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
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
GBP/USD
Mixed
USD/JPY
Bearish
Gold
Bullish
Oil - US Crude
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
Bitcoin
Mixed
More View more
Real Time News
  • - #USDollar, Japanese #Yen may rise if corporate earnings spook markets - Weaker earnings from industrial giants may highlight toll of #tradewar - China WTO complaint against US could undermine cross-pacific talks https://www.dailyfx.com/forex/market_alert/2019/10/23/US-Dollar-JPY-May-Rise-if-Q3-Earnings-Show-Wounds-from-Trade-War.html
  • LIVE NOW: In this session, Currency Analyst @ddubrovskyFX discusses traders' positioning as a key element of market analysis to determine the prevailing and future price trends. https://www.dailyfx.com/webinars/998956395?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • About to start in a few minutes, will be covering positioning in the British Pound amid the latest #Brexit developments and more! Join below $GBPUSD https://t.co/FQqd59VbCL
  • The $GBP swung wildly following a series of votes that are critical in the #Brexit proceedings. Get your market update from @PeterHanksFX here:https://t.co/kEb6EeUdMu https://t.co/xceWoNxSXg
  • LIVE IN 30 MIN: In this session, Currency Analyst @ddubrovskyFX discusses traders' positioning as a key element of market analysis to determine the prevailing and future price trends. https://www.dailyfx.com/webinars/998956395?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • (Asia Pacific AM Briefing) GBP/USD Rate Sinks as Brexit Limbo Opens the Door to Yen Strength $GBPUSD #Brexit #Yen - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2019/10/22/GBPUSD-Rate-Sinks-as-Brexit-Limbo-Opens-the-Door-to-Yen-Strength.html?CHID=9&QPID=917702 https://t.co/oyeoDOXO1I
  • Sneak-peak of the latest US Dollar Price Volatility Report, which brings you up to speed on everything $GBPUSD and #Brexit. Implied volatility and trading range table for major USD pairs included as always. Link to Full Analysis: https://www.dailyfx.com/forex/fundamental/us_dollar_index/usd_trading_today/2019/10/22/us-dollar-price-volatility-report-gbp-to-usd-in-brexit-limbo.html https://t.co/dOG8Hkg9fe
  • #EURCHF pivot points (daily) – S3: 1.0946, S2: 1.0977, S1: 1.0994, R1: 1.1026, R2: 1.1041, R3: 1.1073- https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • Join @ddubrovskyFX 's #webinar at 8:00 PM ET/12:00 AM GMT to find out what information you can gain from knowing what other traders are buying or selling. Register here: https://t.co/Bb3CTCTm44 https://t.co/FnPAjzSW1H
  • For those who want to know who made the cut in this year's episode of...how doomed are we? #EmergingMarkets https://t.co/f7S5IfSEqP
Gold Prices Top June High But Fall Short of Convincing Breakout

Gold Prices Top June High But Fall Short of Convincing Breakout

2016-07-07 07:26:00
Ilya Spivak, Sr. Currency Strategist
Share:

Talking Points:

  • Gold prices breach June high, fall short of convincing breakout
  • Crude oil prices may extend bounce on weekly inventory figures
  • S&P 500 futures hint at consolidation as US jobs report looms

Crude oil prices recovered and gold prices retreated from session highs yesterday after a better-than-expected US ISM Non-manufacturing survey bolstered market-wide risk appetite. Looking ahead, a relatively quiet day on the economic data docket may make for a consolidative tone as investors look ahead to Friday’s US jobs report. Indeed, S&P 500 futures are trading flat ahead of the opening bell on Wall Street, signaling a neutral posture on sentiment trends.

The weekly EIA inventories report is expected to show crude oil stockpiles were drawn down by 2.08 million barrels. Private-sector estimates released by API point to a larger 6.7 million barrel reduction, which may offer a further lift to the WTI contract. Lasting follow-through seems unlikely without support from risk appetite however.

Track pivotal short-term gold and crude oil technical patterns with the GSI indicator!

GOLD TECHNICAL ANALYSISGold prices edged past June’s swing high but fell short of clearing the 100% Fibonacci expansion at 1366.04. From here, a daily close above this barrier targets the 123.6% level at 1393.40. Alternatively, a move below the 76.4% Fib at 1338.68 exposes the 61.8% expansion at 1321.75.

Gold Prices Top June High But Fall Short of Convincing Breakout

CRUDE OIL TECHNICAL ANALYSISCrude oil prices managed to hold up at familiar range support once again. From here, a daily close below 45.60, the 23.6% Fibonacci retracement, exposes the 38.2% level at 41.86. Alternatively, a breach of trend line resistance at 49.09 targets the 23.6% Fib expansionat 51.86.

Gold Prices Top June High But Fall Short of Convincing Breakout

--- 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.