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.

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
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
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
Wall Street
Bullish
Gold
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
GBP/USD
Bearish
USD/JPY
Bearish
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
Notice

BoE Chief Econimist (Hawk) is to Step Down From BoE After June Meeting

Real Time News
  • J&J to proactively delay rollout of vaccine in Europe. $EUR
  • BoE Chief Economist Andrew Haldane To Step Down From The MPC After The June Meeting $GBP
  • #Bitcoin rose to a fresh all time high this morning around the 63,000 level, breaking above the previous high set around 62,000 in mid March. $BTC https://t.co/sj1fjZb1iw
  • US 10yr Treasury yields and the US Dollar have both headed lower in the immediate aftermath of the CPI print. The $DXY dropped from 92.26 to around the 92.10 level and 10yr yields stepped back from above 1.68% to 1.66%. $USD https://t.co/RFiMWfNckX
  • 🇺🇸 Core Inflation Rate MoM (MAR) Actual: 0.3% Expected: 0.2% Previous: 0.1% https://www.dailyfx.com/economic-calendar#2021-04-13
  • 🇺🇸 Inflation Rate MoM (MAR) Actual: 0.6% Expected: 0.5% Previous: 0.4% https://www.dailyfx.com/economic-calendar#2021-04-13
  • 🇺🇸 Inflation Rate YoY (MAR) Actual: 2.6% Expected: 2.5% Previous: 1.7% https://www.dailyfx.com/economic-calendar#2021-04-13
  • 🇺🇸 Core Inflation Rate YoY (MAR) Actual: 1.6% Expected: 1.5% Previous: 1.3% https://www.dailyfx.com/economic-calendar#2021-04-13
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.49%, while traders in Germany 30 are at opposite extremes with 75.73%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/onTWQ83wu0
  • US 10yr Treasury yields rose to a one week high this morning, briefly testing the 1.70% level before dropping back below 1.68%. The upcoming CPI print may drive another move in Treasury yields. $USD https://t.co/j4vndyVcup
Crude Oil Price Rise May Stall on EIA Drilling Data

Crude Oil Price Rise May Stall on EIA Drilling Data

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Crude oil and gold prices rose after data showed slowing US wage growth
  • Easing worries about steep Fed rate hikes lifted sentiment, hurt US Dollar
  • Stock index futures hint at “risk-on” mood ahead, EIA drilling report due

Crude oil prices shot higher as February’s US labor-market statistics showed wage inflation dropped back to 2.6 percent, hinting January’s spike may have been a one-off and easing worries about a steep Fed rate hike cycle. That bolstered risk appetite, sending the WTI benchmark higher alongside the bellwether S&P 500 stock index. Gold prices also gained as the outcome weighed on the US Dollar.

Looking ahead, futures tracking key US equity indexes point to a risk-on mood at the start of the week. That might keep oil prices well-supported, although gains may throttled if the monthly EIA Drilling Productivity report shows US shale producers are ramping out operations. Gold may struggle as investors’ rosy disposition translates into higher bond yields, sapping the appeal of non-interest-bearing assets.

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

GOLD TECHNICAL ANALYSIS

Gold prices are hovering above familiar support in the 1312.36-16.50 area (range floor, 38.2% Fib retracement). A daily close below that exposes the 50% level at 1301.19. Alternatively, a breach of range resistance at 1341.04 paves the way for a challenge of the 38.2% Fib expansion at 1352.40.

Crude Oil Price Rise May Stall on EIA Drilling Data

CRUDE OIL TECHNICAL ANALYSIS

Crude oil prices are consolidating within a Falling Wedge chart pattern, a setup that typically carries bullish implications. A daily close above its upper boundary – now at 62.64 – exposes the February 26 high at 64.21. Alternatively, a move back below the 59.83-60.00 area (wedge floor, March 8 low) opens the door for a retest of the February 9 bottom at 58.11.

Crude Oil Price Rise May Stall on EIA Drilling 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