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.



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
More View more
Real Time News
  • Indices Update: As of 07:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.60% France 40: 0.55% US 500: 0.52% Germany 30: 0.44% Wall Street: 0.44% View the performance of all markets via
  • Heads Up:🇪🇸 Markit Manufacturing PMI (JUL) due at 07:15 GMT (15min) Expected: 59.5 Previous: 60.4
  • Take a closer look visually at the most influential global importers and exporters here:
  • Ethereum/Bitcoin spread looks to have broken trendline resistance we spoke about the weekend. #ethereum #bitcoin #eth #btc @dailyfx
  • 🇨🇭 Retail Sales YoY (JUN) Actual: 0.1% Previous: 2.8%
  • 🇨🇭 Inflation Rate YoY (JUL) Actual: 0.7% Expected: 0.7% Previous: 0.6%
  • Heads Up:🇨🇭 Retail Sales YoY (JUN) due at 06:30 GMT (15min) Previous: 2.8%
  • Heads Up:🇨🇭 Inflation Rate YoY (JUL) due at 06:30 GMT (15min) Expected: 0.7% Previous: 0.6%
  • 🇩🇪 Retail Sales YoY (JUN) Actual: 6.2% Previous: -1.8%
  • Crude Oil Prices Drop After Weaker China PMI, Viral Resurgence
Gold Prices Rise as Senate Tax Plan Leaves Markets Disappointed

Gold Prices Rise as Senate Tax Plan Leaves Markets Disappointed

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Gold prices rise as Senate tax reform proposal underwhelms markets
  • Crude oil prices struggle for direction, may decline on risk aversion
  • How are our Q4 commodities forecasts faring so far? Find out here

Gold price edged higher as the US Dollar declined, increasing the appeal of anti-fiat assets epitomized by the yellow metal, after the Senate’s tax cut proposal underwhelmed. Lawmakers must now try to reconcile this offering with the one emerging from the House of Representatives last week. This hints at seesaw volatility ahead as Fed rate hike bets oscillate with incoming headlines from Washington DC.

Crude oil price struggled to find lasting direction absent directly pertinent news-flow. Baker Hughes rig count data as well as ICE and CFTC speculative positioning statistics are due ahead, but these rarely generate a significant response. That may anchor the WTI benchmark to sentiment trends. S&P 500 futures are accelerating lower ahead of the opening bell on Wall Street, hinting this might translate into weakness.

What are the long-term drivers of crude oil prices? Get our free guide here!

GOLD TECHNICAL ANALYSISGold prices are carving out a Triangle pattern, a setup typically indicative of trend continuation. This carries bearish implications in this case, although confirmation of the setup remains absent without a clear break below the pattern’s lower bound (now at 1270.14). That would open the door for a test of the October 6 low at 1260.80. Alternatively, a push above Triangle resistance at 1295.80 initially exposes the October 16 high at 1306.04.

Gold Prices Rise as Senate Tax Plan Leaves Markets Disappointed

Chart created using TradingView

CRUDE OIL TECHNICAL ANALYSISCrude oil prices remain stuck below resistance at 57.57, the 38.2% Fibonacci expansion. A daily close above that targets the 50% level at 58.71. Alternatively, a reversal back below the 23.6% Fib at 56.17 exposes resistance-turned-support at 55.24, the January 3 high.

Gold Prices Rise as Senate Tax Plan Leaves Markets Disappointed

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.