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
Wall Street
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
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
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here: https://t.co/IsnpfJhp91 https://t.co/vzA2yoDU5P
  • 🇬🇧 Retail Sales ex Fuel YoY (AUG) Actual: -0.9% Expected: 2.5% Previous: 0.9% https://www.dailyfx.com/economic-calendar#2021-09-17
  • 🇬🇧 Retail Sales YoY (AUG) Actual: 0% Expected: 2.7% Previous: 1.9% https://www.dailyfx.com/economic-calendar#2021-09-17
  • 🇬🇧 Retail Sales YoY (AUG) Actual: 0% Expected: 2.7% Previous: 2.4% https://www.dailyfx.com/economic-calendar#2021-09-17
  • 🇬🇧 Retail Sales ex Fuel YoY (AUG) Actual: -0.9% Expected: 2.5% Previous: 1.8% https://www.dailyfx.com/economic-calendar#2021-09-17
  • Heads Up:🇬🇧 Retail Sales ex Fuel YoY (AUG) due at 06:00 GMT (15min) Expected: 2.5% Previous: 1.8% https://www.dailyfx.com/economic-calendar#2021-09-17
  • Heads Up:🇬🇧 Retail Sales YoY (AUG) due at 06:00 GMT (15min) Expected: 2.7% Previous: 2.4% https://www.dailyfx.com/economic-calendar#2021-09-17
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here: https://t.co/t9Flsqcxo9 https://t.co/bx1oliPB4J
  • What is your forex trading style? Take the quiz and find out: https://t.co/YY3ePTpzSI https://t.co/U40lgEA8K7
  • New Zealand Dollar Vulnerable as NZD/USD Eyes Falling Wedge - #NZDUSD chart https://t.co/9AGaZsMFmF
Crude Oil Prices at Risk if EIA Inventory Data Echoes API Estimate

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

Ilya Spivak, Head Strategist, APAC

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