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.



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
Oil - US Crude
Wall Street
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
  • The Australian Dollar may extend its slide lower despite the planned easing of Covid-19 restrictions, as the market continues to price in an RBA rate cut on October 6. Get your #currencies update from @DanielGMoss here:
  • The Indian Rupee may be at risk to the US Dollar as USD/INR attempts to refocus to the upside. This is as the Nifty 50, India’s benchmark stock index, could fall further. Get your USD/INR market update here:
  • Technical indicators are chart analysis tools that can help traders better understand and act on price movement. Learn more about the importance of technical analysis here:
  • #Gold prices have plunged nearly 11% off the record highs with a breakout risking further losses. Here are technical trade levels that matter on the XAU/USD weekly chart. Get your #metals update from @MBForex here:
  • Traders tend to overcomplicate things when they’re starting out in the forex market. This fact is unfortunate but undeniably true.Simplify your trading strategy with these four indicators here:
  • GBP turbulence persists as investors eye the next round of EU-UK Brexit negotiations. Cautious optimism signals a deal is near. Get your #currencies update from @JMcQueenFX here:
  • An economic calendar is a resource that allows traders to learn about important economic information scheduled to be released. Stay up to date on the most important global economic data here:
  • 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:
  • There is a great debate about which type of analysis is better for a trader. Is it better to be a fundamental trader or a technical trader? Find out here:
  • Entry orders are a valuable tool in forex trading. Traders can strategize to come up with a great trading plan, but if they can’t execute that plan effectively, all their hard work might as well be thrown out. Learn how to place entry orders here:
Gold Prices Eye US Tax Reform as Crude Oil Weighs Supply Trends

Gold Prices Eye US Tax Reform as Crude Oil Weighs Supply Trends

2017-12-18 08:00:00
Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Crude oil prices look to EIA, JODI data to inform global supply/demand trends
  • Gold prices may fall on US tax cuts vote but follow-through may prove lacking
  • What do retail traders’ bets hint about commodity price trends? Find out here

Commodity prices were little-changed Friday, oscillating in familiar territory as traders digested the preceding week’s developments. Crude oil prices are now looking to the EIA drilling data as well as JODI statistics on global output and export trends as markets continue to weigh whether OPEC-led production cuts will be sufficient to offset robust US production.

Meanwhile, gold prices are likely to focus on US tax cut legislation. Last-minute horse trading appeared to deliver enough votes to pass the Republican-led plan on Friday and a vote may happen as soon as today. Successful adoption may boost risk appetite and weigh on the yellow metal as bond yields drop, but follow-through might prove lackluster if the effort is as thoroughly priced in as it seems.

Have a question about trading gold and crude oil? Join a Q&A webinar and ask it live!

GOLD TECHNICAL ANALYSISGold prices are consolidating last week’s sharp recovery. A daily close above the 38.2% Fibonacci retracement at 1260.38 targets the 50% level at 1267.81. Alternatively, a move back below the 23.6% Fib at 1251.18 exposes the December 12 low at 1236.32 anew.

Gold Prices Eye US Tax Reform as Crude Oil Weighs Supply Trends

Chart created using TradingView

CRUDE OIL TECHNICAL ANALYSISCrude oil prices continue to trace out a Triangle chart pattern, which carries bullish continuation in this scenario, if confirmed. A daily close above the Triangle top (58.41) exposes the 23.6% Fibonacci expansion at 59.83. Alternatively, a move below the pattern’s floor (56.26) targets the 23.6% Fib retracement at 55.04.

Gold Prices Eye US Tax Reform as Crude Oil Weighs Supply Trends

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.