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
Oil - US Crude
Bullish
Low
High
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
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/9S5tXIs3SX https://t.co/JhYoQ7I19K
  • The Nasdaq 100 index is aiming to breach a key resistance level at 14,950 for a second time. A successful attempt may open the door to further gains, although the MACD indicator flags signs of weakness. Get your equities forecast from @margaretyjy here: https://t.co/BEYupi32qB https://t.co/PWeXE8tZVY
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here: https://t.co/4jsORznRTE https://t.co/t34kotPE8R
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here: https://t.co/BdgFmkRxVw https://t.co/lM1OIJdjhr
  • Trading Forex is not a shortcut to instant wealth, excessive leverage can magnify losses, and sentiment is a powerful indicator. Learn about these principles in depth here: https://t.co/lZFM8youtX https://t.co/6qGEVjDlN6
  • Although the medium-term outlook remains negative, Bitcoin could make a bullish move in the coming days if prices manage to hold above key support in the $29,150/28,600 region. Get your #Bitcoin forecast from @DColmanFX here: https://t.co/T7iAD0fbbU https://t.co/xVSG7nKIQG
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here: https://t.co/IsnpfJhp91 https://t.co/HGWZikGQAa
  • Brush up your knowledge on trade-wars with this tool from DailyFX research briefly outlining trade-war history dating back to the early 1900s here: https://t.co/bZEFtp8kFe https://t.co/2cQ0JgAfh7
  • Crude oil prices collapsed on Monday despite an OPEC+ breakthrough, driven by Covid-induced demand woes. Meanwhile, Gold is at odds with a stronger US Dollar and falling Treasury yields. Get your #crudeoil market update from @FxWestwater here:https://t.co/H1vmag8d1k https://t.co/1zuPdKUmyE
  • AUD/USD is likely to face increased volatility over the coming days as it faces a batch of key event risks going into the end of July. Get your Australian Dollar forecast from @DavidJSong here: https://t.co/qFpg0DCxxL https://t.co/quQxg4WBy3
Gold Prices Await Key Event Risk to Trigger Range Breakout

Gold Prices Await Key Event Risk to Trigger Range Breakout

Ilya Spivak, Head Strategist, APAC

Talking Points:

Gold prices have struggled to make much of recent US Dollar losses. The flagship anti-fiat asset might have been expected to soar as cooling Fed rate hike bets punish the greenback but has turned in a reserved response instead. A lull in top-tier news flow over the coming 24 hours suggests this is unlikely to change for now but major on-coming event risk means that a breakout may well be in the cards this week.

Meanwhile, crude oil prices continue to push higher amid speculation that an OPEC meeting in Vienna this week will produce an extension of a cartel-led production cut scheme due to expire in March. Stage-setting commentary from key officials leading into the sit-down – particularly from critical non-OPEC producers, such as Russia – may drive price action in the interim.

Retail traders are betting that gold will rise. Find out here what this hints about the price trend!

GOLD TECHNICAL ANALYSISGold prices are still confined to a choppy range below the 38.2% Fibonacci retracement at 1297.74. A daily close above this barrier initially exposes the 1306.04-9.15 area (October 16 high, 50% level). Alternatively, a turn below the 38.2% Fib expansionat 1269.10 opens the door for a test of the 1257.69-60.80 region (October 6 low, 50% expansion).

Gold Prices Await Key Event Risk to Trigger Range Breakout

Chart created using TradingView

CRUDE OIL TECHNICAL ANALYSISCrude oil prices are taking aim at resistance marked by the 38.2% Fibonacci expansion at 59.52, with a break above that on a daily closing basis exposing the 50% level at 60.98. Alternatively, a reversal back below the 23.6% Fib at 57.72 targets the 56.61-82 area (resistance-turned-support, 14.6% expansion).

Gold Prices Await Key Event Risk to Trigger Range Breakout

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