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
Crude Oil Prices Eye OPEC Seminar for Output Cap Strategy Preview

Crude Oil Prices Eye OPEC Seminar for Output Cap Strategy Preview

Ilya Spivak, Head Strategist, APAC

CRUDE OIL & GOLD TALKING POINTS:

  • Crude oil and gold prices drop as Sino-US trade war fears sour sentiment
  • OPEC seminar may be preview of Vienna strategy session on output curbs
  • ECB Forum may offer crucial glimpse of global trends in monetary policy

Crude oil prices turned lower as risk appetite soured across financial markets amid signs of escalation in the Sino-US trade war, weighing on the spectrum of sentiment-linked assets to varying degrees. Gold pricesfell as haven demand sent the US Dollar higher, sapping the appeal of anti-fiat alternatives and overwhelming the supportive influence of falling bond yields.

OPEC SEMINAR, ECB FORUM IN THE SPOTLIGHT

From here, official EIA inventory data is expected to show US crude stockpiles shed 2.43 million barrels last week. API numbers published yesterday pointed to a nominally larger 3.02 million barrel outflow, which may foreshadow a narrow upside surprise. That seems unlikely to have a lasting impact on price action however as all eyes remain on the upcoming OPEC+ meeting.

With that in mind, soundbites from the OPEC International Seminar might prove most market-moving. Ministers from all of the cartel’s member states are due to attend and their interaction each other as well as the media might offer a glimpse of what to expect when they are joined by representatives of other to producers in Vienna Friday to discuss the fate of coordinated output curbs.

Meanwhile, comments from the ECB Forum in Sintra, Portugal might emerge as the catalyst for gold prices. The gathering of leading economists and central bank officials is has taken up the key policy issue of the past decade: growth and labor markets have recovered smartly from the Great Recession but inflation remains stubbornly low, making ultra-loose monetary settings the norm.

The yellow metal most frequently trades as natural foil to paper currencies, so keeping global rates low for an extended period is necessarily supportive. On the other hand, the upward pressure exerted on worldwide borrowing costs by Fed tightening is a natural headwind. Commentary suggesting how this narrative might evolve from the very people that are steering policy might thus translate into volatility.

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

GOLD TECHNICAL ANALYSIS

Gold prices continue to edge lower after breaking the uptrend set from December 2016. Near-term support is in the 1260.80-66.44 area, with a daily close below that exposing the December 2017 low at 1236.66. Alternatively, a reversal above support-turned-resistance marked by the May 21 low at 1282.27 opens the door for a retest of the $1300/oz figure.

Gold price chart - daily

CRUDE OIL TECHNICAL ANALYSIS

Crude oil prices are digesting above support in the 63.96-64.26 area after breaking the bounds of the rising trend set from June 2017. A break lower confirmed on a daily closing basis initially exposes the April 6 low at 61.84. Critical resistance remains in the 66.22-67.36 zone, with a break above that needed to neutralize the near-term bearish bias.

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