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
Bearish
Oil - US Crude
Bullish
Wall Street
Bearish
Gold
Mixed
GBP/USD
Bearish
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
USD/JPY
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
  • Myth or fact? One thing is for sure, there are a lot of misconceptions about trading. Knowing the difference between common trading myths and the reality is essential to long-term success. Find out about these 'myths' here: https://t.co/EDvQdHfIPm https://t.co/OD2HjojJ9f
  • Gold has set a fresh 7 month low - testing below a huge spot of confluent support ahead of month-end the break happened overnight, and we've now seen about 7 hours of posturing above the 1750 level $Gold $GC $GLD https://t.co/QsFNeU4E9J https://t.co/hkHqj97Vap
  • AUD/USD IG Client Sentiment: Our data shows traders are now net-long AUD/USD for the first time since Feb 02, 2021 when AUD/USD traded near 0.76. A contrarian view of crowd sentiment points to AUD/USD weakness. https://www.dailyfx.com/sentiment https://t.co/izRyhYLOFW
  • Central banks often deem it necessary to intervene in the foreign exchange market to protect the value of their national currency. Learn how central bank intervention can impact your trading here: https://t.co/8G8mUX4so6 https://t.co/Z7TayeGRXB
  • 🇿🇦 Balance of Trade (JAN) Actual: ZAR11.83B Expected: ZAR15.2B Previous: ZAR32B https://www.dailyfx.com/economic-calendar#2021-02-26
  • 🇮🇳 GDP Growth Rate YoY (Q4) Actual: 0.4% Expected: 0.5% Previous: -7.5% https://www.dailyfx.com/economic-calendar#2021-02-26
  • 🇲🇽 Balance of Trade (JAN) Actual: $-1.236B Previous: $6.262B https://www.dailyfx.com/economic-calendar#2021-02-26
  • 🇧🇷 Unemployment Rate (DEC) Actual: 13.9% Expected: 13.9% Previous: 14.1% https://www.dailyfx.com/economic-calendar#2021-02-26
  • S&P 500 back down to support area (3805-10) https://t.co/VgJHDImfZY
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 91.38%, while traders in GBP/JPY are at opposite extremes with 70.18%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/XtCpP1uEI6
Crude Oil Prices Soared on API Inventory Data, EIA Equivalent Ahead

Crude Oil Prices Soared on API Inventory Data, EIA Equivalent Ahead

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Crude oil prices soar as API reports massive 11.2mb drop in US inventories
  • Gold prices pull back to range floor but a convincing breakout still elusive
  • What are the forces driving long-term crude oil price trends? Find out here

Crude oil prices surged as API reported a massive drawdown of inventories, saying stockpiles shed 11.2 million barrels last week. Official EIA statistics due later today are expected to show a far more modest 3.4 million barrel outflow. If the realized result hews closer to the API projection, prices may find scope to continue building upward.

Gold prices edged lower, weighed down by a parallel surge in Treasury bond yields and the US Dollar that undermined demand for non-interest-bearing and anti-fiat assets. The way forward is a bit clouded however. A singular catalyst for yesterday’s move was not readily apparent, making it difficult to identify scope for follow-through. A clearer picture may emerge after Friday’s release of US retail sales and CPI data.

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

GOLD TECHNICAL ANALYSISGold prices pulled back but remained locked within a now-familiar range above the $1300/oz figure. Negative RSI divergence continues to warn of a larger topping in the works. A daily close below the 61.8% Fibonacci retracement as 1311.34 exposes the 50% level at 1297.08. Alternatively, a push above the 76.4% Fib at 1328.98 opens the door for a challenge of the September 8 high at 1357.50.

Crude Oil Prices Soared on API Inventory Data, EIA Equivalent Ahead

Chart created using TradingView

CRUDE OIL TECHNICAL ANALYSISCrude oil prices punched above resistance at 62.31, the 38.2%Fibonacci expansion, to expose the 50% level at 64.32. A further push beyond that targets the 61.8% Fib at 66.33. Alternatively, a move back below 62.31 – now recast as support – paves the way for a retest of the 23.6% expansion at 59.83 as support.

Crude Oil Prices Soared on API Inventory Data, EIA Equivalent Ahead

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