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
Bearish
Oil - US Crude
Mixed
Wall Street
Bullish
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
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
More View more
Real Time News
  • AUD/USD has had the most impressive show of trend over the past couple of months with the pair gaining almost 1500 pips from the March low. Get your $AUDUSD technical analysis from @JStanleyFX here: https://t.co/vLz4Rpln3u https://t.co/AOwnJja5V8
  • Has the #Euro been saved? Find out from @CVecchioFX here: https://t.co/eiXfOTyGa6 https://t.co/AyRiYpb4cN
  • U.S. Market Analyst at https://t.co/JsVsSmefgR, Shain Vernier covers - ✔️ Safe haven assets in volatile markets ✔️ Central banks and governments ✔️ How will commodities trade in a recession Only on Trading Global Markets Decoded #podcast. Tune in here: https://t.co/1UmEzEbwiy https://t.co/ygwjGNvS61
  • The $USD, Euro, British Pound and Australian Dollar will all be at the mercy of political developments in Asia, Europe and North America this week. An avalanche of PMI data will set the backdrop. Find out from @ZabelinDimitri here: https://t.co/L8cfAgVx94 https://t.co/THWhPAS6AM
  • The price of #gold plunged 1% immediately after the stunning US jobs report crossed the wires. Get your market update from @RichDvorakFX here: https://t.co/8i0L6YIqjy https://t.co/y9dIXazJf9
  • S&P 500, Dow Jones, Nasdaq explode higher with stocks surging in response to shockingly better-than-expected monthly jobs data. Get your #equities market update from @RichDvorakFX here: https://t.co/nuMVWOzzuC https://t.co/M3nGBjd7kZ
  • The record-breaking NFPs increase behind us and the FOMC rate decision on Wednesday sets the tone for my trading video: 'Dow Soars Above 200-Day Average on NFPs, Will the #Fed Keep the Dollar Sliding' https://www.dailyfx.com/forex/video/daily_news_report/2020/06/06/Dow-Soars-Above-200-Day-Average-on-NFPs-Will-the-Fed-Keep-the-Dollar-Sliding.html?ref-author=Kicklighter&QPID=917719&CHID=9 https://t.co/kquvec5HVc
  • Seasonal factors, oversupply issues and the outbreak of COVID-19 has seen the price of liquefied #naturalgas (LNG) fall to 22-year lows (1.519), with the situation exacerbated by ‘fuller-than-normal’ storage facilities. Get your market update here:https://t.co/VOqfkBQ4aR https://t.co/OsaphmqEmu
  • Are recent gains in the Indian Rupee and Nifty 50 warranted? Risks are brewing in the background, leaving USD/INR in a consolidative setting as the Nifty pressures resistance. Get your $USDINR market update from @ddubrovskyFX here:https://t.co/svDaSdprvN https://t.co/kgddX1ZHe4
  • I approve of this dry humor. https://t.co/b42GmIZDlL
Gold Prices Attempt Recovery as "Trump Trade" Retraces

Gold Prices Attempt Recovery as "Trump Trade" Retraces

2016-11-28 07:33:00
Ilya Spivak, Head Strategist, APAC
Share:

Talking Points:

  • Gold prices attempt recovery after hitting nine-month low
  • Crude oil prices drop on fading hope for output cut deal
  • Trump cabinet appointments, OPEC commentary in focus

Gold prices are attempting a recovery after touching a nine-month low in Friday’s trade. The move is accompanied by a parallel decline in the US Dollar and US front-end yields as implied in 2-year Treasury futures. This hints at moderation in the Fed rate hike outlook as the catalyst behind the returning appeal of anti-fiat and non-interest-bearing assets, including the yellow metal.

The apparent absence of a discrete catalyst suggests the move may be corrective after two weeks of heavy gold selling in the wake of the US presidential election. Investors have speculated that expansionary fiscal policy advocated by President-elect Trump will be inflationary, requiring the US central bank to adopt a more aggressive tightening trajectory.

Looking ahead, a quiet US economic data docket will probably keep politics at the forefront. The naming of key economic policy officials to the Trump cabinet remains an important area of interest as markets anxiously wait to see who will take the reins on implementing the incoming President’s agenda. Confidence-inspiring appointments may breathe new life into the so-called “Trump trade”, punishing gold anew.

Crude oil prices slumped following the abrupt cancellation of a Monday meeting between OPEC and non-OPEC producers Monday after Saudi Arabia pulled out of attendance. Separately, Reuters reported Saudi Energy Minister Khalid Al-Falih saying that “encouraging” demand may allow energy markets to balance even without a planned OPEC output cut unveiled in September.

The apparent setback in negotiations comes just days before implementation details of the supply reduction are meant to be unveiled at a formal OPEC meeting on November 30 in Vienna. Riyadh is reportedly pushing for all cartel members to share in cutting output whereas countries like Iran and Iraq have demanded exemptions.

Headline risk remains considerable in the near term. Officials from other OPEC countries have scrambled to fortify the markets’ confidence in a deal emerging this week but already skeptical investors will probably prove difficult to mollify. Price action is likely to remain highly sensitive to pronouncements from the relevant parties, making for jittery trading conditions.

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

GOLD TECHNICAL ANALYSISGold prices are digesting losses after slipping below the $1200/oz figure. A daily close below the 123.6% Fibonacci expansion at 1171.83 exposes the 138.2% level at 1152.30. Alternatively, a move back above the 100% Fib at 1203.40 targets the 76.4% expansion at 1234.97.

Gold Prices Attempt Recovery as "Trump Trade" Retraces

CRUDE OIL TECHNICAL ANALYSISCrude oil may be resuming the down moved launched in mid-October after a brief corrective recovery. Near-term support is at 45.45, the 38.2% Fibonacci expansion, with a daily close below that exposing the 50% level at 44.31. Alternatively, a move back above the 23.6% Fib at 46.87 targets the 14.6% expansion at 47.75.

Gold Prices Attempt Recovery as "Trump Trade" Retraces

--- 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.