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
  • USD/MXN trades directionless, oscillating between small gains and losses, near the 20.15 area. Get your $USDMXN market update from @DColmanFX here:https://t.co/FFr3rlXSuX https://t.co/GBCTbvdsN2
  • EUR/GBP looking to retest the 50-day moving average just below 0.8600 $EURGBP https://t.co/LvXrtCrRyz
  • USD/JPY appears to be on track to test the July low (109.06) following the Federal Reserve interest rate decision as longer-dated US Treasury yields come back under pressure. Get your $USDJPY marketing update from @DavidJSong here:https://t.co/VXdZGAfWHh https://t.co/HpKaWK1VC4
  • RBNZ: We will soon begin consulting on ways to tighten mortgage lending standards More below: https://t.co/XVbcd0uVPU $NZD
  • RT @BrendanFaganFx: USD/JPY Under Pressure Following Comments from Fed's Waller $USDJPY #FOMC #FederalReserve #trading Link: https://t.c…
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.34% 🇦🇺AUD: 0.26% 🇪🇺EUR: 0.03% 🇳🇿NZD: -0.00% 🇬🇧GBP: -0.14% 🇨🇦CAD: -0.27% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/VpNM0on6b3
  • Bitcoin declines heavily into the close of the US session, now trading below $39,000 $BTCUSD https://t.co/o32jeeb0Eg
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.25% Gold: -0.07% Silver: -0.32% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/noPWdIF3jS
  • South African rand up 20c against the dollar. Riot aftermath anticipated in upcoming economic data. Get your $USDZAR market update from @WVenketas here:https://t.co/vQY2U5Cs2H https://t.co/EAB6k8ZgXz
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.64%, while traders in France 40 are at opposite extremes with 78.69%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/W2WkFr6Nlr
Crude Oil Prices Stall at 2.5-Year Highs, Gold Eyes Fed-Speak

Crude Oil Prices Stall at 2.5-Year Highs, Gold Eyes Fed-Speak

Ilya Spivak, Head Strategist, APAC

Talking Points:

Benchmark commodity prices have made little progress since setting prominent highs mid last week. Crude oil prices will look to the weekly API inventories report as well as the short-term outlook report from the EIA for their next lead. Meanwhile, gold prices may face a bit of selling pressure if upbeat remarks from Fed officials highlight the disparity between officials’ rate hike outlook and that of the markets.

What do retail traders’ bets suggest about gold price trends? Find out here!

GOLD TECHNICAL ANALYSISGold prices have stalled a bit after touching a four-month high last week. Negative RSI divergence warns that the pause may translate into a larger reversal lower as upside momentum fizzles. A reversal back belowthe 50% Fibonacci expansion at 1312.90 opens the door for another challenge of the 38.2% level at 1294.91. Alternatively, a breach of the 61.8% Fibat 1330.89 targets the 1353.15-57.50 area (76.4% Fib, September 8 high) next.

Crude Oil Prices Stall at 2.5-Year Highs, Gold Eyes Fed-Speak

Chart created using TradingView

CRUDE OIL TECHNICAL ANALYSISCrude oil prices are consolidating gains after hitting the highest level since May 2015. From here, a daily close above the 38.2% Fibonacci expansion at 62.31 exposes the 50% level 64.32. Alternatively, a reversal back below the 23.6% Fib at 59.83 paves the way for a retest of the 14.6% expansionat 58.30.

Crude Oil Prices Stall at 2.5-Year Highs, Gold Eyes Fed-Speak

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