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
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
More View more
Real Time News
  • RT @realDonaldTrump: Congratulations to Boris Johnson on his great WIN! Britain and the United States will now be free to strike a massive…
  • The $USD may fall against the Japanese Yen as bearish technical positioning plays out. The Nikkei 225 stock index could follow suit. Get your market update from @IlyaSpivak here:https://t.co/FeaxCvsjH2 https://t.co/2LpqI1rmm1
  • 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/OQ3Z4F5IKd
  • RT @onlyyoontv: Hearing from sources here- one government- #China leaders not yet accepted deal. Issues? 1) $50bln purchases hard target. O…
  • The USD/INR may fall as the Nifty 50 rises after the US and China avoided tariff escalation and Indian CPI increased at its fastest pace since July 2016 amid on onion shortage #Rupee #Nifty $USDINR #India - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2019/12/13/US-Dollar-Rupee-and-Nifty-50-Outlook-After-Trade-Deal-Indian-CPI.html?CHID=9&QPID=917702 https://t.co/bFYO1ancMP
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.72%, while traders in France 40 are at opposite extremes with 80.26%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/nYymXMT3Ef
  • AUD/USD IG Client Sentiment: Our data shows traders are now net-short AUD/USD for the first time since Nov 07, 2019 when AUD/USD traded near 0.69. A contrarian view of crowd sentiment points to AUD/USD strength. https://www.dailyfx.com/sentiment https://t.co/N8I5yJQvDQ
  • Forex Update: As of 05:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 2.27% 🇪🇺EUR: 0.37% 🇳🇿NZD: 0.28% 🇨🇦CAD: 0.14% 🇨🇭CHF: -0.03% 🇯🇵JPY: -0.29% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/cHbkZaRBsW
  • Indices Update: As of 05:00, these are your best and worst performers based on the London trading schedule: Germany 30: 1.00% France 40: 0.90% Wall Street: 0.38% US 500: 0.36% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/xjpsQhj1YB
  • Conservative Party secure majority after winning 326th seat - Sky News
Crude Oil Prices Rise Despite Market Turmoil, Gold Stuck in Place

Crude Oil Prices Rise Despite Market Turmoil, Gold Stuck in Place

2018-08-13 06:04:00
Ilya Spivak, Sr. Currency Strategist


  • Crude oil prices rise as IEA hints production pickup may be over
  • OPEC monthly report, EIA drilling statistics now in the spotlight
  • Gold prices stuck in place as US Dollar, Treasury yields diverge

Crude oil prices turned higher Friday after the IEA upgraded demand forecasts for 2018 and 2019 while saying that supply fears have abated. This is after the OPEC-led group of top producers scaled back coordinated output cuts. Traders seemed to interpret the news to mean that pressure to step up shipments further has receded.

Meanwhile, gold prices remained stuck in place as Turkey-inspired risk aversion sent the US Dollar higher even as safety-seeking capital flows buoyed Treasury bonds, sending yields downward. That put yellow metal’s appeal as an anti-fiat alternative directly in conflict with its role as benchmark non-interest-bearing asset. This translated into sideways drift on net, highlighting the folly of categorizing gold as a “haven”.


From here, the OPEC Monthly Report will help gauge if the producer bloc and its allies are indeed satisfied enough with the recent output increase to take their foot off the accelerator. Later in the day, the EIA Drilling Productivity Report will add another piece to the supply/demand puzzle, offering clues about the possibility that a pickup in shipments from the US will flood global stockpiles again.

As for gold, it edged slightly lower as sentiment soured last week. Despite prices’ inability to break loose of recent ranges, that suggests that the Dollar’s influence outpaced that of bond yields (if only slightly). This might translate into modest gains if the greenback corrects lower as risk aversion moderates after Turkey’s central bank offered markets an emergency liquidity boost.

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


Gold prices are stuck in a narrow range but a bullish Piercing Line candlestick pattern coupled with RSI divergence hints a bounce may be ahead. A push above support-turned-resistance at 1221.25 opens the door for a retest of the 1236.6-40.86 area. Immediate support is at 1204.59, the August 3 low.

Gold Price Chart - daily


Crude oil prices rose to retest support-turned-resistance marking the rising trend from early February. A daily close above its outer layer at 68.36 sees the next upside hurdle in the 69.89-70.41 area. Alternatively, a move back below the swing low at 66.18 exposes the 63.96-64.26 zone.

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.