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
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
Gold
Mixed
GBP/USD
Bullish
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
USD/JPY
Mixed
More View more
Real Time News
  • Well one $NDX trendline is dead and gone after today's rout and secondary support is coming up quick near 12,760 https://t.co/hJSPch42Zm
  • Wall Street IG Client Sentiment: Our data shows traders are now net-long Wall Street for the first time since Mar 05, 2021 when Wall Street traded near 31,529.20. A contrarian view of crowd sentiment points to Wall Street weakness. https://www.dailyfx.com/sentiment https://t.co/zeXYkoKVW6
  • Nasdaq extends its selloff as tech stocks slide further due to surging bond yields. Get your #Nasdaq market update from @RichDvorakFX here: https://t.co/eEeeFpFYiF https://t.co/AFfRIHZMgr
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 90.05%, while traders in GBP/USD are at opposite extremes with 67.50%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/dhdLOMU0TX
  • Nasdaq Extends Slide, Bond Yields Spike on Fed Taper Fears -via @DailyFX Link to Analysis: https://www.dailyfx.com/forex/market_alert/2021/05/12/nasdaq-extends-slide-bond-yields-spike-on-fed-taper-fears.html #StockMarket $NDX $QQQ https://t.co/e08fA8Wy73
  • US Treasury Department: - U.S. ran record $1.9 trillion budget deficit in first 7 months of FY2021 - Federal outlays climbed 22% to $4.1 trillion from Oct. through April - Revenues rose 16%, reflecting 2020 tax deferrals
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: FTSE 100: -0.28% Germany 30: -0.28% France 40: -0.34% Wall Street: -1.41% US 500: -1.71% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/PfhSpL5XsO
  • 🇺🇸 Monthly Budget Statement (APR) Actual: $-226B Expected: $-220B Previous: $-660B https://www.dailyfx.com/economic-calendar#2021-05-12
  • We've taken out short-term support on $SPX. Bigger levels below though. For this index, it is 4,000. For the Nasdaq 100, which has a floor more immediately at hand, it is 13,000 https://t.co/KeHxTw81Ht
  • Heads Up:🇺🇸 Monthly Budget Statement (APR) due at 18:00 GMT (15min) Expected: $-220B Previous: $-660B https://www.dailyfx.com/economic-calendar#2021-05-12
Crude Oil Prices Extend Gains as G7 Grapples with Syria Crisis

Crude Oil Prices Extend Gains as G7 Grapples with Syria Crisis

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Crude oil prices extend gains as US hardens line on Syria
  • Gold prices mark time as Yellen hews to policy status quo
  • Day 2 of G7 summit, API inventory figures on tap ahead

Crude oil prices continued to push upward as US Secretary of State Rex Tillerson took a tougher line on the conflict in Syria at a meeting with his G7 counterparts. He said the US will “[hold] to account any and all who commit crimes against the innocents,” stoking fears of a deepening crisis that may disrupt supply flow.

The sit-down extends for another day and traders will probably continue to monitor emerging commentary with great interest. Tillerson travels to Russia immediately thereafter and worries about the outcome of a diplomatic showdown may keep prices elevated. APIinventory flow data is also on tap.

Meanwhile, gold prices marked time as Fed Chair Janet Yellen carefully side-stepped opportunities to dislodge status-quo policy expectations in a closely-watched speech at the University of Michigan. From here, a lull in top-tier economic event risk puts geopolitics front and center.

The yellow metal rallied as risk aversion swept the markets after last week’s surprise US missile strike on Syria, threatening Fed rate hike prospects. Signs of deepening crisis may weigh on sentiment anew, making for more of the same. Needless to say, de-escalation may put this dynamic into reverse.

What will drive crude oil and gold prices in the next 3 months? See our forecasts to find out!

GOLD TECHNICAL ANALYSISGold prices remain locked in a range below trend-defining resistance in the 1263.87-65.66 area (February swing high, trend line, 50% Fibonacci expansion). Negative RSI divergence hints that upside momentum is ebbing and a turn lower may be ahead. A break below the 1241.20-49.01 region (range floor, 38.2% Fib) exposes 1218.90, an inflection point in play since mid-January. Alternatively, a move above resistance targets the 61.8% level at 1282.31.

Crude Oil Prices Extend Gains as G7 Grapples with Syria Crisis

Chart created using TradingView

CRUDE OIL TECHNICAL ANALYSISCrude oil prices continued to push higher as expected having cleared resistance at 52.04, the 38.2%Fibonacci expansion. From here, a daily close abovethe 50% levelat 53.57 targets the 55.10-21 area (January 3 high, 61.8% Fib). Alternatively, a reversal back below 50.04 exposes the 23.6% expansion at 50.14 anew.

Crude Oil Prices Extend Gains as G7 Grapples with Syria Crisis

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