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.

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
Bullish
Oil - US Crude
Bullish
Wall Street
Mixed
Gold
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
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • The #AustralianDollar may continue to outperform its haven-associated counterparts after breaking above key chart resistance. $AUDUSD, $AUDJPY, $AUDCHF levels to watch. $AUD https://www.dailyfx.com/forex/technical/home/analysis/aud-usd/2020/09/21/Australian-Dollar-Time-Cycle-AUDUSD-AUDJPY-AUDCHF-Key-Levels.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr https://t.co/wfa6HxnANh
  • HSBC share price tumbled 3.2% after Chinese media agency Global Times reported that Beijing is considering putting HSBC into its Unreliable Entity List (UEL). Hang Seng Index fell 0.7% in early Asia trading hours. https://t.co/zrUCkWmH1w
  • Join @ZabelinDimitri 's #webinar at 11:30 PM ET/3:30 AM GMT to find out how geopolitical risk will affect the markets in the week ahead. Register here: https://t.co/hsULxMNOtM https://t.co/Dx6UMk2g1c
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Silver: 0.53% Oil - US Crude: 0.35% Gold: 0.17% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/BjCmKqaBM8
  • The two-day closure of the Japanese markets suggests that liquidity in both equity and forex could be thin, rendering #USDJPY and #Nikkei225 futures susceptible to large swings, should there be surprising news. Read more here: https://www.dailyfx.com/forex/market_alert/2020/09/21/Nasdaq-100-to-Test-100-Day-SMA--Hang-Seng-and-ASX-200-May-Open-Flat.html https://t.co/5fTJl1ytSe
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.25% 🇦🇺AUD: 0.24% 🇯🇵JPY: 0.20% 🇪🇺EUR: 0.16% 🇳🇿NZD: 0.14% 🇨🇭CHF: 0.11% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/ajs1wgZFD2
  • #Market Snapshot Broad risk-on tilt to kick off a fresh week of trade as the risk-sensitive $AUDUSD jumps back above the 0.73 mark. Haven-linked $USD drifting lower against its major counterparts while $JPY attempts to peg back lost ground. https://t.co/yWVnyRKfbT
  • The US #Dollar may fall if demand for haven-linked assets fall after testimonies from Powell and Mnuchin to the House. Better-than-expected data may compound the Greenback’s selling streak. Get your #currencies update from @ZabelinDimitri here: https://t.co/HRjFvPKlvx https://t.co/n2IMVDqpZn
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.06%, while traders in NZD/USD are at opposite extremes with 71.11%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/eoCmgXp0MN
  • There is a great debate about which type of analysis is better for a trader. Is it better to be a fundamental trader or a technical trader? Find out here:https://t.co/7kPzAoNoLG https://t.co/QVVQkoSwMW
Gold Prices May Retreat as Fed Officials Stoke Rate Hike Bets

Gold Prices May Retreat as Fed Officials Stoke Rate Hike Bets

2016-09-09 03:22:00
Ilya Spivak, Head Strategist, APAC
Share:

Talking Points:

  • Gold prices recoil from two-month trend resistance
  • Crude oil prices extend rally on EIA inventory data
  • Fed officials’ comments in focus into the week-end

Gold languished in digestion mode amid a lull in Fed-linked event risk yesterday, as expected. Comments from Boston and Dallas Fed Presidents Eric Rosengren and Robert Kaplan may rekindle volatility as traders absorb the last bits of guidance before the pre-FOMC meeting blackout period that begins on Tuesday. Hawkish overtones in line with recent remarks from other US central bank officials may boost rate hike speculation, boosting the US Dollar and weighing on the yellow metal.

Crude oil prices continued to push higher as the official set of EIA inventories report showed stockpiles dropped by a whopping 14.5 million barrels, an outcome that stands in stark contrast with expectations calling for a 631k-barrel build. The outcome was foreshadowed by an estimate from API yesterday. A slowdown in oil-specific news flow puts prices at the mercy of external factor, with the impact of Fed-speak on the trajectory of the greenback lining up as an important consideration. Headline risk related to the upcoming OPEC meeting remains a potential source of volatility as well.

Are retail traders buying or selling gold? Find out here!

GOLD TECHNICAL ANALYSISGold prices corrected gently lower after testing trend line resistance set from early July. Near-term support is at 1333.62, the 23.6% Fibonacci retracement, with push below that targeting the 1303.62-08.00 area (May 2 high, 38.2% level). Alternatively, a breach of trend line resistance (now at 1351.35) on a daily closing basis exposes the 1367.15-69.41 zone (double top, 38.2% Fib expansion).

Gold Prices May Retreat as Fed Officials Stoke Rate Hike Bets

CRUDE OIL TECHNICAL ANALYSISCrude oil prices advanced to a two-week high having set a bottom as expected after the appearance of a bullish Piercing Line candlestick pattern. Near-term resistance is now at 47.92, the 50%Fibonacci expansion, with a daily close above that targeting the 48.97-49.07 area (August 22 high, 61.8% level). Alternatively, a reversal back below the 38.2% Fib at 46.76 sees the next downside barrier at 45.33, the 23.6%expansion.

Gold Prices May Retreat as Fed Officials Stoke Rate Hike Bets

--- 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