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
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
Oil - US Crude
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
Wall Street
Bearish
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
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • Overnight, RBA’s Kent had reiterated the message by the RBA Governor last week, that more monetary easing is on its way. Get your $AUDUSD market update from @JMcQueenFX here:https://t.co/Jq1ejeUf4Q https://t.co/16nQEIwC9i
  • webinar time... https://www.dailyfx.com/webinars/455809179 topics up for discussion today: 1) USD - do something 2) Stocks supported on stimulus hopes 3) Crosses cleaning up a bit? starting right meow https://www.dailyfx.com/webinars/455809179 https://t.co/zj9XN14BDv
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.82%, while traders in EUR/USD are at opposite extremes with 72.47%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/qMPdBfUArS
  • Heads Up:🇺🇸 Fed Evans Speech due at 17:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-10-20
  • House Speaker Nancy Pelosi: -Optimistic for stimulus deal -Trump administration has come a long way toward reaching an agreement -Want to crush the virus -Need to improve health care language on stimulus bill -Will speak with Treasury Secretary Steven Mnuchin today at 3PM ET
  • Netflix earnings is due after the close today. Despite its being a vaunted FAANG member, I think it will draw less attention than tomorrow's Tesla update which has worked its way even higher into the speculative echelon. Personally, I put more on CSX as a reflection of economy.
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Silver: 1.27% Oil - US Crude: 0.31% Gold: 0.26% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/pLRpke3JAJ
  • The bull market in gold has been in correction mode since it peaked in early August, and while it appears is a healthy retracement at this juncture, it is unclear just how much longer it will last. Get your $XAUUSD technical analysis from @PaulRobinsonFX :https://t.co/5etzhvsLuC https://t.co/aE7SaPPwih
  • $SPX bull flag + 38.2 retrace of the sep-oct major move $SPY $ES https://t.co/NbehE85NQc
  • Hey traders! Get your Tuesday market update from @DailyFX Chief Strategist @JohnKicklighter 👇 https://t.co/x2Db7s11Cz
Gold Prices May Struggle if US PPI Helps Cool Fed Rate Cut Bets

Gold Prices May Struggle if US PPI Helps Cool Fed Rate Cut Bets

2019-07-12 03:30:00
Ilya Spivak, Head Strategist, APAC
Share:

GOLD & CRUDE OIL TALKING POINTS:

  • Gold prices retreat into familiar range as US CPI tops expectations
  • Crude oil prices digesting gains, chart setup hints uptrend resuming
  • Commodities may struggle if US PPI data cools Fed rate cut bets

Gold prices pulled back, erasing over half of Wednesday’s Fed-inspired rally, after US CPI data unexpectedly showed that core inflation accelerated in June. Cooled rate cut bets and sent bond yields higher alongside the US Dollar, tarnishing the appeal of non-interest-bearing and anti-fiat assets. Crude oil prices marked time, digesting yesterday’s rise to a seven-week high.

US PPI DATA MAY LIMIT SCOPE FOR GOLD, CRUDE OIL PRICE GAINS

Bellwether S&P 500 futures are pointing higher in late Asia Pacific trade, hinting at a risk-on bias as both yields and the Greenback pull back anew. That might be supportive for commodities if momentum is sustained. Follow-through may be cut short if incoming US PPI dataechoes yesterday’s CPI results however and inspires another rethink of Fed easing prospects.

Get the latest gold and crude oil forecasts to see what will drive prices in the third quarter!

GOLD TECHNICAL ANALYSIS

Gold prices continue to oscillate in a choppy range below resistance clustered around the August 2013 high at 1433.85. An upside breakout opens the way for a foray above the $1500/oz figure. A dense support bloc extends down from 1375.15 through 1346.75, leaving sellers’ work cut out for them if a downside reversal is attempted in earnest.

Gold price chart - daily

CRUDE OIL TECHNICAL ANALYSIS

Crude oil prices have stalled at resistance in the 60.04-84 zone after breaking trend line resistance set from late April. The setup hints the uptrend late-December 2018 lows has resumed. A push higher from here targets the 63.59-64.43 congestion area. A series of back-to-back support levels runs down through 54.84, with a turn back below that opening the door to retest the $50/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