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.

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
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Mixed
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • Heads Up:🇺🇸 Fed Chair Powell Testimony due at 18:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-06-22
  • NY Fed accepts $791.6 billion in reverse repo operations $USD $DXY
  • Fed's Daly: - We are looking to the fall for greater clarity on the economy's future path - It is appropriate to begin speaking about when to reduce the pace of asset purchases
  • Fed's Daly: - Even discussing interest rate adjustments is off the agenda - Inflation could breach 3% briefly but I expect that to unwind
  • Fed's Daly: -MBS purchases aren't having an impact on mortgage interest rates - We could reach "substantial further progress" threshold for taper later this year, or early next year
  • Why wait to do it over Twitter when it can be done in real time! https://t.co/CV986XpXX8
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 86.92%, while traders in France 40 are at opposite extremes with 68.32%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/s0icLni9oU
  • $USD support test at a big spot right now https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2021/06/22/US-Dollar-Technical-Analysis-USD-Grasps-for-Higher-Low-Support.html https://t.co/UH1qxb7TR1
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Gold: -0.19% Oil - US Crude: -0.47% Silver: -0.59% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/wroDKS7qiQ
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.23% 🇨🇦CAD: -0.00% 🇪🇺EUR: -0.08% 🇦🇺AUD: -0.14% 🇨🇭CHF: -0.28% 🇯🇵JPY: -0.39% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/weMBrKrm2J
Crude Oil Price Bounce Fizzles, US Inventory Data Now in Focus

Crude Oil Price Bounce Fizzles, US Inventory Data Now in Focus

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Crude oil price bounce fizzles as EIA predicts record US output
  • Gold prices consolidate ahead of FOMC policy announcement
  • API inventory data, OPEC report, Sessions testimony in focus

Crude oil prices attempted to launch a recovery – rising to a three-day high – but the advance was aborted as the EIA projected that US shale output will rise to a record 5.48 million barrels per day in July. That continued to undermine confidence in the ability of an OPEC-led supply cut effort to offer lasting support.

Looking ahead, traders will weigh up API inventory flow data against the OPEC monthly report to gauge the balance of forces shaping the supply/demand balance. The former will be sized up against official DOE data expected to show a 2.2 million barrel draw on the following day.

Gold prices marked time, with investors probably unwilling to commit to a directional bias ahead of the FOMC rate decision. More of the same is probably in the cards ahead unless another swell in US political uncertainty fears rattles markets.

US Attorney General Jeff Sessions will testify before the Senate Intelligence Committee today as allegations of improper contact between the Trump campaign and Russian officials linger. Comments deepening the turmoil may trigger risk aversion, pushing yields lower and boosting gold by extension.

Retail traders expect gold price gains. Find out here what that hints about the on-coming trend!

GOLD TECHNICAL ANALYSISGold prices paused to digest losses after seemingly establishing a double top below the $1300/oz figure. From here, a daily close below 1260.85 targets another chart inflection point at 1241.20. Alternatively, a move back above trend line support-turned-resistance, now at 1278.04 exposes the double top at 1295.46 anew.

Crude Oil Price Bounce Fizzles, US Inventory Data Now in Focus

Chart created using TradingView

CRUDE OIL TECHNICAL ANALYSISCrude oil prices continue to consolidate near the $46/bbl figure. A daily close below support at 45.32 targets 43.79 (May 5 low, falling channel floor). Alternatively, a reversal back above the chart inflection point at 47.12 exposes the channel midline at 47.86.

Crude Oil Price Bounce Fizzles, US Inventory Data Now 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