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
EUR/USD
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
Oil - US Crude
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
Wall Street
Bullish
Gold
Mixed
GBP/USD
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
USD/JPY
Bearish
More View more
Real Time News
  • Multiple time frame analysis follows a top down approach when trading and allows traders to gauge the longer-term trend while spotting ideal entries on a smaller time frame chart. Learn how to incorporate multiple time frame analysis here: https://t.co/HnzQcAXWLU https://t.co/A517hC0JAG
  • Take a closer look visually at the most influential global importers and exporters here: https://t.co/1G7CRsegRX https://t.co/jBFhVRWLyy
  • Copper prices seem to have stalled just shy of key chart resistance as geopolitical tensions weigh on the global-growth proxy. Get your copper market update from @ddubrovskyFX here:https://t.co/qseySE5dWP https://t.co/u0HoA9tVvz
  • The #Euro may pay the price for the EU’s stance on its digital sovereignty while the US Dollar eyes closely-scrutinized US fiscal stimulus talks. Get your $EURUSD market update from @ZabelinDimitri here:https://t.co/Ga3DdHod7j https://t.co/Mfhb5iqLF6
  • The Indian Rupee struggled to benefit from an unexpected RBI rate hold as the Nifty 50 inched closer to invalidating a bearish reversal signal. What is the road ahead for USD/INR? Find out from @ddubrovskyFX here:https://t.co/Zjiay6hQWT https://t.co/TvedUlvwxd
  • While the balance sheet did not set higher highs US initial jobless claims fell to their lowest since the middle of March If you invert jobless claims, it set a higher high alongside #SP500 #FoodForThought ahead of the weekend, and have a good one! https://t.co/n6SaEdnpMi https://t.co/AKNYNlUa4l
  • Copper prices seem to have stalled just shy of key chart resistance as geopolitical tensions weigh on the global-growth proxy. Get your copper market update from @ddubrovskyFX here:https://t.co/qseySE5dWP https://t.co/zuQMaDqScY
  • When is a 1.76 million jobs added to the US economy underwhelming? When it is still 12.88 million jobs from the pre-pandemic level and economists warn the subsequent gains are going to slow sharply... https://t.co/IUMBsiGYYC
  • The New Zealand Dollar may extend its surge from yearly lows as it tentatively signals a cyclical upturn. NZD/USD, NZD/JPY rates poised for further gains. Get your market update from @DanielGMoss here: https://t.co/vrOuFkvWpX https://t.co/wKbQNFAZbn
  • The US Dollar is testing key support levels against the Singapore Dollar, Malaysian Ringgit, Philippine Peso and Indonesian Rupiah following persistent losses. Get your #ASEAN currencies market update from @ddubrovskyFX here: https://t.co/qqYDELqydd https://t.co/nh7SspnIzF
Gold, Crude Oil Prices May Weaken Further on Hawkish Powell Speech

Gold, Crude Oil Prices May Weaken Further on Hawkish Powell Speech

2018-08-24 03:00:00
Ilya Spivak, Head Strategist, APAC
Share:

GOLD & CRUDE OIL TALKING POINTS:

  • Commodity prices drop as US Dollar gains before Jackson Hole symposium
  • Gold prices retreat from resistance, crude oil rally stalls at former support
  • Hawkish Fed Chair Powell speech may keep raw materials under pressure

Commodity prices turned lower Thursday following the prior sessions’ gains as a recovery in the US Dollar pressured assets denominated in terms of the benchmark unit (as expected). Perennially anti-fiat gold prices appeared to reflect the currency’s recovery most directly while crude oil prices merely stalled having scored the largest daily gain in 2 months Wednesday.

GOLD, CRUDE OIL PRICES AT RISK ON HAWKISH POWELL SPEECH

The greenback advanced alongside two-year Treasury bond yields as the priced-in 2018 interest rate hike path implied in Fed Funds futures steepened. The move probably marks pre-positioning ahead of a much-anticipated speech from Fed Chair Jerome Powell at the central bank’s Economic Symposium in Jackson Hole, Wyoming on Friday.

The annual gathering is often used to unveil guidance signaling the direction of policy in the subsequent months. Mr Powell is likely to use the occasion to reiterate that the Fed intends to proceed with gradual interest rate hikes despite admonitions from President Donald Trump and potentially destabilizing spillover beyond US borders.

Familiar worries about trade wars, emerging market jitters and a likely growth slowdown in the second half of the year will probably re-emerge, echoing minutes from Augusts’ FOMC meeting published earlier this week. Articulating policymakers’ commitment to tightening despite these headwinds may continue to drive commodities lower as the Dollar extends gains.

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

GOLD TECHNICAL ANALYSIS

Gold prices retreated from resistance defining the down trend started in mid-June. Support begins at 1160.37, the August 16 low, with a daily close below that targeting the 38.2% Fibonacci expansion at 1127.93. Alternatively, a rebound and breach above support-turned-resistance at 1204.59 targets the 1236.66-40.86 area.

Gold price chart - daily

CRUDE OIL TECHNICAL ANALYSIS

Crude oil prices stalled at support-turned-resistance guiding the uptrend from February. A daily close above its outer boundary – now at 68.90 – exposes the 69.89-70.41 area next. Alternatively, a push below support in the 63.96-64.26 zone opens the way for a challenge of swing low support at 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

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.