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
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
More View more
Real Time News
  • The $USD faces selling pressure against the Malaysian Ringgit and Philippine Peso. More losses may be in store in $USDMYR as $USDPHP descends through rising support from 2013. Get your market update from @ddubrovskyFX here: https://t.co/t3kmFpmg1w https://t.co/miBrgxmtkA
  • $AUDJPY has launched yet another attempt to breach a multi-month downward trend resistance after failing to break above it in September. Will two consecutive defeats precede a reversal lower? Find out from @ZabelinDimitri here: https://t.co/b3nWUu0QZy https://t.co/Lj0ZSWOdp1
  • The #Euro has breached resistance guiding it lower for nearly four months, setting the stage for gains. Any near-term rise is unlikely to derail the long-term downtrend, however. Get your Euro market update here: https://t.co/gl9VRc3XEp https://t.co/K2mQuEolQc
  • We just closed out the $DXY's worst weekly tumble since January 2018...and it still hasn't cleared this frustratingly restrictive channel https://t.co/cJedpn0g8D
  • Heads Up:🇬🇧 GBP U.K. Government Sits to Discuss Brexit due at 23:01 GMT (15min) https://www.dailyfx.com/economic-calendar#2019-10-18
  • “Gold Price Charts on Cusp of Major Breakout” - via @DailyFX Check out the preview of this week’s technical outlook for $XAUUSD below. Link to full analysis: https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2019/10/18/xau-usd-xauusd-gold-price-charts-on-the-cusp-of-a-major-breakout.html https://t.co/7X6nkafn7D
  • With a #Brexit deal in focus and the US-China trade war de-escalating, G10 currencies’ central banks’ rate cut odds have receded. Get your market update from @CVecchioFX here: https://t.co/k7XkyKD7iW https://t.co/vaZV1vSWjP
  • ECB President Lagarde says Trump should stop criticizing the Fed with tweets -BBG
  • Politics continues to dictate volatility in the $GBP with option premiums at the highest since the 2016 EU referendum. Get your market update from @JMcQueenFX here:https://t.co/cpApmLPBgR https://t.co/vwpmpyZOam
  • The US Citi Economic Surprise Index dropped to 8 today, down from 44.9 on September 26th https://t.co/y3Jk0TUhJk
Crude Oil Prices Hold Up But Gold Sinks as Risk Appetite Fizzles

Crude Oil Prices Hold Up But Gold Sinks as Risk Appetite Fizzles

2018-08-31 02:30:00
Ilya Spivak, Sr. Currency Strategist


Crude oil prices managed a narrow gain Thursday despite an otherwise broadly risk-off day across financial markets. An unexpectedly large drop in US inventories seemed to continue offering support. Soundbites from Iran appeared to help as Tehran again threatened to stop exports to the Middle East altogether if US-backed sanctions prevent it from shipping through the critical chokepoint in the Strait of Hormuz.

Gold prices were not so lucky however as haven-seeking capital flows buoyed the US Dollar, sinking the perennial anti-fiat alternative. Emerging markets buckled as Argentina asked the IMF to speed up payment on a $50 billion credit line, rekindling worries about the knock-on effects of Fed-driven rise in global borrowing costs. Meanwhile, US President Trump threatened China with yet more tariffs.


Looking ahead, a relatively muted offering on the economic calendar is likely to keep sentiment trends in the spotlight. With yesterday’s worries unresolved, the path of least resistance seems to favor continued risk aversion. Bellwether S&P 500 futures are conspicuously flat in late Asia Pacific trade however, hinting that traders mindful of weekend gap risk may opt to delay follow-through.

Policymakers across the globe are no doubt scrambling to address the various flashpoints worrying investors. A breakthrough on one of these fronts over the weekend might make for a substantive disparity between Monday’s trading open and Friday’s close for sentiment-sensitive assets. With that in mind, market participants may hold off on increasing anti-risk exposure further, at least for now.

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


Gold prices continue to hover at a counter-trend line guiding the upswing from mid-August lows. A break lower would hint that the down move from mid-April has resumed, with the August 24 low at 1183.28 emerging as the next layer of support. Alternatively, a push back abovethe August 28 high at 1214.30 targets the 1235.24-41.64 area (Dec’17 support, 38.2% Fibonacci retracement).

Gold price chart - daily


Crude oil prices continue to rise toward resistance marked by the 38.2%Fibonacci expansionat 70.99. A break above this barrier confirmed on a daily closing basis opens the door for a test of the 72.88-73.02 area (May 22 high, 50% level). Alternatively, a reversal back below the 23.6% Fib at 68.49 exposes rising trend support in the 65.02-66.87 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.