Never miss a story from Ilya Spivak

Subscribe to receive daily updates on publications
Please enter valid First Name
Please fill out this field.
Please enter valid Last Name
Please fill out this field.
Please enter valid email
Please fill out this field.
Please select a country

I’d like to receive information from DailyFX and IG about trading opportunities and their products and services via email.

Please fill out this field.

Your Forecast Is Headed to Your Inbox

But don't just read our analysis - put it to the rest. Your forecast comes with a free demo account from our provider, IG, so you can try out trading with zero risk.

Your demo is preloaded with £10,000 virtual funds, which you can use to trade over 10,000 live global markets.

We'll email you login details shortly.

Learn More about Your Demo

You are subscribed to Ilya Spivak

You can manage your subscriptions by following the link in the footer of each email you will receive

An error occurred submitting your form.
Please try again later.


Sentiment-sensitive crude oil prices fell alongside stocks on Friday as disappointing PMI data fueled global slowdown fears and stocked risk aversion, as expected. Gold prices managed a tepid rise as bond yields fell, boosting the relative appeal of non-interest-bearing assets. Upside progression was capped as haven-seeking flows buoyed the US Dollar however.


Looking ahead, a muted offering on the economic data docket seems likely to keep the trajectory of broad-based risk appetite as the main driver for price action. Bellwether S&P 500 futures are tellingly pointing lower, suggesting Friday’s risk-off tilt is likely to remain in place. That bodes ill for oil prices. Meanwhile, gold will probably continue to weigh competing influences from bond yields and the Greenback.

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


Gold prices still look to be carving out a somewhat choppy Head and Shoulders top, but confirmation remains absent. Completing the pattern would require a reversal back below the 1303.70-09.12 area, followed by a breach of neckline support at 1282.05. Alternatively, a move above near-term resistance at 1326.30 sets the stage for a retest of the February top at 1346.75.

Gold price chart - daily


Crude oil prices may be signaling a top with the formation of a bearish Evening Star candlestick pattern. A daily close below initial support in the 57.24-88 area would confirm the setup, initially exposing the 55.37-75 zone next. Alternatively, a push above resistance marked by the 38.2% Fibonacci expansion at 60.45targets the 50% level at 62.28.

Crude oil price chart - daily


--- Written by Ilya Spivak, Currency Strategist for

To contact Ilya, use the comments section below or @IlyaSpivak on Twitter