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
Oil - US Crude
Bullish
Wall Street
Mixed
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • BoE Governor Bailey: - Economic picture has been mixed since September as Covid resurges - Little evidence to go on for impact of January lockdowns $GBP
  • Forex Update: As of 17:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.68% 🇳🇿NZD: 0.56% 🇦🇺AUD: 0.56% 🇬🇧GBP: 0.13% 🇨🇭CHF: -0.11% 🇪🇺EUR: -0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/ZtmzE3dmEy
  • Indices Update: As of 17:00, these are your best and worst performers based on the London trading schedule: US 500: 1.15% Wall Street: 0.59% FTSE 100: 0.09% Germany 30: 0.08% France 40: 0.05% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/kCbRldWQS1
  • Joe Biden is officially sworn in as President of the United States.
  • Joe Biden sworn in as 46th President of the US. $USD
  • Heads Up:🇬🇧 BoE Gov Bailey Speech due at 17:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-01-20
  • $EURCAD fell from around 1.5440 to around 1.5300, hitting its lowest level since early July, following no change to BoC's policy and a press conference from BoC Gov. Macklem. $EUR $CAD https://t.co/UUmfalRbef
  • $EURUSD is bouncing between well-established technical levels - to the upside the midpoint of the pair's historical range and head-and-shoulders neckline. Downside, 38.2% Fib of past three months run and 50 DMA https://t.co/v5Ly5Ctnvj
  • BoC Governor Macklem: - Rise in Canadian Dollar does pose some risk - We don't target the Canadian Dollar - Most appreciation in Canadian Dollar is coming from broad-based depreciation of US Dollar #BoC $CAD
  • BoC Governor Macklem - Micro-cut is one option available to the BoC - If we see further appreciation of CAD that will become more of a headwind and that presents downward risk to our projections $CAD
Crude Oil Prices May Rise as Gold Declines in Risk-On Trade

Crude Oil Prices May Rise as Gold Declines in Risk-On Trade

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Gold prices stall at resistance after largest advance in four months
  • Crude oil prices push upward but fail to overcome range resistance
  • Risk appetite trends at the forefront, Eurozone GDP revision on tap

Gold prices are languishing in digestion mode after issuing the largest daily advance in four months following May’s soft US jobs data. A widely anticipated speech from Fed Chair Janet Yellen offered little by way of actionable direction cues, leaving the metal rudderless. Crude oil prices rose, with the sentiment-linked WTI contract tracking the benchmark S&P 500 stock index upward.

Looking ahead, a relatively quiet day on the economic data front puts a revised set of first-quarter Eurozone GDP figures in the spotlight. An upside surprise may boost optimism about global growth trends and amplify an already building risk-on mood. Indeed, European shares and US stock index futures are pointing decidedly higher.

A swell in risk appetite seems likely to keep crude oil well-supported alongside equities, mirroring yesterday’s dynamics. Absent overhang from the Fed policy bets, gold may edge lower as ebbing haven demand weighs on bonds and pushes yields upward, undermining the appeal of non-interest-bearing assets.

Are gold and crude oil matching DailyFX analysts’ expectations? See the forecasts here!

GOLD TECHNICAL ANALYSISGold prices paused to digest gains having recovered as expected following the appearance of a Bullish Engulfing candlestick pattern. Near-term resistance is at 1245.83, marked by a recently broken rising channel floor, with a reversal back above that aiming for a horizontal pivot at 1262.60. Alternatively, a drop below the 38.2% Fibonacci expansion at 1203.82 exposes the 50% level at 1172.99.

Crude Oil Prices May Rise as Gold Declines in Risk-On Trade

CRUDE OIL TECHNICAL ANALYSISCrude oil prices put in the largest daily advance in two weeks but still failed to break out of a now-familiar range below $50/bbl. A daily close above the 14.6% Fibonacci expansion at 49.91 targets the 23.6% levelat 51.16.Alternatively, a move below the 14.6% Fib retracementat 48.00 exposes the 23.6% barrier at 46.65.

Crude Oil Prices May Rise as Gold Declines in Risk-On Trade

--- 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