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. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
Oil - US Crude
Wall Street
More View more
Real Time News
  • When it comes to buying and selling forex, traders have unique styles and approaches. Learn about buying and selling forex here:
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.90% Gold: 0.58% Silver: 0.56% View the performance of all markets via
  • The Bank of England (BoE) interest rate decision may do little to sway $GBPUSD as the central bank is widely expected to retain the current course for monetary policy. Get your market update from @DavidJSong here:
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.54% 🇳🇿NZD: 0.47% 🇯🇵JPY: 0.23% 🇨🇭CHF: 0.14% 🇬🇧GBP: 0.12% 🇪🇺EUR: 0.06% View the performance of all markets via
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Gold are long at 86.94%, while traders in France 40 are at opposite extremes with 71.08%. See the summary chart below and full details and charts on DailyFX:
  • The big #gold sell-off quickly has an important long-term trend test in play; scenarios to consider from both sides of the tape. Get your market update from @PaulRobinsonFX here:
  • 🇦🇺 Retail Sales MoM Prel (MAY) Actual: 0.1% Expected: 0.5% Previous: 1.1%
  • Heads Up:🇦🇺 Retail Sales MoM Prel (MAY) due at 01:30 GMT (15min) Expected: 0.5% Previous: 1.1%
  • Dow Jones, Nikkei 225, ASX 200 Outlook: Tapering Fears Hurt Sentiment
  • Last week’s updated Federal Reserve dot plot, suggesting two US interest rate increases in 2023, could be a game-changer for $EURUSD. Strategically, a long-term trend lower may have now begun. Get your market update from @MartinSEssex here:
Gold Prices Threaten Trend-Defining Support After Powell Speech

Gold Prices Threaten Trend-Defining Support After Powell Speech

Ilya Spivak, Head Strategist, APAC


  • Gold prices eye critical support after Powell-induced downswing
  • Crude oil prices seesaw as Trump pulls US from Iran nuclear deal
  • US PPI, EIA inventories data headline muted economic calendar

Gold prices fell as the US Dollar returned to the offensive, sapping the appeal of anti-fiat alternatives. The move followed comments from Fed Chair Jerome Powell at an SNB/IMF event in Zurich. He signaled that spillover beyond US borders will not deter interest rate hikes, as expected.

The metal subsequently bounced amid swelling geopolitical jitters while crude oil prices plunged after President Trump took the US out of a multilateral nuclear disarmament deal with Iran. The WTI benchmark probably fell amid profit-taking on short term speculative positions betting on just such an outcome. It soon recovered to finish the day effectively flat.


Looking ahead, a relatively quiet offering on the economic data docket is headlined by April’s US PPI report. That is expected to show wholesale inflation slowed last month. The outcome may not garner much attention form the markets absent a wild deviation from forecasts as closer-followed CPI data looms ahead.

That leaves gold prices somewhat rudderless as active Fed policy speculation pauses for want of immediate catalysts. Atlanta Fed President Rafael Bostic is due to speak, but he has already opined this week and his somewhat dovish posture is well-known. A consolidative period may thus be in the cards.

The weekly set of EIA inventory flow statistics is also on tap. That is expected to show stockpiles added 393.4k barrels last week. An outcome closer to the 1.85 million barrel outflow predicted in an API report yesterday might give crude oil prices a bit of a lift.

See our quarterly gold price forecast to learn what will drive the trend through mid-year!


Gold prices continue to stall above an upward-slowing support zone that has defined the move higher since December 2016, now in the 1284.28-1301.90 area. A daily close below that would mark a tectonic shift in the dominant trajectory. Alternatively, a push above former trend line support at 1315.75 opens the door for a retest of 1323.60.

Gold daily price chart


Crude oil prices continue to edge toward resistance at 71.24, the 38.2% Fibonacci expansion. A daily close above that exposes the 50% level at 72.59. Alternatively, a move back below the April 19 high at 69.53 opens the door for a retest of congestion area resistance-turned-support in the 66.22-67.36 zone.

Crude oil daily price chart


--- Written by Ilya Spivak, Currency Strategist for

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.