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.

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
GBP/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
More View more
Real Time News
  • 🇮🇩 Inflation Rate YoY (JUL) Actual: 1.52% Expected: 1.45% Previous: 1.33% https://www.dailyfx.com/economic-calendar#2021-08-02
  • Heads Up:🇮🇩 Inflation Rate YoY (JUL) due at 04:00 GMT (15min) Expected: 1.45% Previous: 1.33% https://www.dailyfx.com/economic-calendar#2021-08-02
  • (ASEAN Fundy) US Dollar Outlook: SGD, THB, IDR, PHP May Benefit on Slowing Covid Growth, Soft NFPs #USD #ASEAN $USDSGD $USDTHB $USDIDR $USDPHP https://www.dailyfx.com/forex/fundamental/article/special_report/2021/08/02/US-Dollar-Outlook-SGD-THB-IDR-PHP-May-Benefit-on-Slowing-Covid-Growth-Soft-NFPs.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/e5WczRhUl6
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/9S5tXIs3SX https://t.co/efGjwnJaKm
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Gold: -0.12% Silver: -0.30% Oil - US Crude: -1.23% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/b9pJgSOH8O
  • RT @Yeap_IG: #IGMorningthoughts: - 89% of #SP500 companies outperformed earnings thus far, but only 0.2% gain in SP500 since start of earni…
  • Gold prices risk forming a "Double Top" pattern - #GOLD chart https://t.co/pxGxpBTGPA
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.01% 🇪🇺EUR: -0.05% 🇨🇭CHF: -0.10% 🇨🇦CAD: -0.14% 🇦🇺AUD: -0.17% 🇳🇿NZD: -0.17% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/W36DdxonII
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.87%, while traders in Wall Street are at opposite extremes with 74.32%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/RKCkZLF5Pw
  • Keppel Corp is seeking to buy Singapore Press Holdings (SPH) for S$2.2 billion following the spin-off of its media assets, and plans to delist and privatize the company - BBG
Crude Oil and Gold Prices at Risk on US Inflation Uptick

Crude Oil and Gold Prices at Risk on US Inflation Uptick

Ilya Spivak, Head Strategist, APAC

CRUDE OIL & GOLD TALKING POINTS:

  • Crude oil price rise amid broad improvement in risk appetite
  • Gold prices in digestion mode, mirroring US Dollar standstill
  • Firm US CPI may boost Fed rate hike bets, hurt commodities

Cycle-sensitive crude oil prices pushed upward amid a broad-based improvement in risk appetite. Indeed, the WTI contract tracked upward alongside the bellwether S&P 500 stock index. Gold prices marked time. The benchmark anti-fiat asset mirrored standstill in the US Dollar, where a lull in a lull in top-tier event risk translated into a consolidative period (as expected).

COMMODITIES MAY FALL ON US CPI DATA

Looking ahead, April’s US CPI report is in focus. The headline inflation rate is expected to rise to 2.5 percent on-year while the core reading stripping out volatile food and energy costs is seen printing at 2.2 percent. Both would mark the highest outcomes in 14 months. An upside surprise echoing clues in recent PMI survey data may reinvigorate Fed rate hike speculation, boosting the greenback at the expense of raw materials prices.

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

GOLD TECHNICAL ANALYSIS

Gold prices are stalling above rising trend support set from December 2016, now in the 1284.30-1301.92 area, with a daily close below that marking a major shift in the dominant long-term trajectory. Alternatively, a breach of former trend line support at 1315.44 paves the way for another challenge of 1323.60.

Gold daily price chart

CRUDE OIL TECHNICAL ANALYSIS

Crude oil prices are testing above the 38.2% Fibonacci expansionat 71.24, with confirmation of a break on a daily closing basis exposing the 50% level at 72.59. Alternatively, a turn back below the April 19 high at 69.53 targets resistance-turned-support in the 66.22-67.36 area.

Crude oil daily price chart

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