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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
Real Time News
  • What is your forex trading style? Take the quiz and find out:
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.78%, while traders in France 40 are at opposite extremes with 82.59%. See the summary chart below and full details and charts on DailyFX:
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.53% 🇨🇦CAD: 0.12% 🇦🇺AUD: 0.11% 🇪🇺EUR: 0.06% 🇨🇭CHF: 0.02% 🇯🇵JPY: -0.02% View the performance of all markets via
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.19% France 40: 0.16% FTSE 100: 0.15% US 500: -0.10% Wall Street: -0.10% View the performance of all markets via
  • Wall Street Futures Update: Dow Jones (-0.07%) S&P 500 (-0.08%) Nasdaq 100 (+0.002%) [delayed] -BBG
  • Dow Jones Rebound May Lift APAC Stocks, Alibaba Earnings Miss
  • Listen to my thoughts about OCBC, UOB earnings via MoneyFM podcast with Ryan Huang this morning:
  • *Dalilah Still in awe!
  • and Daliah Muhammad too, both broke the word record Unreal!
  • If you’re not watching the #Olympics you just missed an incredible performance by Sydney McLaughlin, one for the ages
Crude Oil Prices Eye EIA and API Data, Gold Prices May Fall

Crude Oil Prices Eye EIA and API Data, Gold Prices May Fall

Ilya Spivak, Head Strategist, APAC


  • Crude oil prices drop with stocks amid broad-based risk aversion
  • EIA outlook report, API inventory flow data in the spotlight next
  • Gold prices may fall as yields rise on US PPI, sentiment recovery

Crude oil prices fell alongside shares amid broad-based deterioration in risk appetite yesterday. Gold prices edged up as the markets’ dour mood stoked haven demand for government bonds and drove yields downward, boosting the relative appeal of non-interest-bearing assets epitomized by the yellow metal. Neither commodity made headway beyond recently prevailing trading ranges however (see charts below).


Looking ahead, the EIA Short-Term Energy Outlook report is on tap. The former seems likely to suggest that the narrowing of the gap between US demand and supply will continue, amounting to a headwind for prices. The latest leg in the long-term contraction of the shortfall needed to be made up with imports started in June 2017. It registered at a record-low 8.5 million barrels in September.

API crude oil inventory flow data is also due. It will be sized up against expectations calling for a 1.3-million-barrel drawdown to be reported in official DOE statistics on Wednesday. A larger outflow may boost prices while a smaller one – or even an unexpected build – might pressure them downward.

Meanwhile, a jump in wholesale inflation might help inspire a rethink of the recent dovish shift in Fed policy bets. The core US PPI reading is expected to rise to 3 percent on-year, amounting the fastest rise in factory-gate prices since August 2011. Bellwether S&P 500 futures are on the upswing, hinting that this might be coupled with a sentiment-driven rise in yields. Taken together, this spells trouble for gold.

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


Gold prices are treading water, but a bearish Dark Cloud Cover candlestick pattern still hints that a top is in the works. A break below support at 1282.27 initially exposes the 1257.60-66.44 area (former resistance, rising trend line). Alternatively, a daily close above the 1302.97-07.32 region targets minor resistance at 1323.60, followed by a pivotal barrier in the 1357.50-66.06 zone.

Crude Oil Prices Eye EIA and API Data, Gold Prices May Fall


Crude oil prices pulled back from minor resistance at 53.39 to retest support-turned-resistance in the 49.41-50.15 zone. A daily close below broadly exposes the 42.05-55 region. Alternatively, a push upward that overcomes the 54.51-55.24 area paves the way for a test of 59.05.

Crude Oil Prices Eye EIA and API Data, Gold Prices May Fall


--- Written by Ilya Spivak, Currency Strategist for

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.