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
EUR/USD
Mixed
GBP/USD
Bullish
USD/JPY
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
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
Oil - US Crude
Mixed
Bitcoin
Bearish
More View more
Real Time News
  • The latest UK General Election opinion polls continue to show the Conservative Party holding a strong lead over Labour and point to Boris Johnson winning a working majority in Parliament. Get your $GBPUSD market update from @nickcawley1 here: https://t.co/qF04EOUWkI https://t.co/LNl4bXbnpp
  • Recent polls have put Conservatives ahead of Labour and given a boost to $GBP. Get your #Brexit update from @ZabelinDimitri here: https://t.co/l2n53C0cYY https://t.co/oTWfXkaDDt
  • What are the truths and myths of #forex trading? Find out from @DailyFX analysts here: https://t.co/uF75VPzstr #FOMOintrading https://t.co/xeromAGqqx
  • Macro data from around the world have long attested to the urgent need for a trade settlement between the US and China. Increasingly the corporate numbers are saying the same. Get your market update from @DavidCottleFX here:https://t.co/Qon7QUO80c https://t.co/rCOG78QQ2M
  • #Gold prices may fall while the US Dollar gains even as economic policies championed by the Trump administration invite inflation. Get your market update from @IlyaSpivak here: https://t.co/4lHhHsby56 $XAUUSD https://t.co/JmZxckVHdS
  • Cable (GBP/USD) remains just off its seven-month high print around 1.3165 as traders start to move to the side lines ahead of next Thursday’s General Election vote. Get your $GBPUSD market update from @nickcawley1 here: https://t.co/CpCh13J9ZH #Brexit https://t.co/PIh6WUqbsK
  • (Weekly Technical Outlook) GBP/USD, EUR/GBP, GBP/JPY, GBP/CAD Outlook as UK Election Looms $GBPUSD $EURGBP $GBPJPY #UKelection2019 - https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2019/12/07/GBPUSD-EURGBP-GBPJPY-GBPCAD-Outlook-as-UK-Election-Looms.html?CHID=9&QPID=917702 https://t.co/iuILHYczJ7
  • Why do you require consistency in trading and why does it matter? Find out: https://t.co/WlEFlluGfZ #tradingstyle https://t.co/TkMtJQKatx
  • By issuing debt denominated in $USD, China is making a long-term bet that it will be cheaper to pay back its loans over time in the US Dollar; it believes the value of the US Dollar will fall. Get your market update from @CVecchioFX here:https://t.co/5GO9UrvO4y https://t.co/xV9urXXf48
  • What are some risk trading management techniques? Find out: https://t.co/RShdlDz9RA #tradingstyle https://t.co/M3ASPIHAep
Crude Oil Prices Fell as China Rebuffed US Call to Cut Iran Imports

Crude Oil Prices Fell as China Rebuffed US Call to Cut Iran Imports

2018-08-06 00:30:00
Ilya Spivak, Sr. Currency Strategist
Share:

CRUDE OIL & GOLD TALKING POINTS:

  • Crude oil prices lower as China rebuffs US call to cut Iran imports
  • Gold prices corrected higher but near-term trend resistance held
  • Lull in scheduled event risk may clear the way for kneejerk volatility

Crude oil prices edged lower Friday after China said it will not follow the US’ lead in cutting imports from Iran. The re-imposition of sanctions following the Trump administration’s decision to scrap an Obama-era nuclear disarmament accord begins on Monday. Meanwhile, gold prices corrected a bit higher following the prior day’s steep losses.

STRAY HEADLINES MAY SPARK OIL, GOLD VOLATILITY

Looking ahead, a quiet start to the trading week leaves commodity prices without a readily obvious scheduled catalyst. That might make for a consolidative tone, but traders ought to be wary of the markets’ likely increased sensitivity to headline risk in this environment. For example, stray soundbites from Washington or Beijing might amplify trade war concerns and trigger knee-jerk volatility.

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

GOLD TECHNICAL ANALYSIS

Gold prices are digesting losses after dropping to the lowest level in 17 months. Support remains at 1197.94,the 38.2% Fibonacci expansion, with a break below that opening the door for a test of the 50% level at 1186.42. Alternatively, a daily close above trend line resistance – now at 1213.84 – initially targets former support at 1236.66.

Crude Oil Prices Fell as China Rebuffed US Call to Cut Iran Imports

CRUDE OIL TECHNICAL ANALYSIS

Crude oil prices continue to stall at rising trend support established in early February. Near-term resistance is marked by the 23.6% Fibonacci expansion at 70.99, with a break above that on a daily closing basis exposing the 38.2% level at 73.49. Alternatively, a drop below the outer layer of trend support – now at 66.78 – paves the way for a test of the 63.96-64.26 area.

Crude Oil Prices Fell as China Rebuffed US Call to Cut Iran Imports

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

News & Analysis at your fingertips.