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
Wall Street
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
  • Feels like the market has been front-running next week’s FOMC announcement, which will reveal updated dot plot projections. Expectations clearly set for a more hawkish shift in guidance. That said, if the Fed does not deliver, US Dollar bulls could be disappointed. $USD $DXY
  • USD/CAD has been chopping around the past week-and-a-half, offering virtually no cues on its next direction. Get your market update from @PaulRobinsonFX here:
  • FDA panel votes 16-3 against approving Covid-19 booster shots - BBG
  • RT @C_Barraud: 🇺🇸 Americans Haven’t Been This Down on #Housing Market Since 1982 - Bloomberg *Link:…
  • US Dollar Price Action Setups Pre-FOMC: EUR/USD, GBP/USD, USD/CAD
  • The US Dollar is pushing up to a fresh September high after the release of University of Michigan Consumer Sentiment data. Get your $USD market update from @JStanleyFX here:
  • I have this $SPX chart taking over one of my whole screens, and I just keep staring at that 50-day moving average...
  • RT @TheStalwart: Nice chart, which shows why countries in green on the perimeter, like Iran, Peru, and Turkey are known for their stability…
  • Selling pressure strengthening in Wall Street two hours before the close. S&P 500 down roughly 1% intraday, the largest decline since August 18th #trading $SPX $SPY
  • One of the strongest correlation with Bitcoin at the moment is the US 10-Year Treasury yield
Crude Oil Price Chart Hints at Top, US PMI and Davos Chatter Eyed

Crude Oil Price Chart Hints at Top, US PMI and Davos Chatter Eyed

Ilya Spivak, Head Strategist, APAC


  • Crude oil price chart warns a turn lower may be brewing ahead
  • Davos headlines, US PMI might inspire renewed risk aversion
  • Gold prices clutching support, US Dollar trend may be decisive

Swings in broad-based risk appetite trends continued to define crude oil price action yesterday, with seesaw swings in the WTI benchmark matching those in S&P 500 futures yesterday, ultimately ending the session little-changed. Gold prices were likewise non-committal as bond yields gyrated, reflecting indecision on the sentiment front.


Looking ahead, January’s US PMI data is in focus. The release from Markit Economics will offer a welcome timely look at the business cycle as the government shutdown derails the usual flow of market-relevant statistics. Expectations point to modest slowing in manufacturing- and service-sector growth. US economic news-flow has narrowly underperformed relative to forecast recently, opening the door to disappointment.

Substantively softer outcomes may amplify global slowdown fears being concurrently articulated at the World Economic Forum ongoing in Davos, Switzerland. That may re-energize a concerted de-risking effort across financial markets, pushing oil down alongside shares. Gold may benefit as yields are pressured lower, but gains may be constrained if haven demand buoy the US Dollar.

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


Gold prices continue to stall at rising trend line support set from mid-November. A break below this barrier – now at 1282.83 – targets the 1260.80-63.76 area next. Alternatively, a push above resistance at 1298.54,January 4 high, opens the door for a test of 1323.60.

Gold price chart - daily


Crude oil prices put in a bearish Evening Star candlestick pattern below resistance in the 54.51-55.24 area, hinting a turn lower may be ahead. A daily close below support in the 49.41-50.15 zone exposes the 42.05-55 region. Alternatively, a push above 55.24 paves the way for a test of a chart inflection point at 59.05.

Crude oil price chart - daily


--- 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.