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. See our updated Privacy Policy here.

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
Subscribe
Please try again
EUR/USD
Bearish
Oil - US Crude
Mixed
Wall Street
Bearish
Gold
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
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • EUR/JPY IG Client Sentiment: Our data shows traders are now net-long EUR/JPY for the first time since Mar 10, 2021 when EUR/JPY traded near 129.31. A contrarian view of crowd sentiment points to EUR/JPY weakness. https://www.dailyfx.com/sentiment https://t.co/59zAMabrWa
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/9S5tXIs3SX https://t.co/fW0bZwEmyN
  • Forex quotes reflect the price of different currencies at any point in time. Since a trader’s profit or loss is determined by movements in price, it is essential to develop a sound understanding of how to read currency pairs. Learn how to read quotes here: https://t.co/CNtqrKWDBY https://t.co/zwj1GW1Isz
  • 🇵🇱 Employment Growth YoY (MAY) Actual: 2.7% Expected: 2.5% Previous: 0.9% https://www.dailyfx.com/economic-calendar#2021-06-18
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Gold are long at 83.48%, while traders in France 40 are at opposite extremes with 75.51%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/HMT6LyyKQO
  • Heads Up:🇵🇱 Employment Growth YoY (MAY) due at 08:00 GMT (15min) Expected: 2.5% Previous: 0.9% https://www.dailyfx.com/economic-calendar#2021-06-18
  • Commodities Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Silver: 1.32% Gold: 0.79% Oil - US Crude: -0.29% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/XrFcwZnnix
  • MACD who? The Moving Average Convergence Divergence (MACD) is a technical indicator which simply measures the relationship of exponential moving averages (EMA). Find out how you can incorporate MACD into your trading strategy here: https://t.co/ZNs4Qi8ieG https://t.co/sNccrLBlhH
  • Forex Update: As of 07:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.17% 🇨🇭CHF: 0.01% 🇪🇺EUR: -0.03% 🇦🇺AUD: -0.26% 🇳🇿NZD: -0.44% 🇬🇧GBP: -0.47% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/z7VcGOqJws
  • Indices Update: As of 07:00, these are your best and worst performers based on the London trading schedule: US 500: 0.07% Wall Street: 0.06% Germany 30: 0.00% France 40: -0.05% FTSE 100: -0.13% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/m5r5lzDOiH
Gold Prices May Pull Back as Crude Oil Gains Amid Risk Recovery

Gold Prices May Pull Back as Crude Oil Gains Amid Risk Recovery

Ilya Spivak, Head Strategist, APAC

GOLD & CRUDE OIL TALKING POINTS:

  • Gold prices soar, break key resistance as US Dollar falls with yields
  • Crude oil prices continue to decline alongside stocks in risk-off trade
  • Risk appetite recovery may boost oil, weigh on gold before week-end

Gold prices soared as continued risk aversion weighed on bond yields, boosting the relative appeal of non-interest-bearing alternatives. The US Dollar continued to sink as well, offering an understandable lift to anti-fiat assets. Crude oil prices fell in lockstep with stocks for a second day.

The Greenback’s weakness is surprising. The benchmark unit’s unrivaled liquidity usually makes it a beneficiary of haven demand. Worries about the pace of Fed tightening seem to be at the heart of the latest risk-off push. Perhaps that has put USD on the pro-risk side of the asset spectrum in this context.

A somewhat related explanation puts the spotlight on a flattening of the 2019 tightening path implied in Fed Funds futures amid the stocks rout. That might imply that investors are betting on a so-called “Powell put”, whereby market instability would inspire a dovish shift in US monetary policy.

RISK APPETITE RECOVERY MAY HURT GOLD, BOOST CRUDE OIL

Looking ahead, a lull in top-tier scheduled event risk may offer markets the space for a correction ahead of the week-end. Indeed, bellwether FTSE 100 and S&P 500 stock index futures are pointing convincingly higher before London and New York come online, hinting at a risk-on bias.

An expected uptick in a University of Michigan gauge of US consumer confidence may help in this regard. Gold may come under pressure against this backdrop as Treasury bonds pull back and yields recover. Crude oil might manage gains as well if stocks retrace some of their recent weakness.

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

GOLD TECHNICAL ANALYSIS

Gold price chart - daily

Gold prices pushed through resistance guiding the down move since mid-April, hinting that the immediate bearish bias has been neutralized. From here, a daily close above the 1235.24-41.64 area exposes the next upside hurdle in the 1260.80-66.44 region. Alternatively, a move back below former resistance at 1211.05 puts the September 28 low at 1180.86 back in focus.

CRUDE OIL TECHNICAL ANALYSIS

Crude oil price chart - daily

Crude oil prices continue to sink after putting in Bearish Engulfing candlestick pattern noted last week. From here, a daily close below the 70.05-26 area would break the rising trend set from mid-August and open the door to challenge the bounds of the longer-term advance started in February. That is now in the 66.43-68.27 zone. Alternatively, a move back above support-turned-resistance at 72.88 paves the way for a retest of the 75.00-77.31 region (August 2011 – June 2012 lows).

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