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
More View more
Real Time News
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here: https://t.co/ADSC4sIHrP https://t.co/sPcCTQfaRd
  • The US Dollar slipped last week after the Federal Reserve calmed taper timeline talks. Friday’s non-farm payrolls figure may rekindle upside USD bets if it impressive. Get your weekly USD forecast from @FxWestwater here: https://t.co/4KDanAA0Q1 https://t.co/ZZWpIZlZBo
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here: https://t.co/8A1QhwMVKo https://t.co/J0F9xIw2I0
  • The Nasdaq 100 and Russell 2000 find themselves with significantly different technical formations but traders may find cause for optimism in both indices. Get your weekly equities technical forecast from @PeterHanksFX here: https://t.co/22fvav620W https://t.co/ajXEhMQhUp
  • Becoming a forex trader means living and breathing the excitement, risk and reward of trading in the biggest and most liquid market in the world. Do you have what it takes? Read here to discover the qualities and processes it takes to build consistency: https://t.co/EfWEACQ6Cz https://t.co/wRwHXFbbBW
  • Becoming a forex trader means living and breathing the excitement, risk and reward of trading in the biggest and most liquid market in the world. Do you have what it takes? Read here to discover the qualities and processes it takes to build consistency: https://t.co/EfWEACQ6Cz https://t.co/ZWwGB8J6I7
  • Ethereum is starting to outperform Bitcoin again ahead of ETH’s latest upgrade, while Binance continues to pare back business areas amid ongoing regulatory pressure. Get your crypto forecast from @nickcawley1 here: https://t.co/ul4TIfI9bv https://t.co/Ht5Mr0uu91
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here: https://t.co/t9Flsqcxo9 https://t.co/m06h4hjwVP
  • It’s important for traders to be familiar with FX spreads as they are the primary cost of trading currencies. Understand a pair's spread here: https://t.co/zEEUHZBx7g https://t.co/LcfxFxFrTY
  • Forex sentiment analysis can be a useful tool to help traders understand and act on price behavior. Learn how to get the most out of understanding trader sentiment here: https://t.co/rJznrXkcYz https://t.co/UgYlEILK5n
Gold Prices Rejected at 8-Month High, Jackson Hole in Focus

Gold Prices Rejected at 8-Month High, Jackson Hole in Focus

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Gold prices rejected at 8-month high, eyeing Jackson Hole symposium
  • Crude oil prices jump as physical market spreads show signs of strength
  • OPEC/non-OPEC committee to grade compliance with output cut deal

Gold prices briefly touched an eight-month high but swiftly retreated as markets cheered the removal of controversial Trump advisor Steve Bannon. The move followed the administration’s broadly panned response to recent events in Charlottesville, Virginia. Bond yields rose alongside share prices, undermining the appeal of non-interest-bearing assets including the yellow metal.

Crude oil prices surged as the markets’ attention to signs of strength in spreads between spot prices for various grades of product and futures-market benchmarks such as WTI and Brent. These suggested that the physical market might be signaling a more favorable demand picture, even looking beyond the seasonal pickup typically associated with the summer months.

From here, energy markets will focus on a meeting of the OPEC/non-OPEC Joint Technical Committee in Vienna is in focus as producers take stock of compliance with the cartel-led production cut accord. As for gold, it might struggle to find lasting direction in the near term, with investors probably unwilling to commit until headlines from the Fed conference in Jackson Hole, Wyoming start to emerge.

What fundamental forces drive crude oil price trends? Find out here!

GOLD TECHNICAL ANALYSISGold prices were continue to hover below trend-defining resistance in the 1295.46-1300.46 area (double top, 38.2% Fibonacci expansion). Breaking this barrier on a daily closing basis exposes the 50% level at 1310.74. Alternatively, a reversal below 1267.21 (August 15 low, trend line) targets the 38.2% Fib retracement at 1258.82. Negative RSI divergence warns of ebbing upside momentum, arguing in favor of a downside scenario.

Gold Prices Rejected at 8-Month High, Jackson Hole in Focus

Chart created using TradingView

CRUDE OIL TECHNICAL ANALYSISCrude oil prices shot sharply higher, posting the largest daily increase in a month. From here, a daily close above the 38.2% Fibonacci expansion at 49.62 opens the door for a test of the 50% level at 50.60. Alternatively, a move back below the 23.6% Fib at 48.40 exposes the 14.6% expansion at 47.65 anew.

Gold Prices Rejected at 8-Month High, Jackson Hole 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