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
GBP/USD
Mixed
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
  • Seems this once-Hawkish view from Cleveland Fed President Loretta Mester is becoming the consensus for the FOMC https://t.co/uHAmcRFNlG
  • - Supports November taper - Still some distance from maximum employment goal needed for raising rates
  • Fed's Mester - Economy has met substantial further progress bar for taper - On inflation bar for raising rates has largely been met - Expect conditions for first rate hike to be met by end of next year
  • Heads Up:🇬🇧 BoE Tenreyro Speech due at 13:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-09-24
  • 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/t9FlspUVZz https://t.co/HFl8E8exht
  • Credit Suisse dumped Evergrande exposure on risk fears - FT
  • RT @onlyyoontv: #China central bank declares #virtualcurrency-related business activities as illegal. No legal tender/crypto exchange; exch…
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM73cHA https://t.co/2wzX4dacYJ
  • When it comes to buying and selling forex, traders have unique styles and approaches. Learn about buying and selling forex here: https://t.co/D8DXSzVO22 https://t.co/HiE4d0KG1Q
  • Trading bias allows traders to make informative decisions when dealing in the market. This relates to both novice and experienced traders alike. Start learning how you may be able to make more informed decisions here: https://t.co/rz7fqi8ZEe https://t.co/xRvmfd2jiJ
Crude Oil, Gold Prices Buoyed as US Dollar Sinks After CPI Data

Crude Oil, Gold Prices Buoyed as US Dollar Sinks After CPI Data

Ilya Spivak, Head Strategist, APAC

Talking Points:

Commodities launched higher as the US Dollar slumped after January’s US CPI data crossed the wires. Crude oil prices are denominated in terms of the greenback on global markets, so the currency’s slump offered de-facto support. A pickup in risk appetite probably helped a well, with the WTI benchmark rising alongside stocks. Gold rose as the move stoked demand for anti-fiat alternatives.

Looking ahead, US PPI data amounts to the only bit of noteworthy scheduled event risk on the docket. The core wholesale inflation rate is expected to tick down from 2.3 to 2.1 percent. Anything short of a dramatic upside surprise echoing last month’ surge in wage growth seems likely to feed continuation of the current narrative, though momentum may slow after yesterday’s explosive moves.

Find out here what retail traders’ gold buy and sell decisions hint about the price trend!

GOLD TECHNICAL ANALYSIS

Gold prices surged higher to challenge the 38.2% Fibonacci expansion at 1356.23. A daily close above this barrier paves the way for a test of the 1366.06-71.50 zone (January 25 high, 50% level). The first significant downside barrier remains in the 1312.36-16.50 area (38.2% Fib retracement, support shelf).

Crude Oil, Gold Prices Buoyed as US Dollar Sinks After CPI Data

CRUDE OIL TECHNICAL ANALYSIS

Crude oil prices are attempting to mount a recovery. A daily close above the 23.6% Fibonacci retracement at 60.84 opens the door for a retest of the 14.6% level at 63.05. Alternatively, a turn lower that breaches the 38.2% Fib at 57.25 targets the 50% retracement at 54.36.

Crude Oil, Gold Prices Buoyed as US Dollar Sinks After CPI Data

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

To contact Ilya, use the comments section below or @IlyaSpivak on Twitter

To receive Ilya's analysis directly via email, please SIGN UP HERE

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES