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
EUR/USD
Bullish
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
Gold
Mixed
Oil - US Crude
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
Bitcoin
Bearish
More View more
Real Time News
  • US will bring dairy and rice to table for further trade talks with Japan $USDJPY - BBG
  • Netherlands Prime Minister Rutte says EU budget can be completed, but not at this time $EUR
  • Commodities Update: As of 19:00, these are your best and worst performers based on the London trading schedule: Gold: 1.53% Silver: 0.97% Oil - US Crude: 0.02% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/pyXubC4tCS
  • ahead of the weekend. bit of tightening up $SPX $SPY https://t.co/CkzkfztBnj
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.96%, while traders in France 40 are at opposite extremes with 75.32%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/xjI8nYENS0
  • $USDMXN's aggressive intraday reversal from highs has left a very large upper wick on the daily chart. Biggest bullish tail since Sep 5, 2018 https://t.co/xgKxc9FC68
  • $GBPUSD churns steadily lower as the Pound Sterling succumbs to broader US Dollar strength, but the cable could soon find technical support. Get your GBP/USD market update from @RichDvorakFX here: https://t.co/3nkJfWLXXV https://t.co/H8x3p1S413
  • Indices Update: As of 19:00, these are your best and worst performers based on the London trading schedule: Germany 30: -0.28% France 40: -0.28% Wall Street: -0.91% US 500: -1.16% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/tXRNBSAR3O
  • Fed's Bostic: - No structural changes from coronavirus expected - Not concerned over financial markets having a different outlook on rates $DXY
  • A perusal of top market headlines includes stories equivalent to Dow holds near record highs as outlook for growth and return prevails right next to a 30-year Treasury bond hits record high as market seeks safety. Hmmm... https://t.co/Fe1j9IRx8S
Gold Price Rise May Extend But Signs of Exhaustion Are Emerging

Gold Price Rise May Extend But Signs of Exhaustion Are Emerging

2019-08-16 03:30:00
Ilya Spivak, Sr. Currency Strategist
Share:
Crude oil and gold price performance

Crude oil, gold price performance chart created using TradingView

GOLD & CRUDE OIL TALKING POINTS:

  • Gold prices may rise as markets tilt risk-off before the weekend
  • Crude oil prices vulnerable, might move to retest $50/bbl figure
  • Progress may be limited before FOMC minutes, Jackson Hole

Commodity prices idled Thursday as a lull in pace-setting news flow made room to digest recent volatility. From here, a relatively quiet offering on the economic data docket seems likely to keep broad-based market sentiment trends in control. The path of least resistance favors a risk-off scenario.

Sudden bursts of volatility have become increasingly common recently as prices react to eye-catching headlines from Washington and Beijing amid US-China trade war escalation. This probably has traders more leery than usual of holding pro-risk exposure over the weekend.

With that in mind, a round of defensive liquidation might pull down cycle-sensitive crude oil prices alongside stocks. A parallel dip in bond yields might have scope to push up gold, especially since the metal has managed gains even as the US Dollar trades higher recently.

Absent a burst of headline-driven volatility however, significant trend development seems unlikely. The week ahead brings critical inflection points in the Fed policy outlook – a defining macro input – by way of FOMC minutes and the Jackson Hole symposium. Commitment may be scarce in the interim.

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

GOLD TECHNICAL ANALYSIS

Gold prices are inching toward resistance at 1540.70, the 76.4% Fibonacci expansion. A daily close above that exposes a weekly chart inflection level at 1563.00 next. Negative RSI divergence hints upside momentum is ebbing however. A turn below the 61.8% Fib at 1513.94 targets the 50% level at 1492.31.

Gold price chart - daily

Gold price chart created using TradingView

CRUDE OIL TECHNICAL ANALYSIS

Crude oil prices slipped back below the lower bound of the 54.72-56.09 congestion area, breaking the weekly uptrend in the process. Sellers may now move test the 49.41-50.60 zone anew. A daily close above trend resistance set from late April – now at 58.53 – seems necessary to neutralize downward pressure.

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

News & Analysis at your fingertips.