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. See our updated Privacy Policy here.

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
Subscribe
Please try again
EUR/USD
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
Oil - US Crude
Bearish
Wall Street
Mixed
Gold
Bearish
GBP/USD
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
USD/JPY
Bullish
More View more
Real Time News
  • - If $CAD moves a lot higher it could have a material impact on our outlook and how we set monetary policy
  • - If $CAD continues to rise could be more of a headwind to export projections
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 91.09%, while traders in GBP/JPY are at opposite extremes with 68.92%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/uHjF1RXMxX
  • Heads Up:🇺🇸 Fed Waller Speech due at 17:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-05-13
  • Macklem Q&A - Expect inflation to go up to 3% before pulling back - Would not over rotate on one month's inflation data
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Gold: 0.61% Silver: -0.06% Oil - US Crude: -3.58% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/cupf2HmOUY
  • The price of oil appears to be stuck within the opening range for May amid the failed attempt to test the March high ($67.98). Get #crudeoil market update from @DavidJSong here:https://t.co/6r9Iger50J https://t.co/LC27xlCypr
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.35% 🇨🇭CHF: 0.30% 🇯🇵JPY: 0.14% 🇦🇺AUD: 0.02% 🇨🇦CAD: -0.09% 🇬🇧GBP: -0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/FMpuAZcLAz
  • BoE's Bailey - We don't think higher inflation will persist - We are watching inflation very carefully - US inflation number yesterday was very high - Will watch very carefully for how much of savings are spent by households
  • BoC's Macklem: - Important to get a bounce back of all sectors - Canada is still about 700K jobs below where it should be
Gold Price Surge Continues as Trade War Stokes Global Easing Bets

Gold Price Surge Continues as Trade War Stokes Global Easing Bets

Ilya Spivak, Head Strategist, APAC

GOLD & CRUDE OIL TALKING POINTS:

  • Gold prices set yet another 6-year high as trade war fuels bets on global easing
  • Crude oil prices sink as growth outlook sours, US inventories unexpectedly rise
  • Bare data docket may allow consolidation, but volatility risk is still acutely high

Gold prices continued to rise Wednesday as building expectations of broad-based monetary stimulus expansion buoyed the relative appeal of non-interest-bearing alternatives. Financial markets are positioning for central banks to push back as trade war escalation compounds a slowdown in global economic growth on-going since early 2018.

Not surprisingly, this made for a less-than-supportive backdrop for cycle-sensitive crude oil prices. EIA inventory data showing stockpiles unexpectedly added 2.39 million barrels last week compounded selling pressure, sending the WTI benchmark to levels unseen since January. Reports citing an unnamed Saudi official saying the kingdom will not tolerate continued weakness helped prices steady a bit late into the session.

From here, a quiet day on the economic data docket might offer shell-shocked global markets a bit of space to consolidate. The risk of kneejerk volatility remains decidedly acute however. Indeed, a stray bellicose comment from officials in Washington or Beijing might trigger another dramatic rout across the spectrum of sentiment-geared assets at a moment’s notice.

Get our free guide to help build confidence in your gold and crude oil trading strategy!

GOLD TECHNICAL ANALYSIS

Gold prices have challenged resistance marked by the 61.8% Fibonacci expansion at 1513.94. A break above that confirmed on a daily closing basis exposes the 76.4% level at 1540.70. Alternatively, a turn back below the 50% Fib at 1492.31 sets the stage for a retest of the 38.2% expansion at 1470.68.

Gold price chart - daily

Gold price chart created using TradingView

CRUDE OIL TECHNICAL ANALYSIS

Crude oil prices fell to a two-month low near the $50/bbl figure, as expected. A daily close below the outer layer of support at 49.41 sets the stage to challenge the 42.05-43.00 zone, a barrier capping losses since September 2016. Alternatively, a move above resistance at 56.09 targets a falling trend line at 59.16.

Crude oil price chart - daily

Crude oil price chart created using TradingView

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