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
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
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
  • Recessions can devastate the economy and disrupt the fortunes of individuals, businesses, and investors. But economic decline in the business cycle is inevitable, and your trading can be defined by how you respond to crisis. learn how to prepare here: https://t.co/e4CnobJCss https://t.co/9uPXNvDBS5
  • We ended this past week with another cliffhanger. The $SPX teeters on the edge of a breakdown from the post-pandemic recovery. While we have NFPs and other key data ahead, the markets are likely to remain fixated on yields. My outlook for next week: https://www.dailyfx.com/forex/video/daily_news_report/2021/02/27/SP-500-Dollar-Reversal-Hinge-Not-On-NFPs-but-Markets-Risk-Imagination.html?ref-author=Kicklighter&QPID=917719&CHID=9 https://t.co/mlNDDyTgex
  • Make smart trading decisions with your free guide to trade the news. Download your free guide here.https://t.co/pb5E2KgRzW #DailyFXGuides https://t.co/70ZOJ0ZMwF
  • Looking for a new way to trade reversals? One of the most used reversal candle patterns is known as the Harami. Like most candlestick formation patterns, the Harami tells a story about sentiment in the market. Get better with trading reversals here: https://t.co/rfwUWJfbz9 https://t.co/SyroornFf5
  • 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/ZNs4QhQGQ6 https://t.co/KrMcyZZqO7
  • The Reserve Bank of Australia (RBA) rate decision may spark a bullish reaction in $AUDUSD as the central bank is expected to retain the current course for monetary policy. Get your market update from @DavidJSong here: https://t.co/WbcR9ER0qT https://t.co/TynsqCtPQ6
  • Gold has broken below a critical support confluence we’ve been tracking for months now and the risk remains for further losses while below this threshold in the weeks ahead. Get your $XAUUSD market update from @MBForex here:https://t.co/xgN2obaIWR https://t.co/H71ufPNkPg
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here: https://t.co/QszmdZFxlk https://t.co/Evr5KgUjVo
  • $GBPUSD corrects from stretched valuations, however, positioning clear is likely to entice dip-buyers. Get your market update from @JMcQueenFX here: https://t.co/sfFdBx9pN6 https://t.co/j6nnry65SW
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out https://t.co/c51s3IBcEu https://t.co/oQrOpYINOj
Gold, Crude Oil Prices Face Whipsaw Risk as Sentiment Seesaws

Gold, Crude Oil Prices Face Whipsaw Risk as Sentiment Seesaws

Ilya Spivak, Head Strategist, APAC

GOLD & CRUDE OIL TALKING POINTS:

  • Gold prices rise as bond yields decline in risk-off trade
  • Crude oil prices edge lower as overall sentiment sours
  • Follow-through unlikely as directional conviction ebbs

Gold prices rose as market sentiment soured anew (as expected), weighing on bond yields and cooling Fed rate hike bets. That buoyed the appeal of non-interest-bearing alternatives. Meanwhile, risk-geared crude oil prices fell alongside stocks for most of the day. A last-minute rebound on Wall Street marked a reversal that trimmed intraday losses however, keeping the WTI contract within familiar territory.

GOLD, CRUDE OIL MAY LINGER AS MARKET CONVICTION EBBS

Looking ahead, bellwether S&P 500 futures hint at a cautiously upbeat mood. Gold may retreat as yields recover while crude oil follows share prices higher against this backdrop, but only if pro-risk momentum is sustained. Betting on follow-through appears to be ill-advised however, with the threat of seesaw volatility still seemingly acute.

Most pressing of all, a partial shutdown of the US government looks likely to persist into the 2019 legislative session, where newly divergent majorities in the chambers of Congress might make for prolonged acrimony. That is compounded by a darkening outlook for global economic growth, a simmering trade war between the US and China, as well as Brexit-linked uncertainty.

With all of this in mind, traders will probably shy away from showing strong directional conviction one way or another, opting to head into the New Year holiday with portfolio risk as neutralized as possible. EIA inventory flow data headlines the calendar. It is expected to show stockpile shed 3.39 million barrels last week but an estimate from API called for a 6.92-million-barrel build.

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

GOLD TECHNICAL ANALYSIS

Gold prices continue to push toward resistance in the 1282.27-88.85 area. A break above that confirmed on a daily closing basis exposes the 1302.97-07.32 region next. Alternatively, a move below support in the 1257.60-66.44 zone targets a rising trend line set from mid-November, now at 1246.46.

Gold price chart - daily

CRUDE OIL TECHNICAL ANALYSIS

Crude oil prices stalled after bouncing from support in the 42.05-55 area. From here, a daily close above the November 29 low at 49.41 would neutralize the downward trend started in early October and expose the 54.51-55.24 zone. Alternatively, drop below 42.05 opens the door for a test of the August 2016 low at 39.19.

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