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
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
Wall Street
Bearish
Gold
Mixed
GBP/USD
Bearish
USD/JPY
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
More View more
Real Time News
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.17% 🇦🇺AUD: 0.10% 🇪🇺EUR: 0.09% 🇬🇧GBP: -0.05% 🇨🇭CHF: -0.19% 🇯🇵JPY: -0.37% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Yx2O1n8Yxc
  • The 35-day historical range on $AUDJPY matches the smallest range (as a percentage of spot) on record for the pair with the extreme summer lull back in July 2014. Will it end with a bang or whimper? https://t.co/StryktBbrr
  • ECB monthly purchases under PEPP appear to be slowing. PEPP purchases for the first two weeks of June only totaled about 31 bln euros $EUR https://t.co/RUAi61HTQJ
  • The EUR/USD rally has stalled at a key resistance confluence around the objective yearly open. Get your $EURUSD market update from @MBForex here:https://t.co/YdjKTU4gtW https://t.co/HmOJxy2F29
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.33% Silver: -0.24% Gold: -0.64% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/kRDUQxM66L
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Gold are long at 74.60%, while traders in France 40 are at opposite extremes with 78.10%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/gwcS9vcLhL
  • S&P 500, Nasdaq 100 close at fresh record highs $NDX $SPX $ES_F
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.17% France 40: 0.16% FTSE 100: 0.08% Wall Street: 0.01% US 500: 0.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/KY87c2N2Ao
  • Ukrainian President Zelensky says that Ukraine has been admitted to NATO. No word out confirming from @POTUS or @SecBlinken. If true, not the kind of development that would make Russia/Putin happy. https://t.co/dRSAUz7t0t
  • President Biden: - We agreed to do more to enhance the resilience of critical infrastructure around the world - More work to do to beat the virus; we cannot let our guards down
Crude Oil Prices at Risk if US Economic Data Cool Fed Rate Cut Bets

Crude Oil Prices at Risk if US Economic Data Cool Fed Rate Cut Bets

Ilya Spivak, Head Strategist, APAC

CRUDE OIL & GOLD TALKING POINTS:

  • Crude oil prices fall as OPEC+ dithers on output reduction
  • Gold prices seesaw on ECB rate decision, US inflation data
  • Firm US retail, confidence data may cool Fed rate cut bets

Crude oil prices fell as OPEC+ energy ministers – a steering group for the cartel-led coordinated output cut effort among major suppliers – dithered on reducing production further. The newly-minted representative from Saudi Arabia said any such decision will have to wait until December.

Meanwhile, gold prices seesawed. The metal initially rushed higher as the ECB announced another round of quantitative easing, then promptly reversed course as headline US CPI registered lower than expected. That seemed to boost confidence in potent Fed easing at next week’s FOMC meeting, buoying risk appetite.

CRUDE OIL PRICES AT RISK IF US ECONOMIC DATA DENTS FED RATE CUT BETS

Looking ahead, US retail sales and consumer confidence data are in focus. Outcomes echoing the recent tendency for US economic news-flow to top baseline forecasts might cool Fed rate cut speculation. That is likely to dent risk appetite, weighing on oil prices.

Gold prices might have been expected to track higher in a risk-off environment as capital flowing toward the safety of government debt drive down bond yields. That may be a difficult feat to muster however when worries about higher-than-expected borrowing costs are the source of turmoil themselves.

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

GOLD TECHNICAL ANALYSIS

Gold prices continue to hover above support near the August swing bottom in the 1480.00-84.63 area. A daily close below that exposes the 1437.70-52.95 area next. Alternatively, a push above the 1520.34-23.05 price inflection area sets the stage for rise to challenge the weekly chart inflection point at 1563.00.

Gold price chart - daily

Gold price chart created using TradingView

CRUDE OIL TECHNICAL ANALYSIS

Crude oil prices continue to hover above support guiding the upswing from August’s swing bottom. A daily close below this level – now at 55.11 – faces a minor barrier at 52.96 along the way to challenge major support near the $50/bbl figure. Alternatively, a bounce that clears the September 10 high at 58.76 sets the stage for a test of the 60.04-84 area.

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