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
  • 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:
  • The price of gold extends the series of higher highs and lows from the previous week even though the 10-Year US Treasury yield retraces the decline following the US Non-Farm Payrolls (NFP) report. Get your $XAUUSD market update from @DavidJSong here:
Gold Prices Eye Bond Yields, US Dollar Response to Earnings Reports

Gold Prices Eye Bond Yields, US Dollar Response to Earnings Reports

Ilya Spivak, Head Strategist, APAC


  • Gold prices unable to hold gains as sentiment shrugs off crude oil price spike
  • US Dollar, bond yields divergence eyed as Q1 earnings threaten risk aversion
  • Chart positioning argues for gold weakness, hints crude oil may turn lower

Gold prices were unable to sustain early-session gains, erasing its intraday advance to close Monday with a narrow loss. The metal enjoyed what seemed like reflexive support as traders scrambled to respond to news that the US will end Iran sanctions waivers.

That announcement understandably launched crude oil prices upward and stoked risk aversion as markets pondered the move’s potential adverse knock-on effects. A lasting upshift in energy prices bodes ill for already shaky global growth. Trade tensions with US allies like the EU and Japan may be upset.

Oil managed to sustain most of its rise, but sentiment recovered as Wall Street came online. Bond yields rose alongside shares as haven demand for Treasuries receded, undermining the relative appeal of non-interest-bearing assets. Not surprisingly, that saw gold’s gains evaporate.


From here, it seems telling that yesterday’s midday upturn in risk appetite was not discernibly triggered by discrete catalyst. Rather, the rise appeared to reflect an “evening-out” of exposure ahead of a busy week on the economic and corporate earnings calendars.

With that in mind, the case for follow-through seems suspect if the collective message from 26 constituents of the bellwether S&P 500 index due to report first-quarter results today is downbeat. The trend for this earnings season so far is not encouraging.

With close to a fifth of S&P 500 companies having reported, the trend in declining sales and earnings growth from the second quarter of last year is set to continue. In fact, markets are on pace to see the first quarter of negative on-year earnings growth in two years.

On balance, this sets the stage for a broadly defensive narrative. Crude oil may weaken alongside other cycle-sensitive assets against this backdrop. The response from gold will continue to depend on the relative magnitude of divergent moves in yields and the US Dollar.

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


Gold prices failed to sustain even a modest upswing to retest support-turned-resistance at the neckline of a bearish Head and Shoulders (H&S) chart pattern, slipping back toward the 4-month low set last week. Initial support is in the 1260.80-63.76 area, with a break below that targeting the 1235.11-38.00 zone next. The H&S setup implies a larger decline to 1215. A daily close back above the neckline – now at 1281.70 – opens the door for a retest of the $1300/oz figure.

Gold price chart - daily


Crude oil prices shot to a six-month high, testing resistance in the 66.09-67.03 area. A daily close above that puts the $70/bbl figure in the crosshairs. Negative RSI divergence warns of ebbing upside momentum however, warning a that the surge may not prove lasting. Confirming a substantive reversal from here calls for a daily close below rising trend support set from December, now at 62.16. Clearing that initially targets 60.39, followed by the 57.24-88 zone thereafter.

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.