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
Oil - US Crude
Wall Street
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
  • The continuity seen across these volatility cycles is a good thing. Historical precedence offer a blueprint for identifying conditions supportive for a vol-event to occur, and how they may unfold. Deepen your knowledge of historical volatility here:
  • There’s a strong correlation between interest rates and forex trading. Forex is ruled by many variables, but the interest rate of the currency is the fundamental factor that prevails above them all. Learn how interest rates impact currency markets here:
  • 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:
  • 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:
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here:
  • Emotions are often a key driving force behind FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Read on and get your emotions in check here:
  • There are three major forex trading sessions which comprise the 24-hour market: the London session, the US session and the Asian session. Learn about the characteristics of each session here:
  • 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:
  • Use this technical analysis pattern recognition skills test to sharpen your knowledge:
  • #Gold prices put in a major breakout last month and, so far, buyers have held the line. But a really big Fed meeting is on the calendar for this week. Can Gold bulls hold? Get your market update from @JStanleyFX here:
Crude Oil Prices Surge on Hopes for Output Cut Extension

Crude Oil Prices Surge on Hopes for Output Cut Extension

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Crude oil prices surge on hopes for OPEC output cut extension
  • EIA drilling productivity data may limit upside follow-through
  • Gold prices on the upswing after soft US CPI, retail sales stats

Crude oil prices surged amid reports that Saudi Arabia and Russia along with several other major producers agree to extend the OPEC-led production cut scheme expiring mid-year through the first quarter of 2018. It remains to be seen if the move maintains momentum as the EIA drilling productivity report crosses the wires, reminding markets that swelling swing supply has bedeviled the cartel’s efforts thus far.

Gold prices continued to gain having rallied Friday after soft US economic data cooled Fed rate hike bets. Treasury bond yields and the US Dollar fell in tandem, boosting the relative appeal of non-interest-bearing and anti-fiat assets including the yellow metal. From here, a lull in top-tier scheduled event risk may leave established trends undisturbed but lacking fuel for significant progress.

Retail traders are betting on gold price gains. Find out here what this hints about on-coming trends!

GOLD TECHNICAL ANALYSISGold prices are edging higher as expected after producing a bullish Morning Star candlestick pattern. From here, a break abovesupport-turned-resistance at 1241.50 confirmed on a daily closing basis exposes the 14.6% Fibonacci expansion at 1258.62. Alternatively, a turn below inflection point support at 1217.70 targets the 38.2% level at 1199.07.

Crude Oil Prices Surge on Hopes for Output Cut Extension

Chart created using TradingView

CRUDE OIL TECHNICAL ANALYSISCrude oil prices continue to push higher after breaking resistance at 47.59, the 38.2% Fibonacci retracement. A daily close above the 50% level at 48.77 exposes trend line support-turned-resistance at 49.37, followed by the 61.8% Fib at 49.94. Alternatively, a turn back below 47.59 targets the 23.6% expansion at 46.14.

Crude Oil Prices Surge on Hopes for Output Cut Extension

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.