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.



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
Oil - US Crude
Wall Street
More View more
Real Time News
  • #2020election polls continue to show Democratic nominee Joe Biden maintaining a strong lead #Trump Supreme Court nomination may throw a wrench into bipartisan stimulus talks #AUDUSD is trading at former resistance-turned-support. What happens if it breaks?
  • USD/MXN pushes higher as a long-awaited correction in the US Dollar gets underway. Get your #currencies update from @HathornSabin here:
  • Emotions are often a key driving force behind #FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Read on and get your emotions in check here:
  • Join analyst @DavidJSong at 6:30 PM ET/10:30 PM GMT for your weekly update on key news trading events. Register here:
  • *Reminder: Weekly Strategy Webinar tomorrow morning at 8:30am EDT on DailyFX!
  • EUR/USD fell sharply last week and there are few signs yet that the selling is over. However, a bounce is likely before the decline resumes. Get your #currencies update from @MartinSEssex here:
  • The week ahead has many systemic issues that take control of the markets, but scheduled data is heavily skewed to the Dollar. Here is my video for the week ahead:
  • GBP turbulence persists as investors eye the next round of EU-UK Brexit negotiations. Cautious optimism signals a deal is near. Get your #currencies update from @PaulRobinsonFX here:
  • The AB=CD pattern is simple once you know how to spot it and draw the proper Fibonacci retracements. Make your trading strategy as simple as ABCD here:
  • BoE’s Tenreyro says evidence on negative rates are “encouraging” Meanwhile, STOXX Europe Banks Index resides at all time lows
Gold Prices Helped By US Dollar Pullback But Topping Signs Remain

Gold Prices Helped By US Dollar Pullback But Topping Signs Remain

2019-04-03 06:30:00
Ilya Spivak, Head Strategist, APAC


Gold prices edged higher as the US Dollar declined, weighed down by cross-currency flows emanating from sharp gains in GBP/USD and later AUD/USD. The former move followed an offer from UK Prime Minister May to take a cross-party approach to Brexit while the latter seemed to be triggered by upbeat economic data as well as hopes for an imminent breakthrough is US-China trade talks.

Crude oil prices rose for a fourth consecutive day, shrugging off API data saying that inventories added 3 million barrels last week. The move seems to reflect hopes for tightening supply after OPEC continues to slash output. Bloomberg data showed that the cartel supplied 30.38 million barrels per day in March, the least since January 2015. Ongoing supply disruption in Venezuela might have been supportive too.


The markets seem primed for risk-on day ahead, with bellwether S&P 500 futures pointing convincingly higher. That seems to bode well for cycle-geared crude oil prices. Gold may languish even as ebbing haven demand hurts the US Dollar as a coincident rise in bond yields caps gains. In any case, follow-through may be limited absent a lead from US-China trade negotiations resuming in Washington DC.

Sentiment swells linked to recent advances on this front have notably failed to be sustained however. Meanwhile, a steady stream of Eurozone and UK PMI readings as well as the US service-sector ISM survey might revive global slowdown fears if the outcomes echo the recent tendency toward disappointment on macro-economic news flow, cooling risk appetite.

See the latest gold and crude oil forecasts to learn what will drive prices in the second quarter!


Gold prices still look to be carving out a bearish Head and Shoulders top formation. A daily close below neckline support at 1282.91 would confirm the setup, initially exposing the next downside threshold in the 1260.80-63.76 area. Alternatively, a push back above the 1303.70-09.12 zoneputs resistance at 1326.30 back into focus.

Gold price chart - daily


Crude oil prices rose to the highest level in five months, with buyers now taking aim at support-turned-resistance in the 63.59-64.43 area. A daily close above that targets the 66.09-67.03 inflection zone. Support begins at 60.39 but a convincing reversal needs a break below rising trend support set from late December, now at 58.92.

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.