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
EUR/USD
Mixed
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
Wall Street
Mixed
Gold
Mixed
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • Heads Up:🇮🇪 Inflation Rate YoY (JUL) due at 10:00 GMT (15min) Previous: -0.4% https://www.dailyfx.com/economic-calendar#2020-08-13
  • 🇨🇳 FDI (YTD) YoY (JUL) Actual: 0.5% Previous: -1.3% https://www.dailyfx.com/economic-calendar#2020-08-13
  • Have you been catching on your @DailyFX podcast "Global Markets Decoded"? Catch up on them now, before new episodes release! https://t.co/Twr44cZ1GB https://t.co/6b3JtrSQnP
  • Join @PaulRobinsonFX 's #webinar at 5:30 AM ET/9:30 AM GMT to learn about how you can become a better trader. Register here: https://t.co/WeWGKtdlyz https://t.co/4hIQtGPL0N
  • Gold Prices May Resume Selloff After Digesting Largest Drop in 7 Years - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/commodities/2020/08/13/Gold-Prices-May-Resume-Selloff-After-Digesting-Largest-Drop-in-7-Years.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr #XAUUSD #gold https://t.co/aWOvE1KJXc
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 95.83%, while traders in US 500 are at opposite extremes with 77.46%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/EQ77jevtaX
  • Heads Up:🇫🇷 IEA Oil Market Report due at 08:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-08-13
  • Hey traders! I'm sure you've all heard about trend trading. Sharpen your knowledge here: https://t.co/jkliL5sxj7 https://t.co/QPW1os7wbE
  • Commodities Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Silver: 0.98% Gold: 0.60% Oil - US Crude: -0.18% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/gDZGfvBOHv
  • Forex Update: As of 07:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.31% 🇨🇭CHF: 0.22% 🇬🇧GBP: 0.21% 🇦🇺AUD: -0.01% 🇨🇦CAD: -0.03% 🇳🇿NZD: -0.20% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/9IwXKOUieT
Crude Oil Prices Sink to Range Floor on Cooling OPEC Deal Hopes

Crude Oil Prices Sink to Range Floor on Cooling OPEC Deal Hopes

2016-08-30 01:40:00
Ilya Spivak, Head Strategist, APAC
Share:

Talking Points:

  • Crude oil prices retreat to range support as OPEC deal hopes cool
  • Gold prices correct higher as US yields pull back after Friday surge
  • Comments from Fed’s Fischer, API inventory report in focus ahead

Crude oil prices edged lower amid emerging doubts about a possible output freeze accord at next month’s informal OPEC meeting in Algiers. Iran Oil Minister Bijan Zanganeh said the country aims to regain market-share lost to sanctions since 2012 before participating in any supply-limiting agreements, according to a report from state-run media. A separate Reuters report cited Adnoc’s Salem Al Matroushi saying the UAE plans to boost output to 3.5mbd, an increase of 20.7 percent from the 2.9mbd supplied in 2015. The weekly inventory flows estimate from API is on tap ahead.

Gold prices edged narrowly higher – snapping a six-day losing streak – as US bond yields pulled back and the US Dollar corrected narrowly lower amid digestion of Friday’s hawkish comments from Fed Chair Janet Yellen. The head of the central bank’s policy-setting FOMC committee said “the case for an increase in the federal funds rate has strengthened in recent months”.

“Fed-speak” continues to be in focus in the near term as Vice Chair Stanley Fischer speaks with Bloomberg TV. Fischer’s interview with CNBC immediately after Yellen’s speech last week seemed to shape the markets’ ultimately hawkish interpretation of her remarks. Asked whether investors ought to be readying for a hike as soon as September and possibly more than one rate increase this year, Fischer said Yellen’s remarks suggested the answer on both counts is “yes”. Doubling down on hawkish guidance bodes ill for gold prices whereas an attempt to soften last week’s remarks may offer the metal a boost.

What do past gold and crude oil price patterns hint about current trends? Find out here!

GOLD TECHNICAL ANALYSISGold prices stalled after touching the lowest level in a month. Near-term support is in the 1303.62-08.00 area (May 2 high, 38.2% Fibonacci retracement), with a daily close below thattargeting the 50% level at 1287.29. Alternatively, a reversal above support-turned-resistance in the 1329.79-33.62 zone (August 8 low, 23.6% Fib) exposes a falling trend line at 1351.29.

Crude Oil Prices Sink to Range Floor on Cooling OPEC Deal Hopes

CRUDE OIL TECHNICAL ANALYSISCrude oil prices are marking time in a narrow range having signaled a top with the formation of a bearish Evening Star candlestick pattern. A daily close below the 23.6% Fibonacci retracement at 46.65 targets the 38.2% level at 45.22. Alternatively, a reversal above the 14.6% Fib at 47.54 exposes the August 22 high at 48.97.

Crude Oil Prices Sink to Range Floor on Cooling OPEC Deal Hopes

--- 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.

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.