Skip to content
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
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
Gold
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
More View more
Crude Oil Prices Eyeing API Inventory Data After OPEC-Linked Jump

Crude Oil Prices Eyeing API Inventory Data After OPEC-Linked Jump

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Crude oil prices hit two-week high on OPEC meeting hopes
  • Gold prices digesting having plunged after US jobs report
  • Consolidative tone likely ahead, API inventory data on tap

Crude oil prices rebounded to a two-week high after OPEC President Mohammed Al Sada said the cartel will hold an informal meeting in Algiers next month. The comments fueled hopes for output-side relief after the WTI contract fell to a four-month low last week.

Gold prices are in digestion mode after Friday’s sharp decline – the largest in three months – following a dramatically better-than-expected US jobs report. The outcome bolstered Fed policy tightening bets, pushing yields higher and undermining support for anti-fiat assets.

Looking ahead, a lull in high-profile news flow may make for a quiet consolidative session. The absence of a readily apparent focal point could make for increased sensitivity to headline risk however, fueling knee-jerk volatility. The API estimate of weekly crude inventory flows may also be a near-term market mover.

Track short-term gold and crude oil price patterns with the GSI indicator.

GOLD TECHNICAL ANALYSISGold prices recoiled downward from one-month highs having rebounded as expected after producing a bullish Piercing Line candlestick pattern. From here, a rebound above the 38.2% Fibonacci expansion at 1377.75 targets the 50% level at 1398.46. Alternatively, a daily close below rising trend line support at 1335.41 exposes the 38.2% Fib retracement at 1308.00.

Crude Oil Prices Eyeing API Inventory Data After OPEC-Linked Jump

CRUDE OIL TECHNICAL ANALYSISCrude oil prices are attempting to recover after putting in a bullish Morning Star candlestick pattern. A daily close above the 43.94-44.40 area (38.2% Fibonacci retracement, support-turned-resistance) opens the door for a test of the 50% level at 45.41. Alternatively, a reversal back below the 23.6% Fib at 42.12 targets the 14.6% retracement at 40.99.

Crude Oil Prices Eyeing API Inventory Data After OPEC-Linked Jump

--- 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