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.

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
Bearish
Oil - US Crude
Mixed
Wall Street
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
Gold
Mixed
GBP/USD
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
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
  • Get your snapshot update of the of relative currency strength and exchange status from around the globe here: https://t.co/H19vRDCpUJ https://t.co/S74APOiQ3y
  • Two of the main Euro-pairs, $EURUSD and $EURGBP, are being driven by very different drivers. Get your market update from @nickcawley1 here: https://t.co/Vd32Y6HKEr https://t.co/Lgb5z5V1Xa
  • Recessions can devastate the economy and disrupt the fortunes of individuals, businesses, and investors. But economic decline in the business cycle is inevitable, and your trading can be defined by how you respond to crisis. learn how to prepare here: https://t.co/e4CnobJCss https://t.co/9uPXNvDBS5
  • We ended this past week with another cliffhanger. The $SPX teeters on the edge of a breakdown from the post-pandemic recovery. While we have NFPs and other key data ahead, the markets are likely to remain fixated on yields. My outlook for next week: https://www.dailyfx.com/forex/video/daily_news_report/2021/02/27/SP-500-Dollar-Reversal-Hinge-Not-On-NFPs-but-Markets-Risk-Imagination.html?ref-author=Kicklighter&QPID=917719&CHID=9 https://t.co/mlNDDyTgex
  • Make smart trading decisions with your free guide to trade the news. Download your free guide here.https://t.co/pb5E2KgRzW #DailyFXGuides https://t.co/70ZOJ0ZMwF
  • Looking for a new way to trade reversals? One of the most used reversal candle patterns is known as the Harami. Like most candlestick formation patterns, the Harami tells a story about sentiment in the market. Get better with trading reversals here: https://t.co/rfwUWJfbz9 https://t.co/SyroornFf5
  • MACD who? The Moving Average Convergence Divergence (MACD) is a technical indicator which simply measures the relationship of exponential moving averages (EMA). Find out how you can incorporate MACD into your trading strategy here: https://t.co/ZNs4QhQGQ6 https://t.co/KrMcyZZqO7
  • The Reserve Bank of Australia (RBA) rate decision may spark a bullish reaction in $AUDUSD as the central bank is expected to retain the current course for monetary policy. Get your market update from @DavidJSong here: https://t.co/WbcR9ER0qT https://t.co/TynsqCtPQ6
  • Gold has broken below a critical support confluence we’ve been tracking for months now and the risk remains for further losses while below this threshold in the weeks ahead. Get your $XAUUSD market update from @MBForex here:https://t.co/xgN2obaIWR https://t.co/H71ufPNkPg
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here: https://t.co/QszmdZFxlk https://t.co/Evr5KgUjVo
Gold Prices Seesaw on Dovish ECB, Trade War Jitters May Resurface

Gold Prices Seesaw on Dovish ECB, Trade War Jitters May Resurface

Ilya Spivak, Head Strategist, APAC

GOLD & CRUDE OIL TALKING POINTS:

  • Gold prices seesaw on ECB but fail to find lasting direction
  • Crude oil prices rise as Libya shutters two export terminals
  • G20 energy ministers meet, trade wars may return to focus

Gold prices shot to the highest level in a month after the ECB policy announcement struck a decidedly dovish tone, as expected. Officials said they will wind down QE by year-end but this looked like an admission of defeat, not a declaration of victory. President Draghi said follow-on rate hikes will not come at least until the second half of 2019 and stressed the need for continued accommodation.

The markets were looking for a decidedly more hawkish outcome, so it seems hardly surprising that the ECB’s timid tone offered a lift to non-interest-bearing assets epitomized by the yellow metal. Gains proved fleeting however as a parallel plunge in the Euro echoed as broad US Dollar strength via the bellwether EUR/USD exchange rate. That undermined anti-fiat appeal, erasing most of gold’s gains for the day.

Crude oil prices edged up for a second day. Saudi oil minister Khalid Al-Falih talked up prospects of a deal on easing output quotas that will emerge form next week’s OPEC+ meeting, but the downswing that followed was quickly reversed. The upswing followed reports that shipments from two of the largest ports in Libya were taken offline amid clashes between rival forces.

US CONSUMER CONFIDENCE, G20 MEETING, TRADE WARS

Looking ahead, an uptick in US consumer confidence may reinforce this week’s hawkish Fed policy announcement, boosting rate hike expectations and sending gold lower as the greenback extends upward. A sentiment gauge from the University of Michigan is expected to rise in June after two months of moderation.

Meanwhile, crude oil traders will turn their attention to a meeting of G20 energy ministers in Argentina. The gathering will put officials from Russia, Saudi Arabia, the US and Canada in the same room, which might produce some interesting headline flow.

The former three countries seem to agree on the need for an output boost to bring prices lower. The latter may not be quite so keen considering the high breakeven point for tar sands crude, which might open up another fissure in already strained US/Canada relations.

In fact, markets may return to the subject of trade wars more broadly now that the week’s top-tier event risk has passed. An adequate response to simmering tension on display at last week’s G7 leaders’ summit is still pending. The US may also trigger $50 billion in tariffs aimed at China. That might sour risk appetite, pressuring crude lower alongside stocks. Gold has struggled to find direction in such episodes however.

Learn what other traders’ gold buy/sell decisions say about the price trend!

GOLD TECHNICAL ANALYSIS

Gold prices are still bogged down at support set from December 2016. A daily close below its lower bound at 1296.07 initially exposes the May 21 low at 1282.27. Alternatively, a push above the 1302.97-07.32 area aims for the upper bound of trend support (1313.70), followed by a chart inflection point at 1323.60.

Gold price chart - daily

CRUDE OIL TECHNICAL ANALYSIS

Crude oil prices are testing resistance in the 66.22-67.36 congestion area, with a break above it opening the door for a test of the 68.64-69.53 zone. Alternatively, a reversal through support guiding the uptrend from June 2017 – now at 65.28 – paves the way for a test of the April 6 low 61.84.

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