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
EUR/USD
Bullish
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
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
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
Bullish
More View more
Real Time News
  • Understanding the US-Mexico relationship and how the ebb and flow of economic activity in the former impacts the latter is crucial for trading USD/MXN. Get your $USDMXN market update from @ZabelinDimitri and @FxWestwater here:https://t.co/oCRV13zbF0 https://t.co/ZnqRxkYayI
  • 🇳🇱 Consumer Confidence Final (JUN) Actual: -27 Previous: -31 https://www.dailyfx.com/economic-calendar#2020-07-06
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.22%, while traders in US 500 are at opposite extremes with 69.86%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/MNLQfuvr2U
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.33% 🇪🇺EUR: 0.30% 🇳🇿NZD: 0.26% 🇨🇦CAD: 0.09% 🇬🇧GBP: 0.01% 🇯🇵JPY: -0.18% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/1neF13YBgw
  • Heads Up:🇳🇱 Consumer Confidence Final (JUN) due at 04:30 GMT (15min) Previous: -31 https://www.dailyfx.com/economic-calendar#2020-07-06
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: Germany 30: 2.30% France 40: 2.21% Wall Street: 1.75% FTSE 100: 1.54% US 500: 1.44% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/hossI2xmCO
  • A macro forex trading guide exploring the US-Canada relationship and how to trade the Canadian Dollar through the prism of the Core-Perimeter model. Get your market update from @ZabelinDimitri and @PeterHanksFX here:https://t.co/dF51UMcGFC https://t.co/Ba5JxKQFrH
  • RT @DanielGMoss: Risk assets following Chinese equities higher as the #ChinaA50 index breaks to fresh 12-year highs The trade-sensitive $…
  • RT @margaretyjy: The FTSE China A50 Index hit 12-year high at 15,600 points. Mainland China brokerage firms were reported to see new accoun…
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.15% Gold: -0.10% Silver: -0.40% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/t230TpLdIC
Gold Prices May Fall if PCE Data Puts Fed Outlook Back in Focus

Gold Prices May Fall if PCE Data Puts Fed Outlook Back in Focus

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

GOLD & CRUDE OIL TALKING POINTS:

  • Gold prices fail to capitalize on knock-on US Dollar weakness
  • Crude oil prices soar as EIA reports large inventory outflow
  • US PCE inflation data may revive focus on Fed rates outlook

Gold prices marked time Wednesday, managing a narrow retracement following the prior day’s weakness but falling short of substantive trend development. Perhaps tellingly, it was unable to capitalize even as cross-winds from a Brexit-inspired GBP/USD rally weighed on the US Dollar. The greenback’s weakness is typically a boon for the anti-fiat yellow metal.

Crude oil prices began the day with a similar retracement of earlier losses. The move accelerated higher however to mark the largest increase in five days as EIA inventory data showed stockpiles shed 2.57 million barrels last week. Economists were looking for a meager 967k barrel outflow and a leading estimate from API pointed to a narrow build.

GOLD, CRUDE OIL MAY FALL AS PCE DATA BOOSTS US DOLLAR

Looking ahead, the Fed’s favored PCE gauge of US inflation is in focus. The core on-year price growth rate is expected to return to target at 2 percent having narrowly fallen short of it in the past three months. Anything short of an improbably dramatic deviation from forecasts seems unlikely to materially alter the monetary policy outlook. It might still remind investors of the US central bank’s hawkish disposition, boosting the US Dollar and thereby weighing on raw materials prices.

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

GOLD TECHNICAL ANALYSIS

Gold prices are stalling at countertrend line support defining the move higher form mid-August lows. A break below this barrier would mark resumption of the dominant down trend established from mid-April, initially targeting the August 24 low at 1183.28. Alternatively, a move back abovethe August 28 high at 1214.30 paves the way for another challenge of the 1235.24-41.64 area (Dec’17 support, 38.2% Fibonacci retracement).

Gold Prices May Fall if PCE Data Puts Fed Outlook Back in Focus

CRUDE OIL TECHNICAL ANALYSIS

Crude oil prices are edging toward resistance at 70.99, the 38.2%Fibonacci expansion. A daily close above that exposes the 72.88-73.02 area (May 22 high, 50% level). Alternatively, a turn back below the 23.6% Fib at 68.49 paves the way for a retest of trend support in the 64.95-66.80 zone.

Gold Prices May Fall if PCE Data Puts Fed Outlook Back in Focus

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.