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
Bullish
Oil - US Crude
Mixed
Wall Street
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
Gold
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
GBP/USD
Mixed
USD/JPY
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
More View more
Real Time News
  • The $AUD may suffer as relations between Australia and China deteriorate amid dwindling growth prospects. Euro traders will be closely watching progress in talks about a €500b recovery fund proposal. Get your market update from @ZabelinDimitri here: https://t.co/LkEFJViPWY https://t.co/sofO135ElG
  • The US Dollar could rise against #ASEAN currencies such as the Singapore Dollar as US-China tensions seem to escalate. The Indian Rupee is also looking ahead of local 1Q GDP data. Get your ASEAN currencies market update from @ddubrovskyFX here:https://t.co/LkEFJViPWY https://t.co/ZGFaQQ3Hr2
  • The #Euro is the big driver here for DXY as it is 57% of the index. It is rising now and trying to break above the March 27 high at 11147. Get your $EURUSD technical analysis from @PaulRobinsonFX here:https://t.co/6gt3F9LuGP https://t.co/73SaL5AeXD
  • U.S. Market Analyst at https://t.co/JsVsSmefgR, Shain Vernier covers - ✔️ Safe haven assets in volatile markets ✔️ Central banks and governments ✔️ How will commodities trade in a recession Only on Trading Global Markets Decoded #podcast. Tune in here: https://t.co/1UmEzEbwiy https://t.co/EIC9YqfTec
  • Anybody else think that casting directors in movies are some of the most underrated people when it comes to giving a film/series credit?
  • No https://t.co/EoBltaP17k
  • Crude #oilprices may face heightened liquidation pressure as the cycle-sensitive #commodity finds itself under the pressure of resilient resistance and a vulnerable, multi-week rising channel. Get your crude #oil market update from @ZabelinDimitri here: https://t.co/cGPX4qcOH1 https://t.co/0U4JMJVFuf
  • The @ecb will likely boost its Pandemic Emergency Purchase Program at Thursday’s meeting of its Governing Council; a move that could give the #Euro a lift. Get your currencies market update from @MartinSEssex here: https://t.co/I4PbmJNG1z https://t.co/hu6Ld1KdDB
  • $GBPUSD doesn’t have the cleanest set of technical indications, but #USD may give indications if it can break its trading range via the $DXY. Get your currencies market update from @PaulRobinsonFX here: https://t.co/PrC9wAaXvU https://t.co/vHYHflwqR3
  • The ongoing contraction in US production may keep #oilprices afloat in June as crude output falls to its lowest level since October 2018. Get your crude #oil market update from @DavidJSong https://t.co/jj1bMLX0DF https://t.co/O9NOqbfHkb
Crude Oil Prices Eye OPEC Meeting After Soaring to 3-Year High

Crude Oil Prices Eye OPEC Meeting After Soaring to 3-Year High

2018-04-19 03:30:00
Ilya Spivak, Head Strategist, APAC
Share:

CRUDE OIL & GOLD TALKING POINTS:

  • Crude oil prices rise to three-year high before critical OPEC meeting
  • API monthly report may hint US supply to undercut cartel-led efforts
  • Gold prices mark time but risk-on mood might apply selling pressure

Crude oil prices rose as Iraq delayed an auction of oil field development rights while officials from OPEC-led producers (notably including Russia) prepared for a meeting that may bring an extension of coordinated production cuts into 2019.

EIA inventory flow statistics amplified gains, showing stockpiles shed 1.07 million barrels last week. Economists were expecting a shallow build of 393.6k barrels, though a closely followed private-sector estimate from API published Tuesday foreshadowed the large outflow.

Gold prices probed higher as the crude oil surge echoed as strength across the raw-materials space. Indeed, the benchmark Bloomberg Commodity Index posted its largest one-day gain in eight months. A second day of US Dollar gains undercut momentum however, leaving the metal little-changed for the day.

OPEC MEETING, MONTHLY API REPORT AHEAD

From here, traders are eyeing a meeting of OPEC’s Joint Technical Committee. Soundbites from the gathering will parsed for clues about a possible extension of output curbs that may emerge from the follow-on ministers’ meeting on Friday.

The APImonthly statistical report is also due. That may help inform speculation about the extent to which swelling US supply will swamp cartel-led efforts. Output hit a record 10.5 million barrels per day last week and data from Baker Hughes put the number of active rigs at the highest in three years.

On the sentiment front, S&P 500 futures are pointing cautiously higher ahead of the opening bell on Wall Street. If momentum carries through, the risk-on mood may translate into higher bond yields and weigh on non-interest-bearing gold prices.

See our quarterly crude oil forecast to learn what will drive prices through mid-year!

GOLD TECHNICAL ANALYSIS

Gold prices are still struggling to find direction below resistance in the 1353.87-57.50 area (double top, falling trend line). A break above this barrier confirmed on a daily closing basis exposes July 2016 high at 1375.15. Alternatively, a reversal below near-term rising trend support – now at 1339.64 – opens the door for a challenge of range support at 1307.25.

Crude Oil Prices Eye OPEC Meeting After Soaring to 3-Year High

CRUDE OIL TECHNICAL ANALYSIS

Crude oil prices launched sharply higher, hitting the highest level since December 2014. From here, a daily close above the 38.2% Fibonacci expansion at 69.25 targets the 50% level at 70.39 next. Alternatively, a move back below the 23.6% Fib at 67.85 paves the way for a retest of former resistance at 66.22.

Crude Oil Prices Eye OPEC Meeting After Soaring to 3-Year High

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.