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.

Free Trading Guides
EUR/USD
Bearish
Oil - US Crude
Mixed
Wall Street
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
Gold
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
GBP/USD
Mixed
USD/JPY
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
More View more
Real Time News
  • S&P 500 Surges as VIX 'Fear-Gauge' Implodes Post-Jobs Report (via @DailyFX) $ES_F $SPX $SPY $VIX #Stocks #StockMarket #Trading #Analysis #Volatility #NFP https://t.co/laVWdqMgDG
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.05% US 500: 0.03% FTSE 100: -0.48% France 40: -0.51% Germany 30: -0.61% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/k8WwORiUth
  • US COVID-19 cases increase at 1.2%, same as previous week's average - BBG
  • The price of #gold has traded to fresh yearly highs during every single month so far in 2020, and the precious metal may continue to exhibit a bullish behavior in June. Get your $XAUUSD market update from @DavidJSong here: https://t.co/OeaYtCpcIo https://t.co/wFVEtNsKiN
  • Are recent gains in the Indian Rupee and Nifty 50 warranted? Risks are brewing in the background, leaving USD/INR in a consolidative setting as the Nifty pressures resistance. Get your $USDINR market update from @ddubrovskyFX here:https://t.co/svDaSdprvN https://t.co/jtl19JX4Bd
  • With the risk appetite charge this week and the particular performance from US indices, I wanted to overlay US GDP (annualized) over the Log scale of the Wilshire 5000 (Fed doesn't have Dow/SPX back far enough) to show fundamentals are not steering this boat https://t.co/bXtc7nSCQq
  • 🇺🇸 Consumer Credit Change Actual: $-68.78B Expected: $-20B Previous: $-12.1B https://www.dailyfx.com/economic-calendar#2020-06-05
  • Nasdaq 100 Sets Fresh All-Time-Highs, US Stocks Jump on Jobs Report https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2020/06/05/Nasdaq-100-Sets-Fresh-All-Time-JS-High-US-Stocks-Jump-on-Strong-Jobs-Report.html https://t.co/SKiFAIEgMa
  • #Nasdaq: The market rising vertically into the top-side line and it also roughly matching the psychological 10k threshold (10100/200), we have the perfect recipe for a significant inflection point. Get your Nasdaq market update from @PaulRobinsonFX here: https://t.co/e248c13kKI https://t.co/g0nllIycxl
  • So long as the market's keep going up, there is less reason for the administration not to take more drastic action to pursue options to leverage near-term growth through policies like protectionism https://t.co/HPUmh5v83V
Crude Oil Prices at Risk if EIA Inventory Data Echoes API Estimate

Crude Oil Prices at Risk if EIA Inventory Data Echoes API Estimate

2018-01-24 10:30:00
Ilya Spivak, Head Strategist, APAC
Share:

Talking Points:

Crude oil prices enjoyed a recovery in risk appetite yesterday, with the cycle-sensitive commodity tracking stock prices upward in North American trade. The WTI benchmark trimmed some of its gains late into the day after API said US crude inventories added 4.76 million barrels last week. Gasoline storage reportedly swelled by 4.12 million barrels over the same period.

The spotlight now turns to official EIA inventory flow statistics, where economists are calling for a 1 million barrel outflow from raw-material stocks and a modest 1.6 million barrel gain on the gasoline front. Needless to say, that is a far rosier scenario than what API projected. If realized results print closer to that private-sector estimate, prices may turn downward.

Gold prices rose as the US Dollar continued to sink, offering a de-facto lift to the standby anti-fiat asset. Capital has been pouring out of the greenback as investors position for upbeat global growth dynamics to push more central banks to follow the Fed’s hawkish lead. That makes non-USD alternatives appear relatively cheap, and thereby attractive.

Looking ahead, US stock index futures are pointing higher ahead of the opening bell on Wall Street, hinting that a broadly upbeat mood will see this ‘reach for yield’ behavior continue. That may translate into continued gains for the yellow metal. In fact, prices marched tellingly higher alongside contracts tracking the S&P 500 equity benchmark in early European trade.

Find out here what retail traders’ buy/sell decisionshint about the gold price trend!

GOLD TECHNICAL ANALYSISGold prices have recovered to challenge resistance in the 1344.74-49.90 area (January 15 high, 23.6% Fibonacci expansion). A daily close above that exposes the 38.2% level at 1365.68. Alternatively, a turn below resistance-turned-support at 1325.96 (January 4 high) targets the January 10 low at 1308.38. Negative RSI divergence warns that upside momentum may be ebbing.

Crude Oil Prices at Risk if EIA Inventory Data Echoes API Estimate

Chart created using TradingView

CRUDE OIL TECHNICAL ANALYSISCrude oil prices are back to test January’s swing high after finding support above the $62/bbl figure. A daily close above the 23.6% Fibonacci expansion at 64.93 exposes the 38.2% level at 66.21. Alternatively, a reversal below the 23.6% Fib retracement at 62.80 sees the next layer of support at 61.52.

Crude Oil Prices at Risk if EIA Inventory Data Echoes API Estimate

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

News & Analysis at your fingertips.