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.

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
Mixed
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
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
Gold
Bearish
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • Gold Prices Pause Rally as India's Covid Infections Surge, US Jobless Claims Fall https://www.dailyfx.com/forex/market_alert/2021/04/23/Gold-Prices-Pause-Rally-as-Indias-Covid-Infections-Surge-US-Jobless-Claims-Fall.html https://t.co/9RirRjOekY
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.68%, while traders in Germany 30 are at opposite extremes with 70.03%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/vbeOzxRu74
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.31% 🇨🇦CAD: 0.25% 🇬🇧GBP: 0.16% 🇪🇺EUR: 0.06% 🇯🇵JPY: 0.03% 🇨🇭CHF: -0.00% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/zGpPWjlcZp
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: US 500: 0.20% Wall Street: 0.13% France 40: -0.18% FTSE 100: -0.36% Germany 30: -0.37% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/lm4CTJGA11
  • 🇹🇭 Balance of Trade (MAR) Actual: $0.71B Expected: $0.6B Previous: $0.01B https://www.dailyfx.com/economic-calendar#2021-04-23
  • RT @FxWestwater: #Bitcoin Sinks as US Capital Gains Tax Proposal Injects Fear Into Crypto Market Link: https://www.dailyfx.com/forex/market_alert/2021/04/23/Bitcoin-Sinks-May-Fall-Further-as-Tax-Fears-Spook-Crypto-Market.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr $BTCUSD htt…
  • Heads Up:🇹🇭 Balance of Trade (MAR) due at 03:30 GMT (15min) Expected: $0.6B Previous: $7.25B https://www.dailyfx.com/economic-calendar#2021-04-23
  • As expected when I wrote about crypto a week ago after multiple bearish warning signs emerged (Doji and RSI divergence). #BITCOIN now looking to follow the bearish implications of a Rising Wedge #BTC $BTCUSD - https://www.dailyfx.com/forex/technical/article/special_report/2021/04/15/Bitcoin-BTC-Litecoin-LTC-Ethereum-ETH-Analysis-Is-Momentum-Fading.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/JWnF8M1R73
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.63% Gold: 0.22% Silver: 0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/JYjpeVZCY2
  • Human error in the forex market is common and often leads to familiar trading mistakes. These trading mistakes crop up particularly with novice traders on a regular basis. Learn about the top ten trading mistakes and how you can avoid them here: https://t.co/i8E2AXtzF3 https://t.co/v7ulcLZExv
Gold Prices May Keep Falling as ISM Data Lifts Fed Rate Hike Bets

Gold Prices May Keep Falling as ISM Data Lifts Fed Rate Hike Bets

Ilya Spivak, Head Strategist, APAC

GOLD & CRUDE OIL TALKING POINTS:

  • Crude oil prices sink as EIA shows US output hit a record high in August
  • WTI contract rejected at trend resistance, menacing support above $64/bbl
  • Gold prices may drop further as ISM data boosts Fed rate hike prospects

Gold prices continued to fall as recovering risk appetite sent Treasury bond yields higher alongside stocks while the 2019 rate hike outlook implied in Fed Funds futures steepened. That understandably undermined the appeal of non-interest-bearing assets.

Typically pro-risk crude oil prices failed to capitalize however. An EIA report revealed that the US became the world’s largest producer in August, delivering a record-setting 11.35 million barrels per day. A separate release showed inventories added 3.22 million barrels last week, topping consensus forecasts.

GOLD PRICES MAY FALL FURTHER ON US ISM DATA

Looking ahead, October’s US manufacturing ISM survey is on tap. A slight slowdown in overall sector activity is expected but the main takeaway from the release might be a dramatic jump in costs growth. Forecasts are calling for the largest rise since March after four consecutive months of deceleration.

That might stoke bets on acceleration in broader inflation, encouraging a hawkish shift in Fed policy bets and punishing gold further. A spirited upswing in S&P 500 futures hints at continued risk-on progress that might compound the yellow metal’s losses. Oil prices might muster a corrective rise against this backdrop.

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

GOLD TECHNICAL ANALYSIS

Gold prices are retreating from resistance in the 1235.24-41.64 area, as expected. A daily close below initial support in the 1211.05-14.30 zone exposes the 1180.86-87.83 region. Alternatively, a sustained recovery above 1241.64 sees the next upside threshold in the 1260.80-66.44 region.

Gold Prices May Keep Falling as ISM Data Lifts Fed Rate Hike Bets

CRUDE OIL TECHNICAL ANALYSIS

Crude oil prices are menacing support in the 64.26-45 area, with a daily close below that exposing 61.84. A seemingly durable layer of resistance begins at 67.08, with a break above that opening the door for a test of the next upside threshold at 68.95. Longer-term chart positioning hints a major top is in the works.

Gold Prices May Keep Falling as ISM Data Lifts Fed Rate Hike Bets

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