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
More View more
Real Time News
  • The US Dollar is on the defensive against most ASEAN currencies, with key breakouts in USD/SGD and USD/IDR. USD/THB upside momentum is fading as USD/PHP consolidates. Get your market updates from @ddubrovskyFX here:https://t.co/zQkUPpRr12 https://t.co/YTmJboqdMn
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Gold: -0.22% Silver: -0.74% Oil - US Crude: -0.79% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/CBrOIlwIwi
  • Earnings are starting to lose their default bullish charge after the falter from Facebook and unimpressive afterhours Google response. Still AMZN and AAPL ahead Thursday, but for now focusing on $USDCAD with BOC: https://www.dailyfx.com/forex/video/daily_news_report/2021/10/27/Earnings-Support-for-Bull-Trend-Wavers-as-Fundamentals-Broaden-Attention-to-the-Likes-of-USDCAD-.html https://t.co/6TpIpyWVlc
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.31% 🇯🇵JPY: 0.04% 🇬🇧GBP: 0.04% 🇨🇭CHF: 0.01% 🇨🇦CAD: -0.02% 🇳🇿NZD: -0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Kr4trHaFbD
  • Possible way to finance the Biden's Build Back Better agenda https://t.co/QP0UW6Pbmw
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 90.25%, while traders in Wall Street are at opposite extremes with 76.29%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/6RuOSjQNNK
  • The US Dollar might be stabilizing against ASEAN currencies as inflationary woes resurface ahead of GDP and PCE data. Amazon, Apple and Facebook earnings may also drive sentiment ahead. Get your market update from @ddubrovskyFX here:https://t.co/tY5dOmDIWS https://t.co/QFaXQHkFJ8
  • 🇨🇳 Industrial Profits (YTD) YoY (SEP) Actual: 44.7% Previous: 49.5% https://www.dailyfx.com/economic-calendar#2021-10-27
  • Heads Up:🇨🇳 Industrial Profits (YTD) YoY (SEP) due at 01:30 GMT (15min) Previous: 49.5% https://www.dailyfx.com/economic-calendar#2021-10-27
  • The Australian Dollar has had a period of strengthening against most currencies but there might be some challenges ahead. Will the Australia Dollar go higher? Find out here: https://t.co/0wRHCXnUCO https://t.co/4AfnR4S5ig
Gold, Crude Oil Prices May Fall on Disappointing US GDP Revision

Gold, Crude Oil Prices May Fall on Disappointing US GDP Revision

Ilya Spivak, Head Strategist, APAC

GOLD & CRUDE OIL TALKING POINTS:

  • Gold prices inch closer toward producing bearish chart pattern
  • Commodities fall with stocks as US Dollar gains on haven flows
  • Downbeat Q4 US GDP revision may prolong risk-off disposition

Gold prices put the lie to the often-repeated mantra that the metal is some kind of “haven” asset. They fell alongside stocks, cycle-sensitive commodities including crude oil and (interestingly enough) Treasury bond yields as risk appetite deteriorated. That stoked haven demand for the US Dollar, with the benchmark currency’s gains tarnishing the appeal of anti-fiat assets.

US GDP DOWNGRADE MAY PROLONG RISK-OFF MOOD, HURT COMMODITIES

Looking ahead, a revised set of fourth-quarter US GDP figures is expected to put annualized growth at 2.3 percent, a downgrade from the prior estimate of 2.6 percent. A downside surprise echoing the soggy state of recent data flow may spur continued re-risking and extend yesterday’s price dynamics, with commodities broadly lower as sentiment sours and the Greenback gains.

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

GOLD TECHNICAL ANALYSIS

Gold prices are back to testing near-term support in the 1303.70-09.12 area, teasing a break that might put them on course toward forming a choppy Head and Shoulders top. That would require a subsequent breach of the would-be pattern’s neckline, now at 1282.54. Initial resistance is at 1326.30, followed by the February swing top at 1346.75.

Gold price chart - daily

CRUDE OIL TECHNICAL ANALYSIS

Crude oil prices are treading water, but a still-valid bearish Evening Star candlestick pattern continues to warn of topping. Initial support is in the 57.24-88 area, with a daily close below that confirming a reversal and exposing the 55.37-75 zone next. Alternatively, a break above the 38.2% Fibonacci expansion at 60.45 exposes the 50% level at 62.28.

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