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
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
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
Bullish
GBP/USD
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
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
  • Singapore MAS eases policy and reduced the currency band slope to zero. (BBG) Learn more about how to trade #USDSGD here - https://www.dailyfx.com/forex/fundamental/article/special_report/2019/09/03/The-Singapore-Dollar-and-MAS-What-is-SGD-and-How-to-Trade-it.html
  • Tune in to @IlyaSpivak 's #webinar at 10:00 PM ET/2:00 AM GMT for insight on the cross market weekly outlook. Register here: https://t.co/E213bTtq5C https://t.co/x0FHuNIsJ5
  • RT @JPan_IG: SINGAPORE CENBANK SAYS MAS WILL ADOPT A ZERO PERCENT PER ANNUM RATE OF APPRECIATION OF THE POLICY BAND STARTING AT THE PREVAIL…
  • 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/yF133btXFd https://t.co/rUp1G9zzxj
  • #SPX futures down over 1.5% too, echoing risk-off bias https://t.co/Z0n4L156tl
  • MARKET SNAPSHOT: #ASX200 modestly higher in early trade but #Nikkei futures down over 2.5% before Tokyo trading open. #USD and #JPY leading the way higher in G10 FX, hinting at risk-off tilt, but #AUD and #NZD recovering from earlier losses
  • While Sino-US trade jitters are temporarily abating, China-Swedish trade tensions are rising as a part of a political contagion of growing economic hostilities between nations across the world. Get your market update from @ZabelinDimitri here:https://t.co/F1fVoyzoz5 https://t.co/Nij6senHVx
  • RT @DanielGMoss: Strong risk-off tilt to start a new trading week $USD & $JPY noticeably higher as #CrudeOil continues to capitulate http…
  • LIVE NOW: In this session, Strategist @DavidJSong will discuss trading strategies for the top event risk in the week ahead. https://www.dailyfx.com/webinars/175202251
  • Market update: #JPY a little over 0.5% higher vs #SEK #AUD and #CAD [delayed].
Gold Prices Rise as Stocks Plunge But Chart Setup Hints at Weakness

Gold Prices Rise as Stocks Plunge But Chart Setup Hints at Weakness

2018-02-06 03:00:00
Ilya Spivak, Head Strategist, APAC
Share:

Talking Points:

Gold prices edged cautiously higher as brutal risk aversion spurred haven-seeking capital flows into US Treasury bonds, sending yields lower. Not surprisingly, this offered a relative lift to non-interest-bearing assets including the yellow metal. Sentiment-sensitive crude oil prices plunged alongside stocks.

From here, the API inventory flow data is due. That will be weighed against forecasts projecting a 3.2 million barrel build to be reported in official figures due Wednesday. An EIA short-term energy market outlook and Census Bureau statistics on US crude exports through December 2017 are also on tap.

Risk trends may overshadow the day’s scheduled event risk however. Futures tracking the FTSE 100 and the S&P 500 are pointing sharply lower before London and New York come online, hinting that yesterday’s trading patterns may find follow-through as investors’ mood continues to sour.

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

GOLD TECHNICAL ANALYSIS Gold prices found interim support the bearish implications of last week's breakdown remain intact. A daily close below the February 2 low at 1327.59 exposes the 38.2% Fibonacci retracement at 1316.50. Near-term resistance is at 1351.10, February 1 high, with a move above that opening the door for a retest of the January 25 top at 1366.06.

Gold Prices Rise as Stocks Plunge But Chart Setup Hints at Weakness

Chart created using TradingView

CRUDE OIL TECHNICAL ANALYSIS – Crude oil prices accelerated downward, pushing below support marked by the January 31 lowat 63.64 to expose the 38.2% Fib retracement at 62.62. A daily close below that targets the 50% level at 61.38. Alternatively, a move back above 63.64 eyes a chart inflection point at 64.86, followed by the January 25 high at 66.63.

Gold Prices Rise as Stocks Plunge But Chart Setup Hints at Weakness

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.