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
GBP/USD
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
  • *Reminder: Weekly Strategy Webinar tomorrow morning at 8:30am ET on DailyFX! https://t.co/lxd5fZ5LG7
  • (Weekly Fundy) Crude Oil May Rise as Covid Case Growth Slows. WTI Eyes OPEC Outlook, Evergrande #CrudeOil #WTI #OPEC #Evergrande https://www.dailyfx.com/forex/fundamental/forecast/weekly/title/2021/09/26/Crude-Oil-May-Rise-as-Covid-Case-Growth-Slows-WTI-Eyes-OPEC-Outlook-Evergrande.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/76e2aGf3p0
  • Recessions can devastate the economy and disrupt the fortunes of individuals, businesses, and investors. But economic decline in the business cycle is inevitable, and your trading can be defined by how you respond to crisis. learn how to prepare here: https://t.co/e4Cnoc1dk0 https://t.co/NhsMS1EY4b
  • We are heading into the final trading days for the month of September and event risk thins out amid the $SPX's rebound. This is what history says for the 39th week of the year and here is my take on the variable factors: https://www.dailyfx.com/forex/video/daily_news_report/2021/09/25/SP-500-and-Dollar-Have-Different-Views-for-Last-Week-of-September.html https://t.co/4OBVmrvI7I
  • Further your forex knowledge and gain insights from our expert analysts on AUD with our free guide, available today: https://www.dailyfx.com/free-trading-guides?ref-author=social#forecastschoices=AUD?QPID=30472&CHID=9 https://t.co/LHJi7CNFmM
  • $EURUSD https://t.co/KZyXX6p2oI
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Find out about the recent history of ISM data, how to track it, and how to trade its release here: https://t.co/MZtBh8pYG3 https://t.co/1zNf5dpDjU
  • The continuity seen across these volatility cycles is a good thing. Historical precedence offer a blueprint for identifying conditions supportive for a vol-event to occur, and how they may unfold. Deepen your knowledge of historical volatility here: https://t.co/vg7w10la3j https://t.co/z8z6BNudn5
  • #PELOSI SAYS WE ARE GOING TO PASS THE INFRASTRUCTURE BILL THIS WEEK PELOSI SAYS SHE WILL NEVER BRING TO THE HOUSE FLOOR A BILL THAT DOESN'T HAVE THE VOTES TO PASS $USD $SPX $XAUUSD
  • Short-term uncertainties to keep the pressure on equity markets. Get your weekly equities forecast from @JMcQueenFX here: https://t.co/JLMDPZKvN8 https://t.co/YbdJnwoqj1
Gold Prices May Fall on Hawkish Tone in Fed Meeting Minutes

Gold Prices May Fall on Hawkish Tone in Fed Meeting Minutes

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Gold prices unable to sustain gains on hawkish Fed-speak
  • Crude oil prices extend advance on output deal speculation
  • July Fed meeting minutes, EIA inventory data now in focus

Gold prices remained locked in a familiar range after another attempt to build upside momentum fizzled intraday. The metal rose against a backdrop of broad-based US Dollar weakness. The move faltered despite disappointing US CPI data on the back of hawkish comments from New York Fed President Bill Dudley, who said the market is “complacent” about the need to hike rates and “under-pricing” the scope of on-coming tightening.

Looking ahead, minutes from July’s Fed policy meeting are in focus. The central bank asserted that “near-term risks to the economic outlook have diminished” following the sit-down. Traders will be keen to see more about what lurks behind this assessment to gauge whether priced-in rate hike probabilities are indeed too low, as Mr Dudley argued. Needles to say, a hawkish tone is likely to boost the US Dollar and send gold prices lower.

Crude oil prices continued to push higher amid swirling hopes for a possible supply-side deal to boost prices at meeting of OPEC and non-OPEC producers in Algiers next month. Reports asserting that representatives from Iran will attend the sit-down and reports of a formal meeting between Russia and OPEC members in October – ostensibly to follow up on any progress previously – all fed the rumor mill. A report from API suggesting inventories fell by 1.01 million barrels last week probably helped as well. Official EIA weekly inventories data is on tap ahead, with an increase of 410k barrels expected.

What does retail traders’ gold positioning say about the price trend? Find out here!

GOLD TECHNICAL ANALYSISGold prices continue to tread water. A break below range support marked by the August 8 low at 1329.79 targets the 38.2% Fibonacci retracementat 1308.00. Alternatively, a daily close above the 1367.15-77.74 area (double top, 38.2% Fib expansion) exposes the 50% level at 1398.45.

Gold Prices May Fall on Hawkish Tone in Fed Meeting Minutes

CRUDE OIL TECHNICAL ANALYSISCrude oil prices extended their winning streak for a fourth consecutive session. A daily close above the 61.8% Fibonacci retracementat 46.88 exposes the 76.4% level at 48.70. Alternatively, a reversal below the 50% Fib at 45.41 targets the 43.94-44.40 area (July 11 low, 38.2% retracement).

Gold Prices May Fall on Hawkish Tone in Fed Meeting Minutes

--- 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