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
EUR/USD
Bearish
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Bearish
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • Forex liquidity makes it easy for traders to sell and buy currencies without delay, and also creates tight spreads for favorable quotes. Low costs and large scope to various markets make it the most frequently traded market in the world. Learn more here: https://t.co/5uSWKoLkd6 https://t.co/q80wSAoxXP
  • There is a great debate about which type of analysis is better for a trader. Is it better to be a fundamental trader or a technical trader? Find out here: https://t.co/aVAzFypAg1 https://t.co/7mc19Gxrvm
  • #Gold prices succumbed to selling pressure as the US Dollar soared this past week What is #XAUUSD facing these next few days and can these fundamental forces extend its selloff? Check out my outlook here - https://www.dailyfx.com/forex/fundamental/forecast/weekly/chf/2020/09/26/Gold-Price-Outlook-Rising-US-Dollar-Sinks-XAUUSD-Will-Losses-Extend.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/gPhy0KoW3W
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/38gTDnpPbn https://t.co/Xtk5g4JQEB
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here: https://t.co/3Wked6GBOp https://t.co/SsUguHB39W
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here:https://t.co/1oygcFMFNs https://t.co/aD1ZWhTWZp
  • The price of #oil may continue to trade in a narrow range as the rebound from the September low ($36.13) appears to have stalled ahead of the month high ($43.43). Get your #commodities update from @DavidJSong here: https://t.co/719LgjFmYG https://t.co/SSoqjONUzA
  • The Australian Dollar may extend its slide lower despite the planned easing of Covid-19 restrictions, as the market continues to price in an RBA rate cut on October 6. Get your #currencies update from @DanielGMoss here: https://t.co/HJpngnerzY https://t.co/g6X8ABQDwY
  • The Indian Rupee may be at risk to the US Dollar as USD/INR attempts to refocus to the upside. This is as the Nifty 50, India’s benchmark stock index, could fall further. Get your USD/INR market update here:https://t.co/ed4QR7QQOn https://t.co/gDWYNtm2UY
  • Technical indicators are chart analysis tools that can help traders better understand and act on price movement. Learn more about the importance of technical analysis here: https://t.co/NpC1D8y4Aa https://t.co/Q7TcbrYXjl
Crude Oil Prices Eye Inventory Data with Key Support Under Fire

Crude Oil Prices Eye Inventory Data with Key Support Under Fire

2017-03-28 04:28:00
Ilya Spivak, Head Strategist, APAC
Share:

Talking Points:

  • Crude oil prices continue to hover at trend-defining chart support
  • API inventory flow data in focus as supply trends remain clouded
  • Gold prices eye Fed-speak having hit 1-month high on AHCA fail

Crude oil prices marked time in now-familiar territory absent fresh news flow informing the clouded supply outlook. A tug of war between the supportive influence of an OPEC production cut accord and downward pressure from swelling swing output – particularly in the US – continues to confound investors. The weekly APIinventory flow report is now in focus as the markets search for clear-cut direction cues.

Gold prices continued to rise as the aftermath of last week’s failure of the AHCA healthcare reform bill continued to define price action. The metal rose to a one-month high as ebbing confidence in the “Trump trade” weighed against Fed rate hike speculation, boosting the relative appeal of non-interest-bearing and anti-fiat assets.

The spotlight now turns to Fed-speak. Comments from Fed Chair Janet Yellen and Governor Jerome Powell as well as Esther George and Robert Kaplan – Presidents of the central bank’s Kansas City and Dallas branches – are due to cross the wires. Game-changing rhetoric seems unlikely however, with Fed officials as much at the mercy of US fiscal policy uncertainty as the markets at large.

Have a question about trading gold and crude oil? Join a Q&A webinar and ask it live!

GOLD TECHNICAL ANALYSISGold prices are poised to challenge major resistance in the 1263.87-65.23 area (February 27 high, 50% Fibonacci expansion) after breaching the 38.2% levelat 1248.58. A daily close above this barrier exposes the 61.8% Fib at 1281.88. Alternatively, a move back below 1248.58 opens the door for a retest of the 23.6% expansion at 1227.99.

Crude Oil Prices Eye Inventory Data with Key Support Under Fire

Chart created using TradingView

CRUDE OIL TECHNICAL ANALYSISCrude oil prices continue to hover above trend-defining support at 47.22 (50% Fibonacci retracement, rising trend line). A daily close below it initially exposes the 61.8% levelat 45.33. Alternatively, a reversal back above the 38.2% Fibat 49.11 paves the way for another test of the 23.6% retracementat 51.44.

Crude Oil Prices Eye Inventory Data with Key Support Under Fire

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