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
Mixed
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
Oil - US Crude
Mixed
Wall Street
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
Gold
Mixed
GBP/USD
Bullish
USD/JPY
Mixed
More View more
Real Time News
  • Forex Update: As of 12:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.78% 🇳🇿NZD: 0.45% 🇬🇧GBP: 0.42% 🇪🇺EUR: 0.35% 🇨🇭CHF: -0.04% 🇯🇵JPY: -0.51% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/DvaBAG6n53
  • UK PM Johnson says the UK are not compromising with the EU on fisheries and level playing field as position on those are fundamental $GBP
  • López Obrador hopes #USMCA will help tighten trade relationships between the US and Mexico. Get your currencies market update from @HathornSabin here: https://t.co/bZrUKSCGaS https://t.co/UWFdv7wCP0
  • Pronóstico $XAUUSD: el #oro consolida un canal ascendente hacia 1.750$ #gold #trading https://t.co/Tu8g57ZORD
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.89%, while traders in US 500 are at opposite extremes with 75.00%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/jJf4VBBPOr
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 2.72% Gold: -0.03% Silver: -0.15% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/HD3d67xvtz
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.93% 🇬🇧GBP: 0.57% 🇨🇦CAD: 0.45% 🇪🇺EUR: 0.34% 🇨🇭CHF: -0.10% 🇯🇵JPY: -0.17% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/1d82miYwh3
  • Coming up at half past the hour: my weekly webinar on market #sentiment. Please join me if you can. You can sign up here: https://www.dailyfx.com/webinars/181540619?ref-author=essex&CHID=9&QPID=917711
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: France 40: 1.74% Germany 30: 1.12% FTSE 100: 0.88% Wall Street: 0.77% US 500: 0.69% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/1IbO8jbvOv
  • Russia and other nations are said to prefer a 1-month OPEC+ production cut extension #OOTT
Crude Oil, Gold Prices May See Kneejerk Volatility in Thin Trade

Crude Oil, Gold Prices May See Kneejerk Volatility in Thin Trade

2016-12-23 06:05:00
Ilya Spivak, Head Strategist, APAC
Share:

Talking Points:

  • Gold prices oscillate in a familiar range above $1100/oz
  • Crude oil prices dither after showing bearish chart setup
  • Holiday liquidity drain may boost kneejerk volatility risk

Crude oil and gold prices made little headway despite an economic calendar loaded with US event risk as markets would down ahead of the holiday weekend. The centrality of a still-uncertain fiscal policy outlook for shaping Fed rate hike bets probably played a role as well.

FOMC officials have repeatedly said that next year’s tightening trajectory will be heavily dependent on the growth and inflation implications of the platform put forward by President-elect Trump. With that in mind, revised third-quarter GDP data and a roundup of activity indicators for November probably proved to be too dated to generate a meaningful reaction.

From here, another dollop of US news-flow seems unlikely to awaken markets as year-end hibernation deepens. It ought to be remembered that thin liquidity can amplify knee-jerk volatility if stray headline risk spooks investors. With that in mind, it is seems prudent not to presume that standstill is assured and proceed with caution until participation levels rebuild in January.

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

GOLD TECHNICAL ANALYSISGold prices continue to mark time above the $1100/oz figure. A daily close below the 38.2% Fibonacci expansionat 1118.98 paves the way for a challenge of the 50% level at 1097.71. Alternatively, a move back above the 23.6% Fib at 1145.30 clears a path to retest the 14.6% expansion at 1161.52.

Crude Oil, Gold Prices May See Kneejerk Volatility in Thin Trade

CRUDE OIL TECHNICAL ANALYSISThe appearance of a bearish Dark Cloud Cover candlestick pattern suggests crude oil prices may be carving out a top. Breaking below horizontal pivot support at 51.56 on a daily closing basis opens the door for a test of the 38.2% Fibonacci retracement at 49.78. Alternatively, a push above the 54.63-55.11 area (38.2% Fin expansion, trend line) sees the next upside barrier at 56.08, the 50% threshold.

Crude Oil, Gold Prices May See Kneejerk Volatility in Thin Trade

--- 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.