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
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here:
  • Chinese property development company Sinic Holdings (2103) - Down 87%...@DailyFXTeam #contagion #Evergrande
  • 🇪🇸 Balance of Trade (JUL) Actual: €-1.60B Previous: €-0.98B
  • Heads Up:🇪🇸 Balance of Trade (JUL) due at 08:00 GMT (15min) Previous: €-0.98B
  • Fitch on China Property Developers - View will turn negative if sales in H2 21 fall below that achieved in H2 19 and/or if sharp fall follows through to H1 22 - Government policies in sector remain tight and show no sign of imminent loosening
  • Slippage can be a common occurrence in forex trading but is often misunderstood. Understanding how forex slippage occurs can enable a trader to minimize negative slippage, while potentially maximizing positive slippage. Learn about FX slippage here:
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here:
  • (USD Weekly Tech) US Dollar Dominant Uptrend Back In Focus: EUR/USD, USD/JPY, NZD/USD, USD/CHF
  • What is your forex trading style? Take the quiz and find out:
  • Join @IlyaSpivak at 22:00 EST/2:00 GMT for his cross-market weekly outlook webinar. Register here:
Crude Oil Prices May Fall as OECD, BOC Feed Global Slowdown Fears

Crude Oil Prices May Fall as OECD, BOC Feed Global Slowdown Fears

Ilya Spivak, Head Strategist, APAC


  • Crude oil price bounce fizzles, chart setup still hints at topping
  • Gold prices digesting after longest losing streak in four months
  • OECD outlook update, BOC policy call may sour risk appetite

Commodities were locked in consolidation mode yesterday. Crude oil prices attempted a foray toward the top of their two-week range, but the move fizzled intraday to leave the bellwether WTI contract with a modest loss by the end of the session. Gold prices drifted sideways near recent lows.

Crude’s intraday reversal was probably helped along as Saudi state oil company Aramco cut prices on shipments to Europe. API also reported that US inventories added a whopping 7.29 million barrels last week, dwarfing calls for a 1.32-million-barrel gain to be reported in official EIA statistics later today.


Looking ahead, an OECD economic outlook update and a policy announcement form the Bank of Canada are in focus. Both have scope to feed global slowdown speculation and might thereby weigh on risk appetite. If sentiment sours as a result, cycle-sensitive crude oil prices may follow stocks lower.

Gold may suffer as well in this scenario. The US Dollar has been able to leverage its unrivaled liquidity profile to attract haven-seeking capital flows at times of market stress. A similar response this time around may bode ill for anti-fiat alternatives epitomized by the yellow metal.

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


Gold prices paused to digest losses after four days of consecutive losses, the longest string of back-to-back losses in four months. From here, a daily close below near-term support at 1276.50 exposes the 1260.80-63.76 area next. Alternatively, a turn back above support-turned-resistance at 1307.32 sets the stage for a retest of a broken rising trend line set form mid-November, now at 1326.85.

Gold price chart - daily


Crude oil prices are struggling for direction but the appearance of a bearish Evening Star candlestick pattern along with negative RSI divergence suggest a top is taking shape. A daily close below support in the 55.37-75 area may act as confirmation of reversal and initially expose the next downside barrier in the 50.15-51.33 zone. Alternatively, a push above resistance in the 57.96-59.05 region targets trend line support-turned-resistance at 62.20.

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.