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.



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
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
Wall Street
More View more
Real Time News
  • US macro data were largely mixed overnight, with the initial jobless claims showing further weakness while durable goods orders beat expectations. The weekly jobless claim report registered 778k for the week ending Nov 21, marking a fifth-week high (chart below).
  • Singapore's Straits Times Index might be vulnerable to a technical pullback after rising more than 19% in November. An immediate support level can be found at 2,800.
  • Gold and silver prices have come under significant pressure recently. However, this correction lower could prove short-lived as price analysis hints at a reversal higher. Get your $XAUUSD market update from @DanielGMoss here:
  • Australian Dollar to Rise as Easing Border Restrictions Buoy Sentiment - $AUD $AUDJPY $AUDUSD
  • 🇰🇷 Interest Rate Decision Actual: 0.5% Expected: 0.5% Previous: 0.5%
  • Bank of Korea: 2020 GDP growth seen at -1.1% versus -1.3% projected in August, 2021 GDP growth seen at 3.0% versus 2.8% anticipated prior -BBG
  • Heads Up:🇰🇷 Interest Rate Decision due at 01:00 GMT (15min) Actual: 0.5% Expected: 0.5% Previous: 0.5%
  • 7 out of 11 Dow Jones sectors ended lower, with about 63.3% of the index’s constituents closing in the red. Energy (-3.64%) , materials (-2.25%) and communication services (-1.24%) were among the worst performers on Wednesday.
  • Australian Private Capital Expenditure -3.0% in Q3 vs -1.5% expected and from -6.4% in Q2 (revised worse from -5.9%), $AUDUSD little changed so far -BBG
  • RT @FxWestwater: New Zealand Dollar Forecast: $NZDUSD May Rise Over Thanksgiving Holiday Link:…
Crude Oil Prices Cling to Range Floor, Gold Eyes US Retail Sales

Crude Oil Prices Cling to Range Floor, Gold Eyes US Retail Sales

2017-08-14 02:16:00
Ilya Spivak, Head Strategist, APAC

Talking Points:

Crude oil prices dipped to a three-week low as the IEA cut its forecast for demand this year and next. Losses would prove short-lived however, with the WTI contract erasing the day’s losses to finish the session with a minor gain. The bounce appears corrective after the benchmark suffered a steep drop in the prior session.

A further boost came from US President Donald Trump. He floated the possibility of resorting to a “military option” in dealing with the political crisis in Venezuela, a major oil producer. The influence of this headline was relatively modest compared with the gains that preceded it however.

Looking ahead, the EIA Drilling Productivity Report is on tap. Traders will comb through the document to inform speculation about the extent to which swelling US production will offset OPEC-led output cuts. By way of context, Baker Hughes said the number of US rigs in operation hit a two-year high last week.

Gold prices edged up as US CPI figures fell short of expectations even as they posted the first inflation pickup in five months. That weighed on Treasury bond yields and the US Dollar alike, making for a relatively supportive environment for anti-fiat and non-interest-bearing assets.

July’s US Retail Sales report is now in focus. Receipts are seen rising 0.4 percent from the prior month, the most since January. An upbeat result echoing the cautious improvement in US data flow since mid-June may boost bets on another Fed rate in 2017, sending the yellow metal lower.

What is the number one mistake that traders make, and how can you fix it? Find out here!

GOLD TECHNICAL ANALYSISGold prices are poised to challenge trend-defining resistance in the 1293.90-95.46 area (61.8% Fibonacci expansion, double top). A break higher confirmed on a daily closing basis exposes the 76.4% level at 1303.98. Alternatively, a turn back below the 50% Fib at 1285.74 opens the door for a retest of the 38.2% Fibat 1277.59.

Crude Oil Prices Cling to Range Floor, Gold Eyes US Retail Sales

Chart created using TradingView

CRUDE OIL TECHNICAL ANALYSISCrude oil prices continue to test range floor support marked by the 14.6% Fibonacci expansion at 48.48. A daily close below that sees the next downside barrier at 47.30 (trend line, 23.6% level). Alternatively, a turn above resistance marked the 61.8% Fib retracement at 50.19 exposes the 76.4% threshold at 52.11.

Crude Oil Prices Cling to Range Floor, Gold Eyes US Retail Sales

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.