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.

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
EUR/USD
Bullish
Oil - US Crude
Bullish
Wall Street
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Bullish
USD/JPY
Bearish
More View more
Real Time News
  • The New Zealand Dollar appears poised to extend its climb against its haven-associated counterparts as long-term trend break hints at cyclical upturn. Get your $NZDUSD market update from @DanielGMoss here: https://t.co/CPxP1Q8B6d https://t.co/n2wESiqnpJ
  • The US Dollar may rise against ASEAN currencies like the Singapore Dollar if local retail sales and sentiment data disappoints. USD/IDR may fall on the Bank of Indonesia. Get your market update from @ddubrovskyFX here:https://t.co/HpH8pXFdLl https://t.co/laHmaZXpJe
  • The US Dollar may rise against the Singapore Dollar and Philippine Peso. USD/MYR’s downtrend holds, but a bullish pattern brews. USD/IDR seems stuck between key technical levels.Get youe #ASEAN currencies market update from @ddubrovskyFX here:https://t.co/TF6DRVp6kX https://t.co/WEtxkdSwxD
  • There are three major forex trading sessions which comprise the 24-hour market: the London session, the US session and the Asian session. Learn about the characteristics of each session here: https://t.co/UVvf51HiVP https://t.co/4wlRjBTCzK
  • The #Dollar has bottoming potential, but that is starting to lose weight as it fails to sustain any lift; next week could be a big one for #USD’s near-term outlook. Get your #currencies update from @PaulRobinsonFX here: https://t.co/IifHjik7gM https://t.co/R9b4jdTPnO
  • 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:https://t.co/eILWbFgHRE https://t.co/lW1rqjpy0x
  • I’d like to thank my followers, I just reached 5,000 which is quite a milestone for someone that isn’t a huge fan of the platform. Thank you all very much ❤️
  • Technology stocks continue to be a source of weakness for US equities, undermining risk appetite. Meanwhile, US-China tensions simmer beneath the surface creating uncertainty. Get your #equities update from @PeterHanksFX here: https://t.co/yH8oTwT3iW https://t.co/tvfrXThyaC
  • There are many different types of forex orders, which traders use to manage their trades. While these may vary between different brokers, there tends to be several basic FX order types all brokers accept. Learn about different FX order types here: https://t.co/lIJdiz4xSz https://t.co/Xi9QU3ADPF
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out: https://t.co/td5WA4hCZC https://t.co/cQwbeZ6Feq
Crude Oil Prices May Break 2019 Uptrend on Global Slowdown Fears

Crude Oil Prices May Break 2019 Uptrend on Global Slowdown Fears

2019-04-30 05:30:00
Ilya Spivak, Head Strategist, APAC
Share:

CRUDE OIL & GOLD TALKING POINTS:

  • Crude oil prices narrowly clinging to 2019 trend line support
  • Risk-off sentiment, EIA and API data may trigger breakdown
  • Gold prices in digestion mode, broad bias still seems bearish

Commodities were in digestion mode on Monday. Crude oil prices consolidated after Friday’s plunge. Gold prices retraced downward, erasing nearly all of the gains scored in the wake of US GDP data. The spotlight now turns to first-quarter Eurozone GDP data.

Growth readings for France, Italy and the currency bloc as a whole are due to cross the wires. Regional news-flow has tended to underperform relative to baseline forecasts, opening the door for disappointing results that stoke global slowdown fears and cool risk appetite.

Cycle-sensitive crude prices may fall against this backdrop. Gold may rise as the defensive mood weighs on bond yields, boosting the comparative appeal of non-interest-bearing alternatives. Gains may be capped if the US Dollar finds support from haven flows, discouraging anti-fiat demand.

Oil prices might face a further pressure as monthly EIA report on output comes across the wires. Leading weekly statistics put US production at a record-high 12.2 million barrels/day. API inventory flow data is also on tap and will be weighed against expectations of a 1.28-million-barrel build last week.

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

GOLD TECHNICAL ANALYSIS

Gold prices remain wedged between support in the 1260.80-63.76 area and resistance marked by the recently broken neckline of a Head and Shoulders (H&S) topping pattern, now at 1290. A break below the former level sees the next downside barrier in the 1235.11-38.00 zone. Alternatively, a push above resistance sets targets the $1300/oz figure. The H&S setup implies an overall downside target at 1215.00.

Gold price chart - daily

CRUDE OIL TECHNICAL ANALYSIS

Crude oil prices are idling at trend line support set form December. A daily close below this level – now at 63.30 – initially exposes 60.39. A dense resistance cluster runs through 67.03. A rebound above that, likewise confirmed on a closing basis, sets the stage for a challenge of the $70/bbl figure.

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