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
Please try again
Oil - US Crude
Wall Street
More View more
Real Time News
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: US 500: 0.04% Wall Street: 0.03% France 40: -0.58% Germany 30: -0.61% FTSE 100: -0.72% View the performance of all markets via
  • U.S. State Department lowers U.K. travel advisory to level 3 - BBG $GBPUSD
  • Becoming a forex trader means living and breathing the excitement, risk and reward of trading in the biggest and most liquid market in the world. Do you have what it takes? Read here to discover the qualities and processes it takes to build consistency:
  • So, is Ethereum considered a 'value' market to new Dogecoin traders?
  • ...but before you write off H&S patterns because more have fallen apart rather than catalyzed lately, consider the monthly chart of $AUDUSD as well. That 0.8000-0.7925 zone is no joke as its historical midpoint, trendine and other technical points confluence
  • While there are other Dollar pairs getting more attention lately, I think $AUDUSD deserve a spot in the rotation. It's currently working out whether it is going to abide 2021's range as a consolidation reversal risk (H&S pattern)...
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Gold: 0.31% Oil - US Crude: -0.18% Silver: -0.50% View the performance of all markets via
  • Fed's Evans: - Tepid April jobs report was a 'head scratcher' - Welcomes wage growth as sign of a healthy jobs market - Fed has room to overshoot inflation target - 'It will be a while' before US has made enough progress to talk about tapering
  • US 10-Year Treasury yield extending to session highs and steering the Nasdaq to new lows of the day $NDX $QQQ $NQ_F
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 88.77%, while traders in Wall Street are at opposite extremes with 78.12%. See the summary chart below and full details and charts on DailyFX:
Gold Price Chart Points to Losses After Major Top is Formed

Gold Price Chart Points to Losses After Major Top is Formed

Ilya Spivak, Head Strategist, APAC


  • Gold prices drop as yields recover, completing bearish chart pattern
  • Crude oil prices rise on API inventory data, but narrow range holds
  • Morgan Stanley earnings report, Fed Beige Book, EIA data on tap

Gold prices fell as Treasury bond yields continued to recover, with the rate on the benchmark 10-year note hitting a one-month high. The latest leg higher in lending rates followed the April 10 release of minutes from the March FOMC meeting, which traders judged as less dovish than anticipated. That has undermined the appeal of non-interest-bearing assets epitomized by the yellow metal.

Crude oil prices continued to consolidate in a familiar range that has contained momentum for a week. API inventory flow data showing US stockpiles shed 3.1 million barrels last week helped engineer an upswing, but the move ran out of steam in familiar territory just below the $65/bbl figure.


Looking ahead, the Fed Beige Book of regional economic conditions and the first-quarter earnings report from Morgan Stanley will feed global growth bets. A worried tone on both fronts reflecting slowing global growth might make for a defensive mood. Oil prices are likely to follow stocks lower in this scenario. EIA inventory data may offer something of a counterbalance if API’s estimate proves telling.

Gold’s immediate response will depend on the relative magnitude of divergent moves in yields and the US Dollar. A supportive drop in rates tends to clash with downward pressure from a stronger Greenback as haven-seeking capital flows flock to the currency’s unrivaled liquidity in risk-off trade.

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


Gold prices finally completed the previously identified choppy Head and Shoulders (H&S) topping pattern. Near-term support is in the 1260.80-63.76 area, but the H&S formation implies a measured downside objective near 1215.00. The pattern’s neckline – now at 1281.31 – has been recast as resistance. A daily close back above that puts the 1303.70-09.12 zone back into focus.

Gold price chart - daily


Crude oil prices continue to tread water near support-turned-resistance in the 63.59-64.88 area. A break above this and the 66.09-67.03 inflection zone following immediately thereafter opens the door for a test of the $70/bbl figure. Alternatively, turn below support at 60.39 would invalidate the uptrend from December lows, making for a bearish near-term bias. The first subsequent layer of support is in the 57.24-88 region.

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.