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
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
More View more
Real Time News
  • Heads Up:🇳🇿 Building Permits MoM (JUN) due at 22:45 GMT (15min) Previous: -2.8% https://www.dailyfx.com/economic-calendar#2021-07-29
  • Bitcoin Price to Boost Coinbase as Robinhood IPO Flops $BTCUSD has propelled higher this week. With crypto outlook sanguine again, $COIN has potential to outperform $HOOD following its weak trading debut. Link to Analysis - https://www.dailyfx.com/forex/market_alert/2021/07/29/bitcoin-price-to-boost-coinbase-coin-as-robinhood-ipo-hood-flops.html https://t.co/cR8w1neoT5
  • Robinhood given an enterprise value of $32 billion after shares priced at $38. Get your market update here:https://t.co/fybAmxrAdo https://t.co/XeUn7kAZ0Q
  • 🇰🇷 Business Confidence (JUL) Actual: 97 Previous: 98 https://www.dailyfx.com/economic-calendar#2021-07-29
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.87% 🇨🇦CAD: 0.63% 🇨🇭CHF: 0.43% 🇯🇵JPY: 0.39% 🇪🇺EUR: 0.37% 🇦🇺AUD: 0.27% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/vH1UWZP3Gt
  • Robinhood closes its first session as a publicly listed company down just over 8% $HOOD https://t.co/4GOkrVfs1B
  • Heads Up:🇰🇷 Business Confidence (JUL) due at 21:00 GMT (15min) Previous: 98 https://www.dailyfx.com/economic-calendar#2021-07-29
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Silver: 2.33% Gold: 1.17% Oil - US Crude: -0.33% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/gkJwZQnj4N
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.22%, while traders in Wall Street are at opposite extremes with 75.65%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/NPtVj3FLsQ
  • Last week’s price action has produced a shooting star formation and yesterday’s FOMC announcement helped to extend the move, driving the USD lower as the Canadian Dollar bounces from its earlier-month lows.Get your market update from @JStanleyFX here:https://t.co/tiqAYlUxA0 https://t.co/xb08I8gwpU
Crude Oil, Gold Prices Aim in Opposite Directions After Brexit Jolt

Crude Oil, Gold Prices Aim in Opposite Directions After Brexit Jolt

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Crude oil prices decline most in 4 months amid risk aversion
  • Gold prices spike to 2-year high on UK referendum outcome
  • Commodities may take on consolidative tone after Brexit jolt

Crude oil prices fell alongside stock prices while gold prices surged amid last week’s Brexit-fueled risk aversion. More of the same continued after the weekend. The WTI contract mirrored weakness across Asian equities while gold traded upward with near-perfect inversion.

Looking ahead, the spotlight turns to Sintra, Portugal. The world’s top central bankers are gathering for an ECB forum, offering an opportunity for seemingly inevitable post-Brexit referendum commentary from Fed Chair Yellen, ECB President Draghi as well as BOE and PBOC Governors Carney and Zhou, respectively. Short of the unlikely appearance of policy specifics however, the markets are unlikely to be materially inspired even by such giants of global policymaking.

The unprecedented secession of an EU member state with its many lingering uncertainties look set to prolong the risk-off mood. Hinting as much, European and US stock index futures are pointing sharply lower in late Asian trade. A degree of consolidation is also a reasonable scenario however. The immediate event risk has passed and now the Brexit drama transitions into the slog of dealing with the particulars. There seems to be some room for reflective digestion.

Track short-term trading patterns for gold and oil with the GSI indicator!

GOLD TECHNICAL ANALYSISGold prices accelerated upward having put in a bottom below $1200/oz as expected, spiking to a two-year high. A daily close above the 61.8% Fibonacci expansion at 1321.79 paves the way for another test of the 76.4% level at 1338.72. Alternatively, a reversal below the 50% Fib at 1308.12 exposes the 38.2% expansion at 1294.44.

Crude Oil, Gold Prices Aim in Opposite Directions After Brexit Jolt

CRUDE OIL TECHNICAL ANALYSISCrude oil prices put in the largest daily decline in four months. From here, a break below the 23.6% Fibonacci retracement at 45.60 targets the 38.2% level at 41.86. Alternatively, a move above resistance in the 48.73-50.18 area exposes the 23.6% Fib expansion at 51.86.

Crude Oil, Gold Prices Aim in Opposite Directions After Brexit Jolt

--- 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