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
Subscribe
Please try again
EUR/USD
Bearish
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
Wall Street
Bearish
Gold
Bullish
GBP/USD
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
USD/JPY
Bearish
More View more
Real Time News
  • Heads Up:💶 ECB President Lagarde Speech due at 08:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-01-18
  • Heads Up:💶 Eurogroup Video Conference due at 08:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-01-18
  • Chinese Foreign Ministry: Noticed Report on US halting Huawei supply Urge US to withdraw wrong decision US Huawei move damaging internet supply chains - BBG
  • Canadian Dollar Outlook: USD/CAD Rebound May Continue Ahead of BoC - https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/euro_open/2021/01/18/Canadian-Dollar-Outlook-USDCAD-Rebound-May-Continue-Ahead-of-BoC.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr $CAD $USDCAD https://t.co/xfAI9M7wi0
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here: https://t.co/ADSC4sIHrP https://t.co/cP7ZhDHoNA
  • Heads Up:🇨🇳 FDI (YTD) YoY (DEC) due at 07:00 GMT (15min) Previous: 6.3% https://www.dailyfx.com/economic-calendar#2021-01-18
  • Wall Street Futures Update: Dow Jones (-0.133%) S&P 500 (-0.193%) Nasdaq 100 (-0.184%) [delayed] -BBG
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here: https://t.co/8A1QhwMVKo https://t.co/dPj0seqzQS
  • An upbeat China Q4 GDP reading sent mainland and HK stocks higher, but failed to lift stocks in the rest of Asia: - CSI 300 (+1.20%) - Shanghai Composite (+0.91%) - Hang Seng (+0.65%) - Nikkei 225 (-1.01%) - ASX 200 (-0.78%) - Straits Times (-0.80%)
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in NZD/USD are at opposite extremes with 68.27%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/dNtaWoHOAB
Gold, Crude Oil Prices May Overlook US Jobs Data on Election Jitters

Gold, Crude Oil Prices May Overlook US Jobs Data on Election Jitters

2016-11-04 08:48:00
Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Gold prices post longest rally in 4 months, challenge $1300/oz figure
  • Crude oil prices decline for a fifth consecutive day amid risk aversion
  • US labor-market data may be to be overshadowed by election jitters

Gold prices continued to push higher as narrowing polls ahead of next week’s US presidential election stocked uncertainty and unnerved investors, sinking the US Dollar and fueling broad-based risk aversion. Crude oil prices succumbed to the overall risk-off dynamics, with the WTI benchmark tracking the S&P 500 downward.

October’s US Employment data is now in focus. A broadly on-trend nonfarm payrolls gain of 173k is expected while the jobless rate is seen retreating to 4.9 percent. Dramatic deviations aside, such a result seems adequate to keep the Fed on track for a rate hike in December. Under normal circumstances, this might have put pressure on gold and perhaps crude oil as well considering WTI is priced in USD terms.

The circumstances are far from normal however. Having been mostly sanguine for about the election since the beginning of the year, investors now seem genuinely worried that the poll’s outcome may rout financial markets and derail Fed tightening. This means that supportive economic data may almost moot, overshadowed by whatever election-related headline emerges as the leading story on the day.

Identify and track short-term gold and crude oil trading patterns with the GSI indicator!

GOLD TECHNICAL ANALYSISGold prices rose for fifth straight day, marking the longest winning run in four months, having launched a recovery from four-month lows (as expected). A daily close above the 1303.62-08.30 area (May 2 high, 38.2% Fibonacci expansion) exposes the 50% level at 1329.01. Alternatively, a turn back below the 23.6% Fib at 1282.68 targets rising trend line support at 1268.72.

Gold, Crude Oil Prices May Overlook US Jobs Data on Election Jitters

CRUDE OIL TECHNICAL ANALYSISCrude oil prices continue to sink having established a top below the $52/bbl figure (as expected), with a five-day losing streak making for the worst performance in three months. From here, a break below the 61.8% Fibonacci retracement at 44.04 on a daily closing basis exposes the 42.18-43.02 area (76.4% level, support shelf).Alternatively, a reversal back above the 50% Fib at 45.54 targets the 38.2% retracementat 47.04.

Gold, Crude Oil Prices May Overlook US Jobs Data on Election Jitters

--- 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