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
Bullish
Oil - US Crude
Bullish
Wall Street
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
Bearish
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • 🇮🇹 Business Confidence (JUN) Actual: 114.8 Expected: 112 Previous: 110.9 https://www.dailyfx.com/economic-calendar#2021-06-25
  • 🇮🇹 Consumer Confidence (JUN) Actual: 115.1 Expected: 112 Previous: 110.6 https://www.dailyfx.com/economic-calendar#2021-06-25
  • Hang Seng Tech Index Attempts to Break key Resistance - #HSTECH chart https://t.co/zyCoXqgoVz
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 89.84%, while traders in GBP/JPY are at opposite extremes with 68.93%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/jaai5GlT9Q
  • Heads Up:🇮🇹 Business Confidence (JUN) due at 08:00 GMT (15min) Expected: 112 Previous: 110.2 https://www.dailyfx.com/economic-calendar#2021-06-25
  • Heads Up:🇮🇹 Consumer Confidence (JUN) due at 08:00 GMT (15min) Expected: 112 Previous: 110.6 https://www.dailyfx.com/economic-calendar#2021-06-25
  • Heads Up:🇪🇺 European Council Meeting due at 08:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-06-25
  • - Will implement macroprudential measures to fight with inflation if needed
  • Turkish Finance Minister - Turkey to grow more than government forecast in 2021, expecting around 20% growth in Q2 - Central Bank stance on price stability is important
  • MACD who? The Moving Average Convergence Divergence (MACD) is a technical indicator which simply measures the relationship of exponential moving averages (EMA). Find out how you can incorporate MACD into your trading strategy here: https://t.co/ZNs4Qi8ieG https://t.co/txBC7G5EcY
Crude Oil Prices May Rise in Risk-On Trade, Gold Eyeing US CPI

Crude Oil Prices May Rise in Risk-On Trade, Gold Eyeing US CPI

Ilya Spivak, Head Strategist, APAC

CRUDE OIL & GOLD TALKING POINTS:

Crude oil prices rose alongside stocks as risk appetite firmed across financial markets, boosting cycle-sensitive commodities. Gold prices likewise traded higher as despite an uptick in bond yields as the US Dollar retreated, boosting the appeal of anti-fiat alternatives.

CRUDE OIL MAY FOCUS ON RISK TRENDS, GOLD EYES US CPI DATA

Looking ahead, the monthly IEA Oil Market Report may echo ominous cues in analogous EIA and OPEC publications yesterday. Both projected further US output gains and ebbing energy demand (although the former foresaw a narrow rise in uptake for liquid fuels).

Meanwhile, official DOE inventory flow data is expected to show stockpiles added 1.6 million barrels last week. A supportive surprise may be in store however if the outcome proves to be broadly in step with API projections calling for a 998k drawdown.

While such developments seem to offer conflicting cues, sentiment trends might tip the scales in favor of crude oil price gains. Bellwether European and US stock index futures are pointing convincingly higher, another risk-on session is ahead.

Meanwhile, gold may find its most potent catalyst in January’s US CPI report. It is expected to show that core on-year inflation cooled to 2.1 percent, the lowest in three months. An upbeat result echoing recent outperformance on US news-flow might boost the Greenback at the expense of the yellow metal.

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

GOLD TECHNICAL ANALYSIS

Gold prices continue to hover above a dense support region running through 1294.10. Breaking below it on a daily closing basis initially exposes 1276.50. Alternatively, a push higher that takes prices back above resistance at 1323.60 targets a potent barrier in the 1357.50-66.06 area.

Gold price chart - daily

CRUDE OIL TECHNICAL ANALYSIS

Crude oil prices swung higher toward resistanceat 55.75, the February 4 high. A daily close above this threshold exposes the 57.96-59.05 area. Alternatively, a reversal downward that breaches support in the 49.41-50.15 zone sets the stage for a move toward 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