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
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
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
Oil - US Crude
Mixed
Bitcoin
Mixed
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 95.94%, while traders in France 40 are at opposite extremes with 87.29%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/9Q4yJsrfRI
  • EUR/USD Technical Analysis: Euro Rise Unlikely to Undo Downtrend - https://www.dailyfx.com/forex/technical/home/analysis/eur-usd/2019/10/16/EURUSD-Technical-Analysis-Euro-Rise-Unlikely-to-Undo-Downtrend.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr #EURUSD #technicalanalysis
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.17% 🇨🇭CHF: 0.09% 🇪🇺EUR: -0.02% 🇬🇧GBP: -0.25% 🇦🇺AUD: -0.32% 🇳🇿NZD: -0.36% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/la6Ae67t8c
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: Wall Street: -0.23% US 500: -0.27% France 40: -0.29% Germany 30: -0.31% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/jJoCuqFBZ3
  • Geopolitical developments send #oil prices soaring or falling. Get your market update from @MartinSEssex here:https://t.co/XVXLyG8vjq #OOTT https://t.co/Kv2LHTbEYP
  • US Dollar Technical Outlook: USD/INR, USD/SGD, USD/MYR, USD/IDR $USDINR $USDSGD #ASEAN - https://www.dailyfx.com/forex/technical/article/special_report/2019/10/16/US-Dollar-Technical-Outlook-USDINR-USDSGD-USDMYR-USDIDR.html?CHID=9&QPID=917702 https://t.co/kMf5jZVvrx
  • Overnight index swaps are now pricing in a 100% chance of an #RBNZ rate cut in November, after briefly softening following better-than-expected New Zealand CPI data earlier today #RBNZ $NZDUSD
  • The Swedish #Krona and Norwegian #Krone will be in for a tense week ahead of #Brexit-related drama and a crucial EU summit which could be a turning point for the EU-UK divorce. Get your market update from @ZabelinDimitri :https://t.co/zjTNQmDHTt https://t.co/zhR7J38A4M
  • RT @cherykang: Carrie Lam just started her policy address. Lawmakers chanting "five demands, not one less." Now, policy address temporaril…
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.27% Silver: 0.14% Gold: 0.09% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/TlvwJsIj0c
Gold Prices May Break 2018 Range Floor on US Jobs Data

Gold Prices May Break 2018 Range Floor on US Jobs Data

2018-03-09 06:30:00
Ilya Spivak, Sr. Currency Strategist
Share:

Talking Points:

  • Commodity prices fall as dovish ECB stokes broad US Dollar rally
  • US jobs data may boost Fed rate hike bets, triggering further losses
  • Gold prices stuck at range support, crude oil prices at 1-month low

Commodity prices fell as the ECB-inspired EUR/USD drop echoed as broad-based US Dollar strength around the financial markets. The cross accounts for nearly a quarter of all FX market turnover, so it makes sense that the greenback’s performance there would have knock-on effects on its value overall. That hurt assets denominated in USD terms on global markets, including gold and crude oil.

The single currency whipsawed as the central bank delivered a much-anticipated monetary policy announcement but ultimately found its way lower, as expected. President Mario Draghi said QE will continue until officials see a “sustained adjustment” in the inflation path, adding that underlying price pressures are “subdued”. Tellingly, official inflation forecasts for next year were lowered.

From here, all eyes are on February’s US jobs report. Survey data hints that wage inflation is likely to remain elevated, stoking Fed rate hike speculation and giving the Dollar a further lift. That may translate into de-facto pressure on the WTI benchmark once again. Gold might face outsized losses however as its anti-fiat and alternative store-of-value credentials turn into liabilities.

Learn what retail traders’ gold buy and sell bets say about the price trend!

GOLD TECHNICAL ANALYSIS

Gold prices continue to mark time at familiar support in the 1312.36-16.50 area (range floor, 38.2% Fib retracement). Breaking this barrier on a daily closing basis sees the next downside threshold at 1301.19, the 50% level. Alternatively, a push above range resistance at 1341.04 exposes the 38.2% Fib expansion at 1352.40.

Gold Prices May Break 2018 Range Floor on US Jobs Data

CRUDE OIL TECHNICAL ANALYSIS

Crude oil prices dropped to the lowest level in nearly a month, challenging the 50% Fibonacci expansion at 59.95. A daily close below this barrier exposes the 61.8% level at 58.94. Alternatively, a reversal back above the 38.2% Fibat 60.96 opens the door for another test of chart inflection point resistance at 62.62.

Gold Prices May Break 2018 Range Floor on US Jobs Data

COMMODITY TRADING RESOURCES

--- 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.