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
  • 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
  • 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: https://t.co/eILWbFgHRE https://t.co/BXp2z6E0Kl
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here: https://t.co/kODPAfJE79 https://t.co/xGuTYZqYwh
  • 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: https://t.co/reRmDe1Ksp https://t.co/EvRHfRQLgk
  • The Australian Dollar remains vulnerable in the week ahead, eyeing risks such as a dovish RBA, surging Covid cases and recent crackdowns by Beijing. Might US NFPs offer some relief to AUD/USD? Get your weekly AUD forecast from @ddubrovskyFX here: https://t.co/LQzQymM3ND https://t.co/XOCJl3vbu1
  • $AUDNZD closed at its lowest since December 2020 Prices pierced the 1.0541 - 1.0564 support zone, exposing the November low at 1.0418 A confirmatory downside close under support next week may open the door to further losses #AUD #RBA https://t.co/mybbgPHNX4
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out https://t.co/c51s3IBcEu https://t.co/k49UosZOUR
  • The US Dollar seems to be losing its momentum against ASEAN currencies as of late. Could this be another top in USD/SGD, USD/THB, USD/PHP and USD/IDR? Find out from @ddubrovskyFX here:https://t.co/rVBKBuhhAb https://t.co/lTT6oelIEc
  • Technical analysis of charts aims to identify patterns and market trends by utilizing differing forms of technical chart types and other chart functions. Learn about the top three technical analysis tools here: https://t.co/KDjIjLdTSk https://t.co/JTw3w7KYXP
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.10% 🇪🇺EUR: -0.15% 🇯🇵JPY: -0.18% 🇬🇧GBP: -0.39% 🇳🇿NZD: -0.56% 🇦🇺AUD: -0.69% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/a8XYJHybtN
Gold Prices Still at the Mercy of US Tax Cut Prospects

Gold Prices Still at the Mercy of US Tax Cut Prospects

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Gold prices slump back into familiar range as geopolitical jitters fade
  • US tax cut prospects still in focus for 2018 Fed interest rate hike bets
  • Crude oil prices may fall if EIA inventory data echoes API estimate

Gold prices turned lower as the US Dollar mounted a recovery from the previous day’s losses, undermining the appeal of anti-fiat assets. From here, a lull in top-tier data flow keeps the focus on prospects for passing a US tax cut reform. That puts the yellow metal at the mercy of incoming headlines as investors await the release of the Senate’s version of a tax reform proposal.

Crude oil price stalled after hitting the highest level since July 2015 as the impact of Saudi-inspired geopolitical worries eased. The situation did not materially improve but traders seemed unwilling to continue pressing the narrative until a trade-able cause and effect relationship between recent events and global asset prices became apparent.

The weekly set of inventory flow statistics from the EIA is now in the spotlight. Median forecasts point to a drawdown of 2.2 million barrels but analogous API data released yesterday predicted a smaller 1.56 million barrel outflow. If that proves to foreshadow a disappointment on today’s official release, prices may face renewed selling pressure.

What are the forces driving long-term crude oil price trends? Find out here!

GOLD TECHNICAL ANALYSISGold prices continue to struggle for direction in a narrow range. A daily close above the 23.6% Fibonacci expansion at 1283.22 exposes the 14.6% level at 1291.92. Alternatively, a reversal below the 1266.16-69.10 area (trend line, 38.2% Fib) targets the 50% expansion at 1257.69.

Gold Prices Still at the Mercy of US Tax Cut Prospects

Chart created using TradingView

CRUDE OIL TECHNICAL ANALYSISCrude oil prices paused to digest gains after testing resistance at 57.57, the 38.2% Fibonacci expansion. A daily close above this barrier opens the door for a challenge of the 50% level at 58.71. Alternatively, a reversal below the 23.6% Fib at 56.17 paves the way for a retest of resistance-turned-support at 55.24, the January 3 high.

Gold Prices Still at the Mercy of US Tax Cut Prospects

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