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
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
  • US equities continue to run higher with the Nasdaq 100 setting a fresh all-time-high, not even three months after giving back almost a third of its value in about a month. Get your #Nasdaq technical analysis from @JStanleyFX here: https://t.co/1LI54uvI8x https://t.co/e9FvSLqfaA
  • The US Dollar may be at risk to losses against some of its #ASEAN counterparts. USD/SGD, USD/PHP, USD/MYR and USD/IDR have recently broken to the downside. Will losses continue? Find out from @ddubrovskyFX here: https://t.co/0RTlj6maTT https://t.co/UyQ4i0AihI
  • The British Pound technical outlook still seems to favor the downside. GBP/CAD may pressure key rising support from August as GBP/AUD could prolong its downtrend. GBP/CHF may fall. Get your $GBP market update from @ddubrovskyFX here: https://t.co/hBOpDKXmfW https://t.co/AJlT2YKeCu
  • USD/JPY is approaching medium-term uptrend resistance and while the outlook remains constructive, the advance may be vulnerable near-term while below confluence resistance. Get your $USDJPY technical analysis from @MBForex here: https://t.co/93D7AyhHtG https://t.co/KQcLLrkMP3
  • AUD/USD has had the most impressive show of trend over the past couple of months with the pair gaining almost 1500 pips from the March low. Get your $AUDUSD technical analysis from @JStanleyFX here: https://t.co/vLz4Rpln3u https://t.co/AOwnJja5V8
  • Has the #Euro been saved? Find out from @CVecchioFX here: https://t.co/eiXfOTyGa6 https://t.co/AyRiYpb4cN
  • U.S. Market Analyst at https://t.co/JsVsSmefgR, Shain Vernier covers - ✔️ Safe haven assets in volatile markets ✔️ Central banks and governments ✔️ How will commodities trade in a recession Only on Trading Global Markets Decoded #podcast. Tune in here: https://t.co/1UmEzEbwiy https://t.co/ygwjGNvS61
  • The $USD, Euro, British Pound and Australian Dollar will all be at the mercy of political developments in Asia, Europe and North America this week. An avalanche of PMI data will set the backdrop. Find out from @ZabelinDimitri here: https://t.co/L8cfAgVx94 https://t.co/THWhPAS6AM
  • The price of #gold plunged 1% immediately after the stunning US jobs report crossed the wires. Get your market update from @RichDvorakFX here: https://t.co/8i0L6YIqjy https://t.co/y9dIXazJf9
  • S&P 500, Dow Jones, Nasdaq explode higher with stocks surging in response to shockingly better-than-expected monthly jobs data. Get your #equities market update from @RichDvorakFX here: https://t.co/nuMVWOzzuC https://t.co/M3nGBjd7kZ
Gold Prices Look to ECB Rate Decision for New Direction Cues

Gold Prices Look to ECB Rate Decision for New Direction Cues

2018-01-25 08:30:00
Ilya Spivak, Head Strategist, APAC

Talking Points:

Gold prices continued to push higher, reveling in another brutal down day for the US Dollar. The benchmark currency’s losses have proven to be a boon for the yellow metal, a standby anti-fiat asset. This time around, existing selling pressure driven by monetary policy convergence bets was amplified by worrying comments from White House officials, including President Donald Trump.

The focus now turns to the ECB monetary policy announcement. The markets seem taken with the idea that rosy global growth dynamics will see major central banks follow the Fed’s hawkish lead and begin to pull back on stimulus. The BOC and the BOJ have firmly pushed back against this narrative so far this month. Gold may counter-intuitively fall if Mario Draghi and company follow suit as the greenback steadies.

Crude oil prices rose after EIA inventory data showed stockpiles shed 1.07 million barrels last week. While the outcome was close to consensus forecasts, it proved to be far more supportive than a surprise build projected by API. Supportive comments from Saudi oil minister Khalid Al-Falih offered a further boost, saying OPEC-led supply cuts will see a “gradual, smooth exit” in 2019.

Looking ahead, comments from the World Economic Forum on-going in Davos, Switzerland may continue to shape price action. A panel discussion on the future of Saudi Arabia’s economy and another on climate change are unlikely to pass without high-profile speakers opining on the supply/demand balance for fossil fuels. That may inspire volatility, particularly absent other top-tier scheduled event risk.

See our free guide to learn what are the long-term forces driving crude oil prices!

GOLD TECHNICAL ANALYSISGold prices are testing resistance at 1365.68, the 38.2%Fibonacci expansion, with a daily close above that exposing the 50% level at 1378.43. Alternatively, a reversal back below the 1344.74-49.90 area (January 15 high, 23.6% Fib) opens the door for a retest of resistance-turned-support at 1325.96 (January 4 high).

Gold Prices Look to ECB Rate Decision for New Direction Cues

Chart created using TradingView

CRUDE OIL TECHNICAL ANALYSISCrude oil prices shot higher to challengethe 38.2% Fibonacci expansion at 66.21. A break above that confirmed on a daily closing basis targets the 50% level at 67.24. Alternatively, a move back below the 23.6% Fibat 64.93 paves the way to probe the 14.6% expansion at 64.15 once again.

Gold Prices Look to ECB Rate Decision for New Direction Cues

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.


News & Analysis at your fingertips.