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
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
Wall Street
More View more
Real Time News
  • RT @SecPompeo: I applaud @Nasdaq’s actions to require all listed firms comply with the same auditing and inspection rules, especially as re…
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Gold: 0.88% Silver: 0.43% Oil - US Crude: -0.31% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/s7unTde0G5
  • The #FTSE 100 surged to its highest level since early June on Wednesday after the equity index pierced a longstanding technical barrier around 6,200. Get your #FTSE market update from @PeterHanksFX here:https://t.co/uFaYFaPGz2 https://t.co/mNnlGDksJn
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.30%, while traders in US 500 are at opposite extremes with 76.93%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/kZcqWecOdG
  • The $EURUSD's climb continues at an exceptional pace. It is on course for the biggest three-week rally since May 2015 (the bottoming after the 2014 collapse) https://t.co/AbDLQ07D95
  • ECB's Lagarde says we are at low point of this crisis today - BBG
  • US Treasury Yields: 2-Year: 0.194% 3-Year: 0.250% 5-Year: 0.400% 7-Year: 0.633% 10-Year: 1.393% 30-Year: 1.626% $TNX
  • Wonder when this’ll reverse 🤔 Highly recommend checking this piece out ⬇️ https://t.co/lrQDt3oLDZ
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: US 500: 0.02% FTSE 100: 0.01% Wall Street: 0.01% Germany 30: -0.09% France 40: -0.22% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/lVtLGVVPJs
  • BOC's Gravelle says inflation targeting is not impeded by size of balance sheet $USDCAD
Gold Prices Look to Davos Economic Forum for Direction

Gold Prices Look to Davos Economic Forum for Direction

2019-01-23 04:00:00
Ilya Spivak, Head Strategist, APAC


  • Gold prices rise as US 10yr Treasury yields fall most since January
  • Crude oil prices fall with stocks as risk appetite fizzles market-wide
  • Soundbites from Davos forum, API crude inventories data in focus

Gold prices found fuel for an advance as risk appetite fizzled across financial markets, weighing on bond yields and boosting the relative appeal of non-interest-bearing alternatives. The yellow metal was slow to pick up steam as haven-seeking flows buoyed the US Dollar, but the largest daily drop in the rate on benchmark 10-year Treasury note since the beginning of the year ultimately refused to be denied.

Crude oil prices fell alongside stocks as expected as the broad-based deterioration in sentiment undermined the spectrum of cycle-geared assets. Returning liquidity rather than any singular event seemed to account investors’ dour disposition. The rebuild after a holiday market closure in the US seemed to amplify concerns about slowing global growth, ongoing trade wars and political jitters in much of the G10 space.


Looking ahead, the on-going World Economic Forum in Davos remains a potential source of risk aversion if the policymakers and financial market bigwigs in attendance sound the alarm on the multitude of headwinds menacing global growth. A rise in borrowing costs amid accelerating quantitative tightening, ongoing trade wars and shaky politics in much of the G10 might feature prominently.

If soundbites from the gathering sour the markets’ mood, another drop in bond yields may prove to be supportive for gold prices (although again, the move might be tempered haven-bound flows into the US Dollar). Crude oil might suffer further, with any sentiment-derived weakness compounded by API inventory flow data if it reveals a larger build than the 3.13-million-barrel inflow expected by analysts.

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


Gold prices managed to hold up at rising trend line support guiding the advance from mid-November lows. Resistance is marked by the January 4 highat 1298.54, with a daily close above that eyeing a minor barrier at 1323.60 next. Alternatively, a push below trend support – now at 1281.17 – exposes the 1260.80-63.76 area.

Gold price chart - daily


Crude oil prices are still marking time below resistance in the 54.51-55.24 area. Breaking above it on a daily closing basis opens the door for a test of a chart inflection point at 59.05. Alternatively, a move back below support in the 49.41-50.15 zone sets the stage for another challenge of the 42.05-55 region.

Crude oil price chart - daily


--- 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.


News & Analysis at your fingertips.