Skip to Content
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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View More
Crude Oil Prices Look to API, EIA Data to Revive Activity

Crude Oil Prices Look to API, EIA Data to Revive Activity

Ilya Spivak,

Talking Points:

Crude oil prices stalled amid a lull in top-tier news flow. Activity may pick up in the day ahead as API weekly inventory flow data comes across the wires and the EIA updates its short-term energy outlook. These may revive bets on OPEC’s inability to offset swelling swing supply, rebooting selling pressure.

Gold prices also marked time, as expected. Another quiet day is ahead on the US data docket. A slew of speeches of Fed policymakers is also on tap but as with yesterday’s offering of official commentary, the impact on price action may prove minimal however.

Markets already see a June rate hike as nearly certain. The priced-in probability of an increase implied in Fed Funds futures is 100 percent. Given the FOMC’s dismissive stance on the first-quarter slowdown in US economic growth, it seems unlikely that anything said now will materially alter baseline expectations.

On balance, this hints that consolidation may continue. With that said, an unforeseen swing in overall sentiment remains an ever-present risk. A souring market mood may weigh on benchmark yields as bonds rise, boosting gold’s relative appeal. An upbeat disposition may have the opposite effect.

What is most important for gold and crude oil price trends through mid-year? See our forecasts here !

GOLD TECHNICAL ANALYSISGold prices are marking time after sliding to a two-month low. A daily close blow inflection point support at 1218.90 opens the door for challenge of the 38.2% Fibonacci expansion at 1199.07. Alternatively, a turn back above support-turned-resistance at 1241.50 paves the way for a retest of the 14.6% level at 1258.62.

Chart created using TradingView

CRUDE OIL TECHNICAL ANALYSISCrude oil prices are waiting for new direction cues having snapped a five-day losing streak. A move below support marked by the 61.8% Fibonacci retracementat 45.33 sees the next downside barrier at 43.00, the 76.4% level. Alternatively, a daily close above the 50% Fib at 47.22 exposes 49.11 (38.2% rettracement, trend line support-turned-resistance) anew.

Chart created using TradingView

--- Written by Ilya Spivak, Currency Strategist for

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.