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.

Free Trading Guides
EUR/USD
Bullish
Oil - US Crude
Mixed
Wall Street
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
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
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
More View more
Real Time News
  • Emerging market currencies haven’t been treated equally by the effects of global contagion, even if most have suffered to some degree. However withdrawal of investment flows could hit them all. Get your market update from @DavidCottleFX here:https://t.co/QzNoNYgMgP https://t.co/9CV6iZt40j
  • My weekend trading video: 'S&P 500 Rises on Trump China Presser, #NFPs and Rate Decisions Ahead' https://www.dailyfx.com/forex/video/daily_news_report/2020/05/30/SP-500-Rises-on-Trump-China-Presser-NFPs-and-Rate-Decisions-Ahead.html?ref-author=Kicklighter&QPID=917719&CHID=9 https://t.co/ZvoGoibzj1
  • Hopes are high for deeper European economic integration as the continent battles back from the coronavirus slowdowns – but will it hold? What impact can this have on #Euro? Find out from @JStanleyFX here: https://t.co/b9ZWRd4cTr https://t.co/gngm5tKqjz
  • The US Dollar could rise against #ASEAN currencies such as the Singapore Dollar as US-China tensions seem to escalate. The Indian Rupee is also looking ahead of local 1Q GDP data.Get your market update from @ddubrovskyFX here:https://t.co/LkEFJViPWY https://t.co/iL7xlHLBiF
  • #Gold has a short-term bullish set-up that may play nicely with USD weakening. The longer and shorter-term path of least resistance remains higher. Get your $XAUUSD technical analysis from @PaulRobinsonFX here:https://t.co/6gt3F9LuGP https://t.co/B4MVrg8f6i
  • The AUD may suffer as relations between Australia and China deteriorate amid dwindling growth prospects. Euro traders will be closely watching progress in talks about a €500b recovery fund proposal. Get your market update from @ZabelinDimitri here: https://t.co/LkEFJViPWY https://t.co/Fo1wlWyz8r
  • The US Dollar is attempting to find direction against the Singapore Dollar, Philippine Peso and Indonesian Rupiah as technical levels hold. The Malaysian Ringgit eyes a key trend line. Get your #ASEAN currencies market update from @ddubrovskyFX here:https://t.co/lcSLkOnJgQ https://t.co/4ofHIpGiTm
  • Trump says he needs to see a strong study on China's actions surrounding virus - BBG
  • The Dollar Index has broken below a multi-week consolidation / the May opening-range lows and keeps the focus lower heading into June. Get your $USD technical analysis from @MBForex here: https://t.co/hkm3nIoyeh https://t.co/SzMeNFyPyp
  • RT @fxmacro: COVIDView: A Weekly Surveillance Summary of U.S. COVID-19 Activity | CDC https://t.co/Gtr0sUoyft
Crude Oil Prices Stall as Gold Drops on Upbeat US Economic Data

Crude Oil Prices Stall as Gold Drops on Upbeat US Economic Data

2016-11-24 11:30:00
Ilya Spivak, Head Strategist, APAC
Share:

Talking Points:

  • Crude oil prices ignore supportive Iraq comments, EIA inventory data
  • Markets may be turning deaf to OPEC jaw-boning as key meeting nears
  • Gold prices sink as US durables report drives hawkish Fed outlook shift

Crude oil prices drifted sideways despite seemingly supportive news-flow coming across the wires. First, Iraq’s Prime Minister Haider Al-Abadi said his country will participate in an OPEC production cut deal, reversing previous demands for an exemption. This may help break the deadlock in negotiations on output reduction quotas ahead of a cartel meeting next week that is meant to finalize the scheme’s implementation details. Second, the weekly EIA inventory data set showed a drawdown of 1.26 million barrels, beating forecasts calling for a 289.7k barrel build.

The EIA report was closely foreshadowed by the API estimate a day earlier, which may have undermined the figures’ market-moving potential. As for the OPEC saga, jaw-boning may be losing its ability to move prices (as expected). The lead-up to September’s unveiling of the output cut agreement was marked by frequently conflicting remarks from stakeholders that fueled seesaw volatility. The subsequent period ahead of the November 30 meeting has been no different and markets may be turning a deaf ear to commentary until something tangible emerges. A reluctance to take directional bets against a backdrop of ebbing liquidity ahead of the US Thanksgiving holiday may have also played a part.

Gold prices slumped after October’s preliminary US Durable Goods Orders data crossed the wires. The report showed a gain of 4.8 percent, the largest in a year. Economics were projecting a far more modest 1.7 percent increase. US front-end bond yields rose and the 12-month rate hike outlook implied in Fed Funds futures steepened, hinting the outcome amplified the recent hawkish shift in US monetary policy bets following the US presidential election. This boosted the US Dollar and undermined demand for non-interest-bearing and anti-fiat assets, weighing on precious metals.

See the schedule of upcoming webinars and join us LIVE to follow the financial markets!

GOLD TECHNICAL ANALYSISGold prices posted the largest decline in two weeks, breaching the $1200/oz figure and hitting the lowest level in almost ten months. From here, a daily close below the 123.6% Fibonacci expansion at 1171.83 targets the 138.2% level at 1152.30. Alternatively, a rebound above the 100% Fib at 1203.40 exposes the 76.4% expansion at 1234.97.

Crude Oil Prices Stall as Gold Drops on Upbeat US Economic Data

CRUDE OIL TECHNICAL ANALYSISCrude oil continue to tread water after launching a rebound from support near the $43/bbl figure, as expected. A daily close above the 50% Fibonacci expansion at 48.55 exposes the 61.8% level at 50.05. Alternatively, a reversal below the 38.2% Fib at 47.05 targets resistance-turned-support at 45.92, the November 9 high.

Crude Oil Prices Stall as Gold Drops on Upbeat US Economic Data

--- 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.