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
Real Time News
  • As China’s growth slows, the currency of the other Asian titan ought to be burnished as investors look for opportunities elsewhere. However, that’ s not happening. Get your market update from @DavidCottleFX here: https://t.co/ETBCpBDSS7 https://t.co/pYEpteYeSO
  • Palladium Vastly Outperformed Gold Prices in 2019. Is it Topping? - https://www.dailyfx.com/forex/fundamental/article/special_report/2019/10/24/Palladium-Vastly-Outperformed-Gold-Prices-in-2019.-Is-it-Topping.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr #xpdusd #PALLADIUM
  • My trading video for today: 'Dow Winds Up Despite #Earnings Run, Watch $EURUSD with #ECB, Brexit Anticipation' https://www.dailyfx.com/forex/video/daily_news_report/2019/10/24/Dow-Winds-Up-Despite-Earnings-Run-Watch-EURUSD-with-ECB-Brexit-Anticipation.html?utm_source=Twitter&utm_medium=Kicklighter&utm_campaign=twr
  • The #Euro has mounted an impressive rally against the US Dollar, moving to challenge the bounds of the trend leading it lower since mid-2018. Get your $EURUSD market update from @IlyaSpivak here: https://t.co/fIkLmThWMK https://t.co/W7QwuWhrTg
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.95%, while traders in US 500 are at opposite extremes with 78.66%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/2j4Lx7rVLT
  • #BRL, #ZAR and #GBP are expected to be the most-active majors versus #USD with one-week implied volatility at 13.55, 13.13 and 11.17 respectively
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.08% 🇪🇺EUR: 0.05% 🇨🇭CHF: 0.03% 🇨🇦CAD: -0.05% 🇦🇺AUD: -0.10% 🇳🇿NZD: -0.26% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Fy3dfUZ2kK
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: France 40: 0.14% US 500: 0.08% Wall Street: 0.06% Germany 30: 0.06% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/J8oNDusqYy
  • #DAX: Currently the market is trying to push beyond the reversal-day high, but if it does the December t-line and a minor swing-high from July 2018 stand in a way of a further advance. Get your DAX technical analysis from @PaulRobinsonFX here: https://t.co/1Yus7TddGo https://t.co/jiwN6z3TFB
  • #AUD and #NZD are modestly lower while #CHF and #JPY are modestly higher, suggesting market sentiment is favoring a risk-off tilt
Gold Prices Close to Confirming Top, Crude Oil May Resume Descent

Gold Prices Close to Confirming Top, Crude Oil May Resume Descent

2019-09-26 04:00:00
Ilya Spivak, Sr. Currency Strategist


  • Gold prices swoon as Trump talks up US-China trade deal prospects
  • Crude oil prices flirt with resuming downtrend from late-April highs
  • ECB Bulletin, Draghi speech, US GDP update may cool risk appetite

Gold prices tumbled as hopes for a breakthrough in the US-China trade war buoyed risk appetite and sent the US Dollar higher alongside Treasury bond yields. That sapped the appeal of the non-interest-bearing, anti-fiat yellow metal. Optimism was linked to supportive comments from US President Donald Trump.

Cycle-sensitive crude oil prices rose alongside stocks against the risk-on backdrop. They just managed to erase earlier losses however, finishing the day broadly flat. Selling pressure emerged earlier in the day on reports that Saudi Arabia is restoring output faster than expected after an attack mid-month.


Looking ahead, the ECB is back in focus. The central bank will publish its Monthly Economic Bulletin and President Mario Draghi is scheduled to speak. A downgrade of official growth estimates coupled with another dose of dovish rhetoric might stoke global slowdown fears.

The final set of second-quarter US GDP data is also due. It is expected to confirm that growth slowed to an annualized rate of 2 percent from 3.1 percent in the first three months of 2019. Upside surprises on US news-flow since the prior revision in late August may hint at a surprise upgrade.

Such a result might cool Fed rate cut prospects even as the ECB sounds the alarm on growth, sapping market-wide risk appetite. That threatens to punish sentiment-aligned crude oil prices. Gold might struggle to capitalize if worries about higher-than-desired rates are at the heart of liquidation.

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


Rejection at immediate resistance seems to bring gold prices closer to confirming a Head and Shoulders (H&S) topping pattern. Confirmation of the setup on a daily close below 1480.00 implies a measured target near the $1400/oz figure, though sellers will need to overcome support in the 1437.70-52.95 area along the way. A daily close above 1535.03 targets 1563.00 next.

Gold price chart - daily

Gold price chart created using TradingView


Crude oil prices are testing support guiding the move higher since early August. Breaking below this barrier – now at 55.04 – on a daily closing basis exposes support clustered around the $50/bbl figure. Alternatively, a bounce back above resistance at 58.76 and 60.84 targets September’s swing top just below $64/bbl.

Crude oil price chart - daily

Crude oil price chart created using TradingView


--- 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.


News & Analysis at your fingertips.