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
Oil - US Crude
More View more
Real Time News
  • The Australian Dollar and New Zealand Dollar tend to rise with stocks. They have recently fallen despite gains in the #SP500. What does this mean for $AUDUSD and $NZDUSD ahead? #AUD #NZD #RBA #RBNZ - https://www.dailyfx.com/forex/fundamental/article/special_report/2020/01/17/AUDUSD-NZDUSD-Outlook-Looks-Past-Stocks-to-Rate-Cut-Bets.html?CHID=9&QPID=917702 https://t.co/ddf2fV7Kyl
  • A few snippets from today's commentary. Check out the link below for the full story (via @DailyFX). https://t.co/I31tuq764r https://t.co/x0BaiOFA1P
  • Have you joined @DailyFX @facebook group yet? Discuss your #forex strategies and brush up on your skills with us here: https://t.co/jtY1G7g8yx https://t.co/e2YrN3dBrl
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 98.00%, while traders in France 40 are at opposite extremes with 79.59%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/UL7hqSD2Ki
  • US Dollar Forecast: $USD Lacking Impetus Ahead of Consumer Sentiment #Forex traders shift focus away from US-China trade deal headlines - perhaps toward the monthly release of #ConsumerSentiment data for volatility and clues on the Greenback's next move https://www.dailyfx.com/forex/fundamental/us_dollar_index/usd_trading_today/2020/01/16/us-dollar-forecast-usd-lacking-impetus-ahead-of-consumer-sentiment.html
  • Forex Update: As of 05:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.11% 🇦🇺AUD: -0.02% 🇯🇵JPY: -0.03% 🇨🇭CHF: -0.05% 🇬🇧GBP: -0.06% 🇨🇦CAD: -0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Kxcb9EtIWb
  • Indices Update: As of 05:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.45% France 40: 0.26% Wall Street: 0.07% US 500: 0.00% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/I5YIsKQAog
  • 🇯🇵 JPY Tertiary Industry Index (MoM) (NOV), Actual: 1.3% Expected: 1.0% Previous: -5.2% https://www.dailyfx.com/economic-calendar#2020-01-17
  • The $JPY has weakened as a bounce-back in risk appetite saps haven-asset demand. However, the old uptrend line still provides clear resistance. Get your market update from @DavidCottleFX HERE:https://t.co/IMhgQ9jbF9 https://t.co/I7087olftk
  • Heads Up:🇯🇵 JPY Tertiary Industry Index (MoM) (NOV) due at 04:30 GMT (15min), Actual: N/A Expected: 1.0% Previous: -4.6% https://www.dailyfx.com/economic-calendar#2020-01-17
Gold Prices May Finally Break Trend Support on Hawkish Fed

Gold Prices May Finally Break Trend Support on Hawkish Fed

2018-06-13 02:30:00
Ilya Spivak, Sr. Currency Strategist


  • Gold prices vulnerable as the Fed dials up hawkish rhetoric
  • Crude oil prices at risk on USD upswing, EIA inventory data
  • Key multi-year chart support levels might finally be broken

Gold prices retreated as the US Dollar posted the largest increase in two weeks, extending its winning streak to a fourth consecutive day and undercutting the appeal of anti-fiat alternatives. An upshift in the priced-in 2019 interest rate hike path implied in Fed Funds futures looks to have accounted for the move. In-line US CPI data passed largely unnoticed, as expected.

Crude oil prices edged down as a monthly report from OPEC flagged uncertainly about on-coming supply and demand dynamics while the EIA upgraded its forecast for US output. Meanwhile, unnamed sources claimed Russia wants to scale back production curbs to October 2016 levels. API also reported US inventories added 833k barrels last week.


Looking ahead, the FOMC monetary policy announcement is firmly in focus. Leading survey data points to a steep pickup in economic activity and accelerating inflation since the March forecast update, which might make for a hawkish tilt. That is likely to bode ill for gold prices as the US Dollar continues to march higher while broader capital flows move away from non-interest-bearing assets.

The official set of EIA inventory flow statistics is also due. It is expected to show that crude stockpiles shed 1.09 million barrels last week. A print closer in line with the API projection might pressure oil prices downward. A stronger greenback might amplify any such move since the commodity is priced in USD terms on global markets.

See our guide to learn about the long-term forces driving crude oil prices!


Gold prices await clarify at support set from December 2016, now at 1294.89. A breakdown confirmed on a daily closing basis initially exposes the May 21 low at 1282.27, followed by the 1260.80-66.44 area. Alternatively, a push above the 1302.97-07.32 area aims for the upper layer of trend support (1312.82) and a chart inflection point at 1323.60.

Gold price chart - daily


Crude oil prices are trying to resolve a clear directional bias at support set from June 2017. A break of its outer layer, now at 65.12, opens the door for a test of the April 6 low 61.84. Alternatively, a rebound back above resistance in the 66.22-67.36 area targets the 68.64-69.53 region next.

Crude oil price chart - daily


--- 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.


News & Analysis at your fingertips.