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
EUR/USD
Bearish
Oil - US Crude
Mixed
Wall Street
Bearish
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
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • OPEC technical meeting was told to expect US oil output to rise by 200kbpd this year - OPEC & Industry sources
  • 🇨🇦 New Housing Price Index YoY (MAY) Actual: 11.3% Previous: 9.9% https://www.dailyfx.com/economic-calendar#2021-06-18
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Gold are long at 82.84%, while traders in France 40 are at opposite extremes with 76.19%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/zkLXaQqTXf
  • Fed's Bullard says his dot plot reflects liftoff in late 2022
  • $USDCAD taking on a new life now, back above the longer-term trendline +370 from the failed breakout earlier this month https://t.co/2oP2ky434R https://t.co/BhnSTJFv2m
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here: https://t.co/BdgFmkRxVw https://t.co/7nP2tv6q9a
  • Forex Update: As of 12:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.03% 🇪🇺EUR: -0.07% 🇨🇦CAD: -0.13% 🇬🇧GBP: -0.41% 🇦🇺AUD: -0.49% 🇳🇿NZD: -0.54% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/ChEmo0URYP
  • Heads Up:🇨🇦 New Housing Price Index YoY (MAY) due at 12:30 GMT (15min) Previous: 9.9% https://www.dailyfx.com/economic-calendar#2021-06-18
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here: https://t.co/QszmdZFxlk https://t.co/v6m2DLdhHa
  • Heads Up:🇮🇳 Monetary Policy Meeting Minutes due at 11:30 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-06-18
Gold, Crude Oil Prices Stall as FOMC Rate Decision Looms

Gold, Crude Oil Prices Stall as FOMC Rate Decision Looms

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Gold prices marking time at three-month range support
  • Crude oil prices stall near $43/barrel figure once again
  • Directional conviction unlikely before FOMC outcome

Gold prices continued to tread water near the $1300/oz figure at the start of the trading week. A lull in top-tier news-flow ahead of the on-coming FOMC monetary policy announcement appeared to undermine traders’ willingness to show directional conviction.

Crude oil prices saw plenty of intraday volatility but ultimately settled little-changed at familiar support near the $43/barrel threshold. Comments from Venezuelan President Maduro saying OPEC is close to an output deal offered early while concerns about Libyan shipments fizzled as a tanker returned to Ras Lanuf.

Muted activity seems likely to persist in the near term. OPEC-related headlines and a bit of relevant US economic data – Augusts’ Housing Starts and Building Permits figures – may generate some intraday activity. Follow-through may be too much to ask for ahead of Wednesday’s tectonic event risk however.

Are retail traders buying or selling gold ahead of the FOMC rate decision? Find out here!

GOLD TECHNICAL ANALYSISGold prices are marking time near support in the 1303.62-08.00 area (May 2 high, 38.2% Fibonacci retracement). A daily close below this barrier paves the way for a test of the 50% level at 1287.29. Alternatively, a reversal above the 23.6% Fib at 1333.62 exposes falling trend line resistance at 1347.98.

Gold, Crude Oil Prices Stall as FOMC Rate Decision Looms

CRUDE OIL TECHNICAL ANALYSISCrude oil prices continue to hover near support in the 42.73-43.02 area (50% Fibonacci expansion, September 1 low). Breaking this threshold on a daily closing basis exposes the 61.8% level at 41.26. Alternatively, a move above the 38.2% Fib at 44.20 sees the next upside barrier at 46.02, the 23.6% expansion.

Gold, Crude Oil Prices Stall as FOMC Rate Decision Looms

--- 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