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
More View more
Real Time News
  • Airline stocks retracing losses, some already in positive territory, despite the large sell-off in the market. News that the US will overhaul its COVID-19 travel rules and lift some restrictions are good news for the airline industry $JETS $UAL $AAL $ALK
  • The S&P 500 have taken a clear dive to start the week and fear of full risk aversion is gaining traction. DailyFX's @JohnKicklighter discusses what to expect in the markets this week! https://t.co/Mlyp5Tbdax
  • $USD still pulling back from resistance. 93.43 was the Q1 swing high, still playing a role in $DXY support potential around prior res, ~93.20 https://t.co/3TnlEu0yZX https://t.co/ub8o4D8NhW
  • despite the theatrics elsewhere, $Gold has held last week's low through this week's open, at least so far even getting a bump higher. resistance potential 1769-1775 $GC $GLD https://t.co/4mbBa8Yzhu
  • While there is no doubt a risk aversion wave at play now, it can still burn itself out with years of complacency and the expectations of Fed on Wed (anticipation can take the wind out of sails). But if/when the Dollar takes off pre-FOMC, that would be. https://t.co/3qFNBQEEA3
  • Bitcoin probing Fibo support zone ~42,588 #Bitcoin $BTCUSD https://t.co/f5XeSk5VDY https://t.co/zKDRps62Id
  • EUR/USD extends the series of lower highs and lows from the previous week as European Central Bank (ECB) officials defend the dovish forward guidance for monetary policy. Get your $EURUSD market update from @DavidJSong here:https://t.co/4dgXe9lMik https://t.co/5CkSsQKawh
  • There are reasonable disputes over where technical boundaries exist from people with different views, charts, time frames, etc. I think this $SPX gap down and drive below the 50-day SMA clearly qualifies as a break https://t.co/M15HsOyvoG
  • Some people like a quiet market that edges higher consistently day in and day out. I am not one of those people. I like volatility
  • 🇺🇸 NAHB Housing Market Index (SEP) Actual: 76 Expected: 74 Previous: 75 https://www.dailyfx.com/economic-calendar#2021-09-20
Gold, Crude Oil Price Volatility May Slow as FOMC Nears

Gold, Crude Oil Price Volatility May Slow as FOMC Nears

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Crude oil prices fall as Brexit fears dent risk appetite
  • Gold prices score longest winning streak in six weeks
  • Risk-off momentum may slow as FOMC approaches

Crude oil prices closed at the lowest in three weeks yesterday as the sentiment-linked WTI contract continued to suffer amid broad-based risk aversion, tracking stock prices lower. Swelling “Brexit” worries appear to be stoking near-term selling pressure.

Shares and oil began to fall in tandem late last week as polls showed increasing support for voting the UK out of the European Union at a referendum next week while the priced-in odds of maintaining the status quo dropped to 65 percent, the lowest since Bloomberg began tracking them 11 months ago.

Worries about Brexit-driven market instability have echoed into Fed rate hike expectations, amplifying a dovish shift in the priced-in policy outlook touched off by May’s disappointing US jobs report. Not surprisingly, this has proven supportive for gold prices, with the metal touching a one-month high.

Looking ahead, the growing proximity of the FOMC rate decision may begin to cool momentum, with traders leery of over-committing ahead of high-profile event risk. UK polling data remains a potent wild card however and may keep risk trends gyrating as new figures cross the wires.

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

GOLD TECHNICAL ANALYSISGold prices rose for a fourth consecutive day, gain to make for the longest winning streak in six weeks. A break above resistance in the 1297.14-1303.62 area (38.2% Fibonacci expansion, May 2 high) exposes the 50% level at 1327.29. Alternatively, a turn back below the 23.6% Fib at 1259.84 targets the 14.6% expansion at 1236.85.

Gold, Crude Oil Price Volatility May Slow as FOMC Nears

CRUDE OIL TECHNICAL ANALYSISCrude oil prices continue to edge lower as expected after forming a Bearish Engulfing candlestick pattern. A daily close below the 47.37-76 area (23.6% Fibonacci retracement, rising trend line) exposes the 38.2% level at 45.37. Alternatively, a move back above trend line support-turned-resistance at 50.46 targets the June 9 high at 51.64.

Gold, Crude Oil Price Volatility May Slow as FOMC Nears

--- 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