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.

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
EUR/USD
Mixed
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
Oil - US Crude
Mixed
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
Wall Street
Mixed
Gold
Bearish
GBP/USD
Bullish
USD/JPY
Bearish
More View more
Real Time News
  • CI Global Asset Mgmt to launch world's first Ethereum ETF - BBG $ETH
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.28% US 500: 0.16% France 40: 0.08% FTSE 100: 0.08% Germany 30: 0.03% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/GMkjgMV7IS
  • US Indices are mixed today. The S&P 500 and Dow are up while Tech and Small Caps are trading slightly in the red. DOW +0.28% SPX +0.17% NDX -0.12% RUT -0.13% $DIA $SPY $QQQ $IWM
  • The US 10yr Treasury yield has slightly risen from the one month low hit yesterday around 1.53% to currently trade around 1.57%. Yields remain depressed compared to their levels from late March/early April. $USD https://t.co/uJJHXPaOhm
  • Retail CFD traders (at IG) have built up their heaviest short and net short position on the $SPX since we hit the peak at the beginning of September: https://www.dailyfx.com/sentiment https://t.co/IGK0KKRwwB
  • Hey traders! Wrap up the week with a quick market update from @DailyFX Chief Strategist @JohnKicklighter 👇 https://t.co/qLtlinTzj8
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.60%, while traders in Germany 30 are at opposite extremes with 75.74%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/ABFYsKg28Y
  • USD/ZAR retraces from critical resistance. USD/CHF clings to Fibonacci Support. Get your market update from @Tams707 here:https://t.co/ZHO0NcWrNH https://t.co/6yIThyzgIc
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Gold: 0.75% Silver: 0.70% Oil - US Crude: -0.28% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/li17mUV2lM
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.33% 🇨🇭CHF: 0.32% 🇬🇧GBP: 0.29% 🇯🇵JPY: -0.05% 🇦🇺AUD: -0.24% 🇳🇿NZD: -0.44% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/GqwVh4uET8
Crude Oil Prices Eyeing November High After Post-OPEC Bounce

Crude Oil Prices Eyeing November High After Post-OPEC Bounce

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Crude oil prices aim at November high after belated post-OPEC bounce
  • Gold prices back on the defensive after Senate approves tax cut scheme
  • Risk-on flows may shape near-term trade unless politics spoil the mood

Crude oil prices found a bit of belated upside momentum after OPEC and like-minded producers agreed to extend a cartel-led output cut regime due to expire in March through the end of next year. The announcement initially failed to spark enthusiasm because the extension was widely expected while the hoped-for announcement of a gradual approach to the scheme’s eventual unwinding didn’t materialize.

Gold price are on the defensive after the US Senate passed a tax cut plan on Friday, marking an important step in realizing an inflationary fiscal program that pressures the Fed into a more aggressive tightening cycle in 2018. The news triggered a steepening of the priced-in rate hike outlook and stoked risk appetite, sending bond yields higher and undermining the appeal of non-interest-bearing assets.

Looking ahead, S&P 500 futures are pointing convincingly higher ahead of the opening bell on Wall Street, hinting that the yellow metal may continue to suffer as lending rates rise in broadly risk-on trade. The chipper mood may be upset by headlines emerging out Washington DC however if testimony from former national security advisor Michael Flynn threatens the Trump administration’s inner circle.

As for oil, a near-term lull in relevant event risk might make for a bit of consolidation before the next major step in trend development. It ought to be kept in mind that the WTI benchmark continues to show a significant positive correlation with the S&P 500 and the broader MSCI World Stock index (0.61 and 0.75 respectively on rolling 20-day studies), so swelling risk appetite may turn out to be supportive.

What are the fundamental forces driving long-term crude oil price trends? See our guide to find out!

GOLD TECHNICAL ANALYSISGold prices are taking aim at support in the 1266.44-69.10 area (October 6 low, 38.2% Fibonacci expansion) once again, with a break confirmed on a daily closing basis exposing the 50% level at 1257.69. Alternatively, a move above channel floor support-turned-resistance at 1281.00 clears the way for a challenge of the 38.2% Fib retracement at 1297.74.

Crude Oil Prices Eyeing November High After Post-OPEC Bounce

Chart created using TradingView

CRUDE OIL TECHNICAL ANALYSISCrude oil prices reclaimed foothold above 57.92 and look poised to challenge the 23.6% Fibonacci expansion at 59.10 once again. A daily close above that exposes the 38.2% level at 60.55. Alternatively, a move back below 59.10 targets rising trend line support at 57.25, followed by the 23.6% Fib retracement at 56.70.

Crude Oil Prices Eyeing November High After Post-OPEC Bounce

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