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.

Free Trading Guides
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
GBP/USD
Bearish
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
Gold
Bearish
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
Bullish
Bitcoin
Bearish
More View more
Real Time News
  • But will it make it in time for market close? https://t.co/AVVMxRSELq
  • US Dollar Price Action Setups: EUR/USD, GBP/USD, USD/CAD, AUD/USD https://www.dailyfx.com/forex/analyst_picks/todays_picks/james_stanley/2019/11/22/us-dollar-price-action-setups-eur-usd-gbp-usd-usd-cad-aud-usd-js55-usd-price-chart.html
  • Trump says Hong Kong bill announcement coming very soon $DXY $SPX
  • US Treasury Yields Update: 2-Year: 1.632% 3-Year: 1.619% 5-Year: 1.627% 7-Year: 1.710% 10-Year: 1.773% 30-Year: 2.222%
  • Commodities Update: As of 19:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.10% Gold: -0.12% Silver: -0.45% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/1ggdb5G69z
  • Corbyn says he would be neutral in a second Brexit referendum
  • $GBPUSD is down over 150 pips since November 18th highs as $DXY breaks above 98.20 https://t.co/56CCd8GRBF
  • Since the metal’s peak on September 4, the total ETF holdings of #silver have fallen by 19.4 million troy ounces. Get your market update from @PeterHanksFX here:https://t.co/vaNAQE2wTm https://t.co/B9yS07agIh
  • German Bund Yields Update: 2-Year: -0.649% 3-Year: -0.670% 5-Year: -0.587% 7-Year: -0.534% 10-Year: -0.360% 30-Year: 0.150%
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.68%, while traders in France 40 are at opposite extremes with 81.51%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/aUXJhj9K9P
Crude Oil Price Rebound May Be Short-Lived, EIA Data in Focus

Crude Oil Price Rebound May Be Short-Lived, EIA Data in Focus

2017-06-07 09:43:00
Ilya Spivak, Sr. Currency Strategist
Share:

Talking Points:

  • Crude oil prices correct higher, snap five-day losing streak
  • EIA inventory data on tap, gasoline vs. crude flows in focus
  • Gold prices surge amid risk aversion, challenge April high

Crude oil prices corrected higher after a week of consecutive losses but the rally stalled after API reported that gasoline inventories added 4.08 million barrels last week. Crude stockpiles shed a comparable 4.62 million barrels, hinting that refiners’ uptake is not being met with end demand. That disappointed hopes for a seasonal pickup coinciding with the US summer “driving season”. Meanwhile, the DOE cut the 2018 WTI forecast from $55.10 to $53.61 and said US output will hit a record above 10m b/d, helping to cap gains.

The spotlight now turns to official EIA inventory figures. Those are expected to show that crude stocks shed 3.14 million barrels last week while gasoline stores were reduced by 275k barrels. Statistics bolstering signs of sluggish demand on display in the API data set may put prices back on the defensive. News-flow from Qatar continues to be an important consideration as markets fret that a rift between it and other major gulf producers including Saudi Arabia may disrupt deliveries or derail OPEC-led output cut efforts.

Gold prices charged higher as risk aversion sent haven-seeking capital into government debt, depressing yields and offering support to non-interest-bearing assets. From here, a lull in top-tier scheduled event risk may translate into consolidation as markets catch a breath before Thursday’s explosive news-flow. The UK will hold a general election, ousted FBI director James Comey will testify in Congress and the ECB will deliver a monetary policy announcement.

Need help turning your ideas about commodities into a strategy? Check out our trading guide.

GOLD TECHNICAL ANALYSISGold prices are testing resistance April’s swing top once again having reversed higher from support above the $1200 figure as expected. A daily close above the 50% Fibonacci expansion at 1300.73 targets the 61.8% level at 1321.10.Alternatively, a reversal back below the 38.2% Fib at 1280.35 exposes the 1256.74-63.87 congestion area anew.

Crude Oil Price Rebound May Be Short-Lived, EIA Data in Focus

Chart created using TradingView

CRUDE OIL TECHNICAL ANALYSISCrude oil prices corrected higher after testing support at the $47/bbl figure yet again, snapping a five-day losing streak. From here, a daily close above the 38.2% Fibonacci expansionat 48.17 opens the door for a retest of the May 29 high at 50.26. Alternatively, a push below 47.00 sees the next downside barrier at 45.82, the 61.8% level.

Crude Oil Price Rebound May Be Short-Lived, EIA Data in Focus

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

News & Analysis at your fingertips.