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
Mixed
Oil - US Crude
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
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
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
Mixed
More View more
Real Time News
  • RT @KyleR_IG: Ahead of the @bankofcanada meeting tonight, it's a good time to take a look market expectations of future monetary policy: th…
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.04% 🇯🇵JPY: 0.04% 🇳🇿NZD: -0.03% 🇪🇺EUR: -0.06% 🇬🇧GBP: -0.09% 🇦🇺AUD: -0.14% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/UWD6X6dMES
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.18% France 40: 0.03% FTSE 100: 0.01% Wall Street: -0.09% US 500: -0.16% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/JqJd78u8OX
  • #AUDJPY could be poised to break lower as price challenges the hypotenuse of an Ascending Triangle These patterns tend to resolve to the upside however, with price breaking back below its short-term moving averages, a downside break may be on the cards $AUD $JPY https://t.co/WfTZNGo7MB
  • Heads Up:🇮🇩 Business Confidence (Q1) due at 04:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-04-21
  • The US Dollar weakened against ASEAN currencies like the Singapore Dollar, Thai Baht, Indonesian Rupiah and Philippine Peso as Treasury yields fell. More of the same may be ahead. Get your market update from @ddubrovskyFX here:https://t.co/kboT6ovHpd https://t.co/AqaMqKmOkP
  • RT @FxWestwater: New Zealand Dollar Forecast: Technical Levels for $NZDUSD, $NZDCAD, $NZDJPY Link: https://www.dailyfx.com/forex/technical/article/special_report/2021/04/21/New-Zealand-Dollar-Forecast-Technical-Levels-for-NZDUSD-NZDCAD-NZDJPY.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr https://t.co/IG…
  • Sunshine and rainbows for #Gold bulls at the moment, as yields on 30-year Treasuries validate the downside break of a Descending Triangle and eye a push back below 2.2% Gold’s Double Bottom implies a move to 1835 is on the cards in the near term #GLD #US30Y https://t.co/PSSdOolvlP
  • RT @KyleR_IG: The Aussie 10Y yield: surely this thing has to break lower at some point, especially with bullish sentiment cooling off in gl…
  • Bitcoin struggled to maintain a push into record highs and appears to be vulnerable to a near-term pullback. Litecoin and Ethereum saw more aggressive gains, will their momentum accelerate? Find out from @ddubrovskyFX here:https://t.co/f5d7qs5j3z https://t.co/dhLJjkQEnx
Gold Price Recovery May Find Added Fuel in Fed Rate Decision

Gold Price Recovery May Find Added Fuel in Fed Rate Decision

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Gold prices rise most in a month as the “Trump trade” gives ground
  • Cautious FOMC posture may undermine rate hike speculation further
  • Crude oil prices struggle to bank on weak USD as inventories swell

Gold prices rose as the US Dollar dropped alongside Treasury bond yields, bolstering the appeal of non-interest-bearing and anti-fiat assets. The move appeared to reflect continued unwinding of the so-called “Trump trade” amid skepticism about one of its central narratives: a steep Fed rate hike cycle triggered by inflationary growth courtesy of fiscal largesse.

Crude oil prices likewise rose, with the weaker greenback seemingly offering de-facto support to the USD-denominated WTI contract. Most of the gains evaporated ahead of weekly API inventory report however. This proved prescient: the figures showed stockpiles added 5.83 million barrels last week. That is the largest increase in almost three months.

Looking ahead, all eyes are on the FOMC policy announcement. A cautious tone reflecting decidedly uneasy market conditions since the beginning of the year may spur a further downgrade of the expected rate hike path, extending yesterday’s moves for another day. The official set of EIA inventory figures is also on tap and may complicate matters for oil traders yet gain. A 2.56 million barrel build is expected.

Are gold and crude oil prices matching DailyFX forecasts so far in the first quarter? Find out here!

GOLD TECHNICAL ANALYSISGold prices posted the largest daily gain in a month but fell short of overturning a Bearish Engulfing candlestick pattern that marked an interim top last week (at least for now). Near-term resistance is at 1219.20, the 38.2% Fibonacci retracement, with a daily close above that exposing the 50% level at 1248.98. Alternatively, a move back below the 23.6% Fib at 1182.36 opens the door for a retest of the 14.6% retracement at 1159.65.

Gold Price Recovery May Find Added Fuel in Fed Rate Decision

CRUDE OIL TECHNICAL ANALYSISCrude oil prices continue to trace out a would-be bearish Head and Shoulders chart formation.A push below near-term support at 52.44 exposes the 50.25-69 area (38.2% Fibonacci retracement, January 10 low), with a subsequent daily close below that confirming the topping pattern and signaling a larger down move ahead. Alternatively, a breach above the 23.6% Fib expansionat 53.75 paves the way for a challenge of the 55.21-65 region (January 3 high, 38.2% expansion).

Gold Price Recovery May Find Added Fuel in Fed Rate Decision

--- 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