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
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
Oil - US Crude
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
Wall Street
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
Gold
Bearish
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 2.72% Gold: -0.11% Silver: -0.35% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/NypvhI3fFm
  • Trump announces a White House news conference at 5:30 PM EST $SPX
  • House Speaker pelosi: - Senator McConnell's aid plan will not receive unanimous consent in the House - BBG
  • As US recession odds fade, traders have pushed back the timing of the next Fed rate cut to July 2020. Get your market update from @CVecchioFX here: https://t.co/HGvKoMb6dw https://t.co/B1poxAaViv
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 95.74%, while traders in US 500 are at opposite extremes with 71.37%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/u1YLFPayf2
  • ECB President Lagarde: - Monetary and fiscal policy must be in alignment - BBG
  • ECB President Lagarde: - A member of the EU can't avoid the economic fallout of another member that is suffering $EURUSD
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.73% France 40: 0.18% US 500: -0.04% Wall Street: -0.04% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/AJnCXRD7on
  • Commodities Update: NYM WTI Crude 25.98 (+9.99%), ICE Brent Crude 33.67 (+5.62%), NYM NYH Gasoline 70.25 (+8.38%). [delayed]
  • Earnings season occurs a few weeks after the final month of a financial quarter and provides unique opportunities for equity traders. What are some key points you should keep in mind as a trader? Find out from @PeterHanksFX here: https://t.co/JDEOEDPOq6 https://t.co/utN1PfT8cM
Crude Oil Prices May Get Lift From EIA Data After Fed-Led Drop

Crude Oil Prices May Get Lift From EIA Data After Fed-Led Drop

2018-02-22 10:00:00
Ilya Spivak, Head Strategist, APAC
Share:

Talking Points:

Commodity prices weakened as expected after hawkish minutes from January’s FOMC meeting fed fears of an aggressive Fed rate hike cycle. That soured investors’ mood, sending sentiment-sensitive crude oil prices lower alongside the S&P 500 stock index. Gold also suffered as the US Dollar rose alongside bellwether 10-year Treasury bond yields, sapping the appeal of anti-fiat and non-interest-bearing assets.

From here, a round of speeches from Fed officials may keep US policy bets in the spotlight. Comments from presidents of the New York, Atlanta and Dallas are due to cross the wires. The markets remain in a worried state, with futures tracking US equity benchmarks pointing tellingly lower. Rhetoric underscoring growing confidence in reflation might encourage follow-through of yesterday’s momentum.

On the data front, EIA inventory flow statistics are on tap. An increase of 1.8 million barrels in crude stocks is expected. A private-sector estimate from API showed a draw of 907k yesterday, but the result was obscured by macro-level developments. A similarly supportive result on the official report might have a bit more market-moving potential absent bigger-ticket scheduled event risk.

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

GOLD TECHNICAL ANALYSIS

Gold prices are within striking distance of support in the 1312.36-16.50 area (38.2% Fib retracement, support shelf), with a break below that on a daily closing basis opening the door for a test of the 50% level at 1301.19. Alternatively, a move back above the 38.2% Fibonacci expansionat 1356.23 targets the 1366.06-71.50 zone (January 25 high, 50% expansion).

Crude Oil Prices May Get Lift From EIA Data After Fed-Led Drop

CRUDE OIL TECHNICAL ANALYSIS

Crude oil prices continue to edge toward support at 60.6, the 23.6% Fibonacci expansion. A daily close below that opens the door for a test of the 38.2% level at 59.37. Alternatively, a rebound above resistance in the 62.72-63.41 area (February 20 high, former support) puts the spotlight on the January 25 high at 66.63 once again.

Crude Oil Prices May Get Lift From EIA Data After Fed-Led Drop

--- 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

News & Analysis at your fingertips.