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
Bearish
Wall Street
Bullish
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Bullish
More View more
Real Time News
  • The $USD suddenly seems scarce amid the #coronavirus outbreak. That threatens short-term financing underpinning global supply chains, despite the Fed’s epic efforts. Get your US Dollar market update from @DavidCottleFX here:https://t.co/D2p2VlkpJi https://t.co/GgQN6zFGG0
  • My trading video for today: 'S&P 500 Closes Best Week in 45 Years Unperturbed by Data, Helped by Fed' https://www.dailyfx.com/forex/video/daily_news_report/2020/04/10/SP-500-Closes-Best-Week-in-45-Years-Unperturbed-by-Data-Helped-by-Fed.html?ref-author=Kicklighter&QPID=917719&CHID=9
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 95.22%, while traders in Wall Street are at opposite extremes with 78.06%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/35HQhfNLVr
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.12% 🇨🇦CAD: 0.11% 🇪🇺EUR: 0.09% 🇬🇧GBP: 0.04% 🇦🇺AUD: 0.03% 🇳🇿NZD: 0.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/eTpRMCtc2k
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: Germany 30: 1.33% France 40: 1.21% Wall Street: 0.29% US 500: 0.26% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/okA8WJ8OLb
  • #Gold prices well-supported as keeping interest rates ultra-low in response to the 2008 global financial crisis proves problematic for fighting the next one, the #coronavirus outbreak. Get your $XAUUSD market update from @DavidCottleFX here:https://t.co/zNpjufGv2b https://t.co/iUtAYQYi8D
  • #Dow Jones, DAX 40 and CAC 40 short exposure has been rising alongside their recent ascents. What can this mean for the outlook in global stock markets? Find out from @ddubrovskyFX here:https://t.co/NBlD6xlQRb https://t.co/Ra6C480Czl
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.18% Silver: 0.00% Gold: 0.00% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/BBFCXmkgWy
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: -0.00% 🇪🇺EUR: -0.01% 🇯🇵JPY: -0.02% 🇦🇺AUD: -0.09% 🇨🇦CAD: -0.11% 🇳🇿NZD: -0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/sN5ig7prHE
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 95.33%, while traders in Wall Street are at opposite extremes with 78.06%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/lm7hFY5ytq
Crude Oil, Gold Prices May Fall on Hawkish Fed Chair Powell

Crude Oil, Gold Prices May Fall on Hawkish Fed Chair Powell

2018-02-27 10:30:00
Ilya Spivak, Head Strategist, APAC
Share:

Talking Points:

Crude oil prices continued to take their cues from a broader recovery in market sentiment, with the WTI benchmark tracking higher alongside the S&P 500 stock index. Gold prices edged up too, although a late-day recovery in the US Dollar cooled momentum for the standby alternative to paper currencies.

On balance, price action seems to have reflected pre-positioning ahead of upcoming Congressional testimony from newly-minted Fed Chairman Jerome Powell. Markets are hoping he will signal a reluctance to raise rates quickly against a backdrop of market turmoil similar to that seen in early February.

Investors’ disposition is likely to brighten further if Mr Powell seems to suggest as much, sending commodity prices higher. If some of his earlier remarks prove telling however, markets may be in for a disappointment. If he seems reluctant to take his cues from asset values, oil and gold may sink in tandem.

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

GOLD TECHNICAL ANALYSIS

Gold prices continue to cling to rising trend line support set from mid-December, now at 1329.55. Breaking below this barrier on a daily closing basis exposes the 1312.36-16.50 area (38.2% Fib retracement, support shelf). Alternatively, push above the 38.2% Fibonacci expansionat 1356.23 targets the 1366.06-71.50 zone (January 25 high, 50% expansion).

Crude Oil, Gold Prices May Fall on Hawkish Fed Chair Powell

CRUDE OIL TECHNICAL ANALYSIS

Crude oil prices narrowly breached the 23.6% Fibonacci expansion at 63.90. From here, a push above channel resistance at 65.20 targets the 66.63-67.49 area (January 25 high, 38.2% level). Alternatively, a move back below the 62.11-62 area (channel floor, February 20 high) sees the next downside barrier at 60.79, the February 22 low.

Crude Oil, Gold Prices May Fall on Hawkish Fed Chair Powell

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

To contact Ilya, use the comments section below or @IlyaSpivakon 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.