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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Oil - US Crude
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
Wall Street
More View more
Real Time News
  • The US Dollar may seesaw as investors navigate what could be a volatile week packed with US GDP data, rising Covid-19 cases, Q3 corporate earnings and more. Get your #currencies update from @ZabelinDimitri here:
  • USD/MXN pushes lower towards a critical support level in the midst of continued political uncertainty. Get your #currencies update from @HathornSabin here:
  • Gold Forecast - via @DailyFX “Gold price outlook still hinges on stimulus deal expectations and corresponding swings in real yields.” What will I have my eyes on in the week ahead? Link to Analysis: $GC_F $XAUUSD $GLD
  • Forex liquidity makes it easy for traders to sell and buy currencies without delay, and also creates tight spreads for favorable quotes. Low costs and large scope to various markets make it the most frequently traded market in the world. Learn more here:
  • Talks between the EU and UK restarted today and will continue over the weekend as negotiators from both sides battle against the clock. Get your #currencies update from @nickcawley1 here:
  • The London trading session accounts for around 35% of total average forex turnover*, the largest amount relative to its peers. The London forex session overlaps with the New York session. Learn about trading the London forex session here:
  • There is a great debate about which type of analysis is better for a trader. Is it better to be a fundamental trader or a technical trader? Find out here:
  • There are three major forex trading sessions which comprise the 24-hour market: the London session, the US session and the Asian session. Learn about the characteristics of each session here:
  • The US Dollar is losing ground against ASEAN FX, with USD/SGD and USD/IDR possibly readying to extend declines. Will USD/PHP and USD/MYR follow? Find out from @ddubrovskyFX here:
  • There are many different types of forex orders, which traders use to manage their trades. While these may vary between different brokers, there tends to be several basic FX order types all brokers accept. Learn about different FX order types here:
Gold Price Drop May Accelerate on US Jobs Report

Gold Price Drop May Accelerate on US Jobs Report

2018-08-03 03:30:00
Ilya Spivak, Head Strategist, APAC


  • Gold prices break July swing low, clear path below $1200/oz
  • Crude oil prices bounce at chart support as risk appetite firms
  • US Dollar may rise on jobs data, hurting gold prices further

Crude oil prices returned to the offensive, with the sentiment-linked WTI benchmark rising alongside the bellwether S&P 500 stock index. Technology names drove the rally, adding 1.37 percent after the market capitalization of Apple Inc surpassed $1 trillion. Meanwhile, gold prices plunged as the US Dollar accelerated upward, sapping the appeal of anti-fiat alternatives epitomized by the yellow metal.


Looking ahead, July’s US employment report is on focus. Payrolls growth is expected to come at 193k while the jobless rate ticks down to 3.9 percent and the pace of wage inflation holds steady at 2.7 percent on-year. Outcomes broadly in line with these projections would mark continuation of the business cycle status quo, which this week’s FOMC statement hinted probably means two more rate hikes before year-end.

On balance, this means anything shy of a particularly disappointing showing is likely to be supportive for the US Dollar as traders ponder the widening gap between the US central bank and its G10 counterparts. That seems likely to bode ill for gold. The implications for oil are less clear-cut as the risk-on implications of a healthy labor market compete for influence with a stronger greenback.

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


Gold prices look vulnerable to deeper losses after breaking below the July 19 low at 1211.65. Sellers now aim to challenge the 38.2% Fibonacci expansion at 1197.94, with a daily close below that exposing the 50% level at 1186.42. Alternatively, a move above trend line resistance at 1217.32 targets former support at 1236.66.

Gold Price Drop May Accelerate on US Jobs Report


Crude oil prices are attempting to launch a rebound from rising trend support set from early February. A daily close above the 23.6% Fibonacci expansion at 70.99 exposes the 38.2% level at 73.49. Alternatively, a close below trend line support at 66.68 opens the door for a test of the 63.96-64.26 area.

Gold Price Drop May Accelerate on US Jobs Report


--- Written by Ilya Spivak, Currency Strategist for

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.