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
Oil - US Crude
Wall Street
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
  • 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/9gFVefFC3w
  • ⬇️Asia-Pacific Preview⬇️ - Wall Street buoyancy may spill over into Asia as investors shrug at domestic unrest - AUD and #NZD could rise with APAC stocks despite HK risks - #AUDUSD blew past key resistance and may now challenge multi-week swing-high https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2020/06/01/AUD-NZD-May-Rise-With-APAC-Stocks-Ahead-of-RBA-Rate-Decision.html
  • 🇰🇷 GDP Growth Rate YoY Final Actual: 1.4% Previous: 2.3% https://www.dailyfx.com/economic-calendar#2020-06-01
  • 🇰🇷 GDP Growth Rate QoQ Final Actual: -1.3% Previous: 1.3% https://www.dailyfx.com/economic-calendar#2020-06-01
  • 🇳🇿 Building Permits MoM Actual: -6.5% Previous: -21.7% https://www.dailyfx.com/economic-calendar#2020-06-01
  • Trumps says he will deploy military if cities, states won't act. Says he is dispatching 'thousands' of armed soldiers -BBG
  • Trump says he recommended governors deploy National Guard, told them to deploy guard to 'dominate' streets -BBG
  • US President Donald Trump: His first duty is to defend the country, people. Instances of violence 'acts of domestic terror'. Mobilizing civilian, military resources to stop rioting -BBG
  • 🇳🇿 Building Permits MoM Actual: -6.5% Previous: -21.3% https://www.dailyfx.com/economic-calendar#2020-06-01
  • Heads Up:🇰🇷 GDP Growth Rate YoY Final due at 23:00 GMT (15min) Previous: 2.3% https://www.dailyfx.com/economic-calendar#2020-06-01
Gold Prices Back on the Defensive After Upbeat Yellen Comments

Gold Prices Back on the Defensive After Upbeat Yellen Comments

2016-12-20 11:59:00
Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Gold prices on the defensive after upbeat Yellen comments
  • Crude oil prices attempting to build back to monthly high
  • Year-end flows cap gold drop, API inventory data on tap

Gold prices are back on the defensive after two days of shallow gains as hawkish comments from Fed Chair Janet Yellen put the hawkish shift in Fed monetary policy expectations back in the spotlight. Downward momentum may find few barriers for continuation amid a lull in relevant event risk over the near term but a possible pre-holiday pullback in the US Dollar remains an important upside risk.

Crude oil prices advanced on news that Iraq plans to cut supply by 200-210k barrels per day in the first half of next year. This suggests one of OPEC’s leading producers and previously a sceptic of the cartel’s output cut scheme is set to begin its implementation. The preliminary estimate of weekly inventory flows from API will be in focus in the hours ahead.

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

GOLD TECHNICAL ANALYSISGold prices remain locked in a narrow range below the $1200/oz figure. A daily close below the 38.2% Fibonacci expansion at 1118.98 exposes the 50% level at 1097.71. Alternatively, a reversal back above the 23.6% Fib at 1145.30 targets the 14.6% expansion at 1161.52.

Gold Prices Back on the Defensive After Upbeat Yellen Comments

CRUDE OIL TECHNICAL ANALYSISCrude oil prices are poised attempting to build back toward monthly highs. A daily close above the 23.6% Fibonacci expansion at 52.84 targets the 54.48-63 area (December 12 high, 38.2% level). Alternatively, a move back below the 14.6% expansion at 51.73 exposes the December 15 low at 49.93.

Gold Prices Back on the Defensive After Upbeat Yellen Comments

--- 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.


News & Analysis at your fingertips.