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. See our updated Privacy Policy here.

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
Bullish
Wall Street
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
Gold
Bullish
GBP/USD
Mixed
USD/JPY
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
More View more
Real Time News
  • Implementing a trading checklist is a vital part of the trading process because it helps traders to stay disciplined, stick to the trading plan, and builds confidence. Learn how to stick to the plan, stay disciplined, and use a checklist here: https://t.co/SQUCCYRCIk https://t.co/ltEO5dpKux
  • WTI crude oil is currently trading up against major resistance via the 2019 and 2020 highs within the confines of a channel; something has to give. Get your market update from @PaulRobinsonFX here: https://t.co/MO9foRjm2y https://t.co/YhBFdvZDEb
  • The Dow Jones and S&P 500 outlook appears bleak in the near term as retail traders increase their upside exposure. At the same time, these indices confirmed bearish technical warning signs. Get your market update from @ddubrovskyFX here:https://t.co/fKCHELbOxo https://t.co/eVDwmFTaIg
  • Use this technical analysis pattern recognition skills test to sharpen your knowledge: https://t.co/Qgz89PTxnu https://t.co/8B8hqHahm1
  • The US Dollar finished off an eventful week after CPI and retail sales injected volatility into markets. FOMC is now in the Greenback’s sights as taper talks linger. Get your market update from @FxWestwater here: https://t.co/MHi0lfQ93j https://t.co/4XetwYAaNd
  • Get your snapshot update of the of market open and closing times for each major trading hub around the globe here: https://t.co/BgZLFljIhZ https://t.co/ZZRLV0Wkea
  • The Nasdaq 100 index has likely formed a bearish Gartley pattern, which hints at further downside potential. Negative MACD divergence on the weekly chart suggests that upward momentum may be fading. Get your market update from @margaretyjy here: https://t.co/GkMEkVA7YR https://t.co/E1vyCMVt6K
  • Struggling to define key levels? Floor-Trader Pivots assist traders in identifying areas in a chart where price is likely to approach and can be used to set appropriate targets, while effectively managing risk. Learn how to use this indicator here: https://t.co/Ye4m1G4lMu https://t.co/2TpkkUu7Hg
  • Tesla boss Elon Musk is seemingly running the cryptocurrency market single-handed this week with his tweets prompting a massive sell-off before today’s sharp rally. Get your market update from @nickcawley1 here: https://t.co/qGci02osOP https://t.co/Yp24Sakrfl
  • What suits your style of trading stocks or commodities? Find out what are the differences in these two markets here: https://t.co/BnA07cMV0s https://t.co/LDP3HlN4A3
Gold Prices Retreat as Fed Rate Hike Bets Retake the Spotlight

Gold Prices Retreat as Fed Rate Hike Bets Retake the Spotlight

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Gold prices turn lower as Fed rate hike speculation heats up anew
  • Crude oil prices remain locked in a narrow consolidation range
  • US Presidents Day holiday may mark pause in trend development

Gold prices turned lower on Friday when it became clear that a G20 foreign ministers’ meeting passed without major incident (as expected). The move played out inversely of a rise in the US Dollar and Treasury bond yields as well as a steepening of the priced-in rate hike path implied in Fed Funds futures.

This hints that monetary policy speculation returned to the forefront as geopolitical jitters receded. Not surprisingly, this proved detrimental for the yellow metal considering hawkish comments from Fed Chair Yellen and unexpectedly strong CPI data on offer.

Prices remain on the defensive after upbeat remarks form Cleveland Fed President Loretta Mester offered the greenback a further lift. Follow-through may be muted in the near term however as US markets remain shuttered for the Presidents Day holiday, draining the stock of relevant news-flow.

Crude oil prices remain locked in a narrow range as traders weigh up the influence of OPEC’s output cut scheme against growing swing supply. Indeed, Baker Hughes data showed that the number of US rigs in operation rose to a 16-month high last week. Standstill will probably continue through the holiday lull.

Are gold and crude oil prices matching DailyFX analysts’ first-quarter bets? Find out here!

GOLD TECHNICAL ANALYSISGold prices put in a bearish Dark Cloud Cover candlestick pattern after testing now-familiar resistance near February’s swing top. A prior test in the same area produced a still-valid Bearish Engulfing setup. On balance, positioning hints a double top may be in the works. A daily close below the 23.6% Fibonacci retracement at 1215.75 exposes the 38.2% level at 1197.99. Alternatively, a push above the 23.6% Fib expansion at 1245.29 targets 1263.05, the 38.2% threshold.

Gold Prices Retreat as Fed Rate Hike Bets Retake the Spotlight

Chart created using TradingView

CRUDE OIL TECHNICAL ANALYSISCrude oil price remain locked in a narrow range. A daily close above its topside boundary at 53.86 exposes the 55.21-65 area (January 3 high, 38.2% Fibonacci expansion). Alternatively, a push below rising trend line support, now at 51.95, targets the 38.2% Fib retracementat 50.25.

Gold Prices Retreat as Fed Rate Hike Bets Retake the Spotlight

Chart created using TradingView

--- 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