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
Bearish
Oil - US Crude
Mixed
Wall Street
Bearish
Gold
Mixed
GBP/USD
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
USD/JPY
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
More View more
Real Time News
  • Has anyone explained the risk of inflation on the markets in terms of tendies?
  • The US Dollar is trying to break higher versus ASEAN currencies. The Singapore Dollar, Philippine Peso, Thai Baht and Indonesian Rupiah are under pressure. Will follow-through last? Get your market update from @ddubrovskyFX here:https://t.co/JOWG9q01q0 https://t.co/j2ICxgrLa3
  • The commodity-sensitive Canadian Dollar may continue outperforming its major counterparts in the coming weeks. USD/CAD, CAD/CHF, CAD/JPY and EUR/CAD key levels to watch. Get your $USDCAD market update from @DanielGMoss here:https://t.co/9bkVXQuP5C https://t.co/cLNEG36mZ8
  • We just closed out the heaviest week of volume for the $SPY (US equities) since June and $TLT (Treasuries) since March 16
  • Get your snapshot update of the of market open and closing times for each major trading hub around the globe here: https://t.co/BgZLFljIhZ https://t.co/YjUfOUY3vU
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: -0.30% 🇨🇭CHF: -0.41% 🇬🇧GBP: -0.62% 🇨🇦CAD: -1.12% 🇳🇿NZD: -1.87% 🇦🇺AUD: -2.11% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/ZdHY0q1ocW
  • #Gold Price Forecast: Gold Breakdown Accelerates – $XAUUSD Bulls Done? - https://t.co/uATlmZg8g6 https://t.co/vIbhg5HOko
  • Commodities Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.20% Gold: -2.10% Silver: -2.97% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/UVS4Dowq2o
  • Nasdaq ETF QQQ sees its largest outflow in a month as investors shied away from tech stocks. Get your #Nasdaq market update here:https://t.co/tQU09WVHMD https://t.co/onCVQl0xay
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.13%, while traders in GBP/JPY are at opposite extremes with 67.63%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/PYZh1az5EC
Crude Oil Prices Vulnerable as Markets Eye Key OPEC Meeting

Crude Oil Prices Vulnerable as Markets Eye Key OPEC Meeting

Ilya Spivak, Head Strategist, APAC

CRUDE OIL & GOLD TALKING POINTS:

  • Crude oil prices seesaw as OPEC meeting enters the spotlight
  • The bar seems set somewhat high for upside output cut surprise
  • Gold prices may get boost as bond yields fall in risk-off trade

Commodities made little headline yesterday with US markets shuttered for a national day of mourning following the death of former President George H.W. Bush. Another intraday rally in crude oil prices failed to find follow-through, with the WTI contract erasing early gains to settle little-changed. Gold prices drifted sideways, echoing a similarly non-committal US Dollar.

CRUDE OIL PRICES EYE PIVOTAL OPEC MEETING

Looking ahead, all eyes turn to Vienna where OPEC ministers are due to gather for a meeting expected to result in a new coordinated output cut. Members of the so-called OPEC+ grouping comprising cartel members and key allies including Russia signaled support for the move. Agreement on the size of the producer bloc’s supply reduction remained elusive however.

This offers something of a framework for interpreting how markets might on-board the meeting’s outcome. If officials fail to work out the details – leaving them to be find-tuned over the coming months and subsequently reviewed at a future meeting – this is likely to register as a disappointment that pushes prices crude oil prices lower. A token decrease seen as insufficient to offset surging US output might have a similar effect.

GOLD MAY BENEFIT AS YIELDS FALL AMID MARKET ROUT

As for gold, it may find a bit of support as Treasury bond yields fall amid risk aversion, boosting the relative appeal of non-interest-bearing alternatives. Asia Pacific bourses are taking heavy losses and bellwether S&P 500 stock index futures are pointing sharply lower ahead of the opening bell on Wall Street, hinting that more of the same is on tap ahead. Any haven-linked US Dollar gains might cap the yellow metal however.

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

GOLD TECHNICAL ANALYSIS

Gold prices continue to hover at resistance in the 1235.24-41.64 area. A daily close above it paves the way for a test of the 1260.80-66.44 zone. Alternatively, a reversal below rising trend support at 1206.97 sees the next downside barrier marked by a range floor in the 1180.86-87.83 region.

Crude Oil Prices Vulnerable as Markets Eye Key OPEC Meeting

CRUDE OIL TECHNICAL ANALYSIS

Crude oil prices continue to stall below resistance at 53.33 (former support, falling trend line), with a pair of Shooting Star candlesticks hinting at a possible turn lower ahead. A break below the October 9, 2017 low at 49.16 exposes the August 31, 2017 bottom at 45.62. Alternatively, a daily close above 53.33 targets former support-turned-resistance at 55.24.

Crude Oil Prices Vulnerable as Markets Eye Key OPEC Meeting

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