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
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
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
USD/JPY
Mixed
More View more
Real Time News
  • Natural gas prices have recaptured a key trendline after a major heatwave sent energy demand in the United States soaring. Get your market update from @FxWestwater here:https://t.co/7DdcMrObKp https://t.co/G3OuF7Y5IB
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.17% 🇦🇺AUD: 0.11% 🇪🇺EUR: 0.10% 🇬🇧GBP: 0.06% 🇨🇦CAD: 0.04% 🇯🇵JPY: 0.02% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/lqLaaO04eh
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 90.38%, while traders in France 40 are at opposite extremes with 70.61%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/KYpAOemcJX
  • The US Dollar may gain versus ASEAN currencies like the Singapore Dollar, Thai Baht and Philippine Peso after the Fed projected 2 rate hikes by the end of 2023. All eyes on US PCE data. Get your market update from @ddubrovskyFX here:https://t.co/LaLVW8FFHI https://t.co/Y0FoP7A5ZW
  • Dow Jones Rebound May Lift Sentiment for Nikkei 225 and ASX 200 https://www.dailyfx.com/forex/market_alert/2021/06/25/Dow-Jones-Rebound-May-Lift-Sentiment-for-Nikkei-225-and-ASX-200.html https://t.co/G6PRAUQbla
  • Increased rate bets following June's FOMC rate decision roiled markets, including commodities. Crude oil received a boost on Iran's election, while gold and copper look to incoming inflation data out of the US. Get your market update from @FxWestwater here:https://t.co/iGAO4dasIU https://t.co/iwDTDzgaHg
  • So #PBOC unexpectedly increased liquidity injections yesterday for the 1st time since March Sold 30b #Yuan of 7-day reverse repos at 2.2%, up from usual 10b MSCI #EmergingMarkets index understandably happy, eyeing a Descending Triangle Learn more here - https://www.dailyfx.com/education/technical-analysis-chart-patterns/descending-triangle.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/j2r0KTHQ8M
  • 8 out of 9 Dow Jones sectors ended higher, with 93.3% of the index’s constituents closing in the green. industrials (+2.07%) financials (+1.62%) and communication services (+1.25%) outperformed, whereas materials (-0.06%) trailed behind. https://t.co/jgIcDOvItT
  • The Canadian Dollar may have more room to weaken looking at a Loonie index. USD/CAD is struggling to confirm a push above the 100-day SMA, watch the 4-hour chart for near-term clues. Get your market update from @ddubrovskyFX here:https://t.co/ezLH8Ky4a0 https://t.co/G4K7wuXiWx
  • 🇬🇧 Gfk Consumer Confidence (JUN) Actual: -9 Expected: -7 Previous: -9 https://www.dailyfx.com/economic-calendar#2021-06-24
Crude Oil Prices Hit 4-Year High But Chart Setup Warns of Topping

Crude Oil Prices Hit 4-Year High But Chart Setup Warns of Topping

Ilya Spivak, Head Strategist, APAC

CRUDE OIL & GOLD TALKING POINTS:

  • Crude oil prices rise to four-year high on US/China de-escalation
  • Technical setup still hints at topping, API inventory data in focus
  • Gold prices precariously cling to trend support, but for how long?

Crude oil prices rose as the markets’ mood brightened amid signs of de-escalation in US/China trade tensions, as expected. Interestingly, gold prices also rose as the exuberant mood translated into a weaker US Dollar. Commodity-linked and emerging market currencies geared to the global business cycle soared against the greenback, echoing as an overall down move. That understandably lifted the go-to anti-fiat asset.

GOLD MAY RETREAT AS FOMC MINUTES LOOM, OIL EYES API DATA

Looking ahead, investors’ initial exuberance may cool absent specifics of a lasting US/China accord. In turn, this may allow Fed policy speculation to reclaim its perch as the central concern for financial markets before minutes from the May 2 FOMC meeting cross the wires Wednesday. That might discourage overexposure to short-USD positions and send the greenback higher amid profit-taking, pressuring gold prices.

As for crude oil, they will be looking to the weekly APIinventory flow report. The outcome will be judged relative to expectations calling for 2.06 million barrel drawdown to be reported in official EIA statistics due Wednesday. A larger outflow may boost prices while a smaller one – or even a surprise build – might pressure them downward. A resurgent US Dollar is likely to be a headwind either way.

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

GOLD TECHNICAL ANALYSIS

Gold prices remain stuck at the outer layer of support guiding the rising trend from December 2016, now at 1287.94. A daily close below that sees the next downside threshold in the 1260.80-66.44 area. Alternatively, a turn back above channel floor support-turned-resistance at 1298.52 targets a falling trend line at 1312.84.

Gold price chart - daily

CRUDE OIL TECHNICAL ANALYSIS

Crude oil prices breached resistance at 71.86, the May 10 high, exposing a rising wedge top at 73.64. Negative RSI divergence continues to warn of an incoming turn lower. A reversal back below 71.86 and breach of wedge floor support at 71.18 opens the door for a retest of the April 19 high at 69.53.

Crude oil price chart - daily

COMMODITY TRADING RESOURCES

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

To contact Ilya, use the comments section below or @IlyaSpivak on Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES