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.

Free Trading Guides
EUR/USD
Bullish
GBP/USD
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
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
Gold
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
Bitcoin
Bullish
More View more
Real Time News
  • The #Dow Jones and #Nasdaq 100 will await key earnings from some of the world’s largest manufacturers and tech companies while the #DAX grapples with freshly-imposed tariffs. Get your equities market update from @PeterHanksFX Here: https://t.co/u2lG19JFt3 https://t.co/OHs4rQEH7T
  • Crude #oil prices are consolidating above a key support zone we’ve been tracking for more-than three months now. Get your market update from @MBForex here: https://t.co/XaACvEpLG4 #OOTT https://t.co/XjmjUt4Par
  • Why trade with Bollinger Bands®? Find out as a day trader, how you can use it to your advantage:https://t.co/dwODDDSsFi @WVenketas https://t.co/SYduJ5k9mL
  • As the global economy continues to contract, the risk of geopolitical threats undermining financial and economic stability are rising, leaving the door open to violent volatility. Get your market update from @ZabelinDimitri here:https://t.co/2HEzqPobvA https://t.co/k13SwJmbRm
  • RT @IGSquawk: We're currently pricing #GBPUSD at 1.2852 and #FTSE at 7129.2 That's a drop of 1.18% from Fridays close for GBPUSD and 0.22%…
  • #DidYouKnow 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/K6W9X4v8XD
  • The $NZD may be carving out a near-term bottom against its US counterpart but scope for gains seems limited within a broader downtrend. Get your technical analysis from @IlyaSpivak here: https://t.co/7bsVuSyWMn https://t.co/DsmNYKk8v3
  • Can you trade with the joy of missing out (#JOMO)? Find out how you can turn your #FOMOintrading to JOMO here: https://t.co/G5H26NXZQe https://t.co/pVdKUPzvmk
  • RT @PaulBrandITV: It’s likely that this will end up in court on Monday. The case in the Scottish courts may well consider that this doesn’t…
  • RT @PaulBrandITV: BREAKING: Tonight the PM has sent this letter to EU requesting an extension to Brexit. Wording is copied and pasted from…
Gold Prices Might Make Good on Signs of Topping on Fed Beige Book

Gold Prices Might Make Good on Signs of Topping on Fed Beige Book

2019-01-16 04:30:00
Ilya Spivak, Sr. Currency Strategist
Share:

GOLD & CRUDE OIL TALKING POINTS:

  • Gold prices struggle to make good technical signs of topping
  • Upbeat Fed Beige Book survey might ignite selling pressure
  • Crude oil prices look to EIA inventory flow data for direction

Gold prices oscillated in familiar territory yesterday, echoing seesaw swings in the US Dollar and Treasury bond yields. Crude oil prices traded higher, tracking the bellwether S&P 500 index amid a broad-based improvement in risk appetite. Progress beyond the recent range proved to be elusive however.

GOLD MAY FALL ON FED BEIGE BOOK, CRUDE OIL EYES EIA DATA

Looking ahead, the Fed’s Beige Book survey of regional economic conditions is on tap. A relatively upbeat tone echoing improvement in US economic data relative to consensus forecasts since the beginning of the year may force a rethink of the dovish shift in rate hike bets, boosting the US Dollar at gold’s expense.

As for crude, it will focus on EIA inventory flow data. Forecast envision a 1.49-million-barrel drawdown. A private-sector estimate from API called for a more modest 560k outflow. If this proves to foreshadow official results, oil prices may face selling pressure.

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

GOLD TECHNICAL ANALYSIS

Gold prices are struggling to make good on a bearish Dark Cloud Cover candlestick pattern, but the setup is yet to be conclusively invalidated. A move below initial support at 1282.27 targets the 1257.60-66.44 area (former resistance, rising trend line). Alternatively, a push above resistance in the 1302.97-07.32 region exposes a minor hurdle at 1323.60, followed by a trend-defining top in the 1357.50-66.06 zone.

Gold price chart - daily

CRUDE OIL TECHNICAL ANALYSIS

Crude oil prices are treading water below minor resistance at 53.39. A break above it exposes the 54.51-55.24 area, followed by the next upside hurdle at 59.05. Alternatively, a daily close back below the 49.41-50.15 zone opens the door for a retest of the 42.05-55 region.

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

News & Analysis at your fingertips.