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
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
Wall Street
Mixed
Gold
Mixed
GBP/USD
Mixed
USD/JPY
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
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 91.88%, while traders in Germany 30 are at opposite extremes with 73.80%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/CSqz149jIb
  • Heads Up:🇲🇽 Consumer Confidence (FEB) due at 12:00 GMT (15min) Previous: 38.4 https://www.dailyfx.com/economic-calendar#2021-03-08
  • Commodities Update: As of 11:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.14% Silver: 0.11% Gold: -0.64% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/ek3t5aE2Bw
  • It seems the markets are riding high, but risk is always lurking around the corner. Consider your escape plan before you find yourself in collapsing market. What are the top havens for different conditions in 2021? Find out from @JohnKicklighter here: https://t.co/1oeXWEsJkb https://t.co/MH6jhXPLfn
  • Forex Update: As of 11:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.00% 🇯🇵JPY: -0.12% 🇦🇺AUD: -0.18% 🇪🇺EUR: -0.28% 🇨🇭CHF: -0.30% 🇳🇿NZD: -0.57% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/bBWSJy1YVZ
  • Heads Up:🇧🇷 BCB Focus Market Readout due at 11:30 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-03-08
  • Indices Update: As of 11:00, these are your best and worst performers based on the London trading schedule: Germany 30: 1.23% France 40: 0.79% FTSE 100: 0.13% Wall Street: -0.12% US 500: -0.61% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/DCLz5aiCa3
  • - Expects path of unemployment to be considerably smoother than Feb forecast, but will be subject to debate
  • - Will be challenging to decide if any increase in prices is likely to be persistent - May need more evidence than normal that a rise in inflation is persistent $GBP
  • BoE's Bailey - Outlook is positive but with large doses of cautionary realism - Contingency planning for negative rates implies nothing about our intentions in that direction
Gold, Crude Oil Price Gains Fail to Breach Key Chart Barriers

Gold, Crude Oil Price Gains Fail to Breach Key Chart Barriers

Ilya Spivak, Head Strategist, APAC

GOLD & CRUDE OIL TALKING POINTS:

Commodity prices were in corrective mode yesterday after the prior session’s fireworks. Gold prices edged higher as the US Dollar retraced some of Tuesday’s gains while a cautious improvement in risk appetite helped buoy sentiment-sensitive crude oil prices. They rose alongside the bellwether S&P 500 index, seemingly ignoring EIA inventory data showing an unexpectedly large 4.85 million barrel build last week.

Looking ahead, the closure of US financial markets for the Thanksgiving holiday is likely to drain liquidity and dampen price action. Thin trading conditions might amplify kneejerk volatility in the event that a particularly potent bit of news hits the newswires unexpectedly. Market participants would be wise to question scope for follow-through on any such moves before participation levels rebuild.

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

GOLD TECHNICAL ANALYSIS

Gold prices are testing a downward-sloping resistance line at 1227.09, with a daily close above that opening the door for a test of the 1235.24-41.64 area. Alternatively, a move below the chart inflection area in the 12.11.05-14.30 zone exposes counter-trend support at 1200.42. A breach of this level may mark resumption of the longer-term decline started in mid-April.

Gold price chart - daily

CRUDE OIL TECHNICAL ANALYSIS

Crude oil prices retested but conspicuously failed to close above support-turned-resistance in the 54.48-55.21 area. From here, a turn lower that breaches below the 52.34-83 zone paves the way to challenge the October 2017 low at 49.16. Alternatively, a daily close above 55.21 targets the February 9 low at 58.11.

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