 R1: 1.1014 R2: 1.1046 R3: 1.1127 https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • So far this week, those fortunes have flipped as the Nasdaq is working on its second consecutive down-day while the Dow has, so far, rallied through both sessions. Get your #equities technical analysis from @JStanleyFX here:https://t.co/uafQxTayEY https://t.co/7iGh15koeL
  • That was an impressive recovery from the #SP500 during the #WallStreet session. What's interesting to see is the pro-risk #AUD and #NZD being unable to capitalize nearly as much versus stocks. Could momentum be fading? #USD $AUDUSD $NZDUSD https://t.co/YBg6wzgG2i
  • The U.S. House passes the Uyghur Human Rights Policy Act $FXI $USDCNH
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.25% 🇨🇦CAD: 0.20% 🇯🇵JPY: -0.16% 🇨🇭CHF: -0.27% 🇦🇺AUD: -0.43% 🇬🇧GBP: -0.60% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/WUkvzm2KzY
  • Silver has been beaten handily by gold in the rush to haven assets inspired by the contagion. However, the gold/silver ratio was rising steadily before this crisis and will probably continue to do so. Get your #silver market update from @DavidCottleFX here:https://t.co/00DiZn6XZS https://t.co/ygkaj7nHr6
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Silver: 0.83% Gold: 0.06% Oil - US Crude: -2.72% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/fmPVQRIybZ
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.90%, while traders in US 500 are at opposite extremes with 73.90%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/dvBsnLVAGy
  • 👏👏👏 https://t.co/Yikta9i2QK
Crude Oil Prices May Fall in Pre-Positioning for OPEC Meeting

Crude Oil Prices May Fall in Pre-Positioning for OPEC Meeting

2016-05-30 03:35:00
Ilya Spivak, Head Strategist, APAC
Share:

Talking Points:

  • Crude oil chart setup continues to warn of topping near $50/bbl figure
  • Gold prices fall for 8th day as Yellen comments boost rate hike outlook
  • Quiet holiday trade may see pre-positioning for on-coming event risk

Gold prices remain under pressure having declined for an eighth consecutive session following comments from Fed Chair Yellen supporting the case for an interest rate hike in the near term (as expected). Crude oil prices proved resilient despite de-facto downside pressure courtesy of a rising US Dollar as risk appetite firmed, offering support to the sentiment-linked WTI contract.

Looking ahead, market closures in the US and the UK in observance of Memorial Day and the Late May Bank Holiday respectively may make for quiet near-term conditions. A degree of pre-positioning for the week’s event risk may have room to play out however.

For oil, this may amount to a pullback amid bets that OPEC will be unable to secure agreement on a production freeze at a meeting this week. For gold, this may amount to gains as traders digest the longest losing streak in nearly seven months ahead of pivotal event risk guiding US policy bets, including: the Fed’s favored PCE inflation gauge and Beige Book regional economic survey, the ISM suite of activity metrics and official labor-market data.

FXCM traders are net long gold. Find out here what this hints about the price trend!

GOLD TECHNICAL ANALYSISGold prices are testing below support at 1205.30, 38.2% Fibonacci retracement. Confirmation of a break on a daily closing basis exposes the 50% levelat 1174.93. Alternatively, a recovery above rising channel floor support-turned-resistance at 1230.80 sees the next upside barrier at 1242.88, the 23.6% retracement.

Crude Oil Prices May Fall in Pre-Positioning for OPEC Meeting

CRUDE OIL TECHNICAL ANALYSISNegative RSI divergence continues to point to ebbing upside momentum and hint that crude oil prices may be topping after testing the $50/barrel figure. A daily close below the 50%Fibonacci expansionat 48.77 targets the 38.2%level at 47.41. Alternatively, a move above the 61.8% Fib at 50.13 exposes the 76.4%expansion at 51.82.

Crude Oil Prices May Fall in Pre-Positioning for OPEC Meeting

--- 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.