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.

Free Trading Guides
Oil - US Crude
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
More View more

DailyFX PLUS Content Now Available Freely to all DailyFX Users

Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 98.01%, while traders in France 40 are at opposite extremes with 77.42%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/iZMyPUwaV8
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Silver: 0.00% Gold: -0.03% Oil - US Crude: -1.68% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/GHL0wC5uWO
  • Trader tip: Are you chasing the market? Avoid #FOMOintrading with this little advice from @MBforex. https://t.co/lN4zI6WN9w
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.13% 🇯🇵JPY: -0.05% 🇨🇦CAD: -0.14% 🇬🇧GBP: -0.22% 🇳🇿NZD: -0.26% 🇦🇺AUD: -0.45% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/qhjqNzP2Z3
  • Coming up at the bottom of the hour. Please join me if you can. I'll be looking at the charts of the major assets and at the sentiment data on the calendar this week https://t.co/1fEkIho31k
  • ECB's Villeroy states that if current oil shock lasts, this could increase inflation and hamper growth
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: US 500: -0.09% Wall Street: -0.14% France 40: -0.29% Germany 30: -0.44% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/3lOc7SMTTV
  • Today, I was hosted by @skynewsarabia to discuss, expected Fed rate decision , ECB Monetary Policy and other central bank decisions. Addiationally, we talked about Brexit, GBP price and more.Details in the link below: https://t.co/lv5KDOZNwX #FED, #ECB, #GBP, #Brexit ,#BOJ, #SNB https://t.co/Kqad9yViex
  • Join @MartinSEssex 's #webinar at 6:30 AM ET/10:30 AM GMT to learn more about trading #sentiment Register here: https://t.co/q4MoqGaXQZ https://t.co/1VgrnV0xov
  • 🇪🇺 EUR Euro-Zone Consumer Price Index (YoY) (AUG F), Actual: N/A Expected: 1.0% Previous: 1.0% https://www.dailyfx.com/economic-calendar#2019-09-18
Gold Prices May Break 9-Month Uptrend on US Jobs Report

Gold Prices May Break 9-Month Uptrend on US Jobs Report

2019-05-03 00:30:00
Ilya Spivak, Sr. Currency Strategist


  • Gold prices perched atop 9-month trend support as US jobs data looms
  • US Dollar may rise on haven flows if labor market measures disappoint
  • Crude oil prices break 4-month uptrend as undersupply worries recede

Gold prices continued to drift lower Thursday as US Dollar extended gains alongside Treasury bond yields, building on moves triggered by the prior day’s FOMC policy announcement. From here, all eyes turn to April’s US jobs report. A rise of 190k in nonfarm payrolls and a steady unemployment rate at 3.8 percent are expected. Wage inflation is seen firming to 3.3 percent on-year.

While such outcomes would be broadly in line with near-term trends, the recent trend toward disappointment relative to forecasts on US macro news-flow relative warns that a downside surprise may be in the cards. Leading activity survey data warns of the same. Soft results coupled with a Fed that is unconvinced of the need for stimulus may be inspire a risk-off response from financial markets.

The US central bank’s wait-and-see approach seems allow the US Dollar greater scope to capitalize on haven demand during periods of de-risking even as it limits scope for lower lending rates. That may set the stage for gold to weaken if investors turn defensive. Cycle-linked crude oil prices be likewise pressured as ebbing supply concerns remove a source of recent support.

The benchmark WTI contract plunged to a one-month low after EIA data showed that US inventories jumped by a whopping 9.93 million barrels last week, the most in almost six months. That put total stockpiles at the largest since September 2017. News that Russia exceeded its OPEC+ quota last month and comments from Iran warning of the cartel’s collapse if members cooperate with new US sanctions probably helped.

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


Gold prices remain perched atop support in the 1260.80-63.76 area. Breaking below that on a daily closing basis overturns the uptrend from mid-August, initially exposing the 1235.11-38.00 zone next. Immediate resistance is marked by the recently broken neckline of a Head and Shoulders (H&S) topping pattern, now at 1290.40. A move above that puts the $1300/oz figure in the crosshairs. The H&S setup implies a measured downside objective at 1215.00.

Gold price chart - daily


Crude oil prices broke trend line support defining the rally from late-December lows. Sellers now aim to challenge a minor downside barrier at 60.39, with a close below that exposing the 57.24-88 area. A dense layer of resistance runs all the way through 67.03. A recovery back above that sets the stage for a retest of the $70/bbl figure.

Crude oil price chart - daily


--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

To contact Ilya, use the comments section below or @IlyaSpivak on Twitter

provides forex news and technical analysis on the trends that influence the global currency markets.


News & Analysis at your fingertips.