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.

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
Mixed
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
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • The retailer has created an event that sees its sales surpass Black Friday and Cyber Monday combined. Get your market update from @PeterHanksFX here:https://t.co/LCyr0z9DHh https://t.co/xDTXRH1TEj
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.44% 🇳🇿NZD: 0.43% 🇪🇺EUR: 0.19% 🇬🇧GBP: 0.11% 🇨🇭CHF: -0.03% 🇯🇵JPY: -0.31% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/CoczW1YszK
  • US API Stock Changes: #Crude -7.199M #Cushing -2.550M #Gasoline +0.959M #Distillate +0.992M #Oil $CL_F
  • Bitcoin breached the key psychological level of $30,000 for the first time since January The Jan 22 swing low of $28,800 came in to help cauterize support. Get your market update from @PeterHanksFX here:https://t.co/zmlplL9ZqD https://t.co/6R5nFtVFYS
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.37% Gold: -0.28% Silver: -0.70% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/K9Qw88fR9n
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 87.01%, while traders in France 40 are at opposite extremes with 68.82%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/HWcth7b6kv
  • WH Press Sec. Psaki: - More work remains on infrastructure after meeting - Today or tomorrow, a White House team will meet with Senators from both parties
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: US 500: 0.01% Wall Street: 0.01% Germany 30: -0.11% France 40: -0.19% FTSE 100: -0.27% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/HdfL6Ct6sE
  • McKesson said to explore sale of European, UK businesses -BBG $MCK $EURUSD $GBPUSD
  • EUR/GBP continues to trade towards the bottom of the trading range. Sentiment remains ‘mixed’ after near term decline in long positioning. Get your market updates from @RichardSnowFX here:https://t.co/i7uESnbkBE https://t.co/rdqrIAUnuG
Gold Prices May Fall if US Government Avoids Another Shutdown

Gold Prices May Fall if US Government Avoids Another Shutdown

Ilya Spivak, Head Strategist, APAC

GOLD & CRUDE OIL TALKING POINTS:

An upshift in the priced-in 2019 monetary policy outlook implied in Fed Funds futures sent Treasury bond yields higher alongside the US Dollar, sapping the appeal of anti-fiat and non-interest-bearing assets. Gold prices dutifully fell.

Interestingly, stocks rose with rates and the Greenback, implying an earnest improvement in market-wide risk appetite. Optimism emanated from European bourses. Italian banks reassured investors of their ample capital buffers and comments from the Bank of France struck a refreshingly optimistic tone.

Crude oil prices struggled to find lasting direction, ultimately ending the day little-changed. Downward pressure on USD-denominated instruments seemed to be offset by sentiment-driven support for the cycle-sensitive WTI benchmark.

GOLD MAY FALL IF US GOVERNMENT AVOIDS ANOTHER SHUTDOWN

Looking ahead, hopeful headlines hinting the US officials may have struck a deal to avoid another government shutdown may translate into another risk-on session. Indeed, bellwether European and US stock index futures are pointing convincingly higher in late Asia Pacific trade.

If the hopeful tone is sustained as the day progresses, gold might fall further as yields and the Dollar extend upward. The upbeat mood might be challenged by soundbites from a Eurogroup meeting however if policymakers worry aloud about slowing regional growth.

Crude oil may struggle even if sentiment holds up as monthly reports from OPEC and the EIA point to renewed oversupply concerns. API inventory flow data is also due. The outcome will be weighed against forecasts calling for a 1.87-million-barrel build to be reported in official DOE data on Wednesday.

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

GOLD TECHNICAL ANALYSIS

Gold prices remain stuck above a dense layer of support running through 1294.10. A daily close below that targets 1276.50 next. Alternatively, a move back above chart inflection point resistance at 1323.60 opens the door for a move higher toward key resistance in the 1357.50-66.06 area.

Gold price chart - daily

CRUDE OIL TECHNICAL ANALYSIS

Crude oil prices are digesting losses having turned lower after producing a bearish Evening Star candlestick pattern, as expected. Support is in the 49.41-50.15 area, with a break below that exposing the 42.05-55 zone. Alternatively, a daily close above the February 4 high at 55.75 aims for the 57.96-59.05 region next.

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