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
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
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
  • The spread of #coronavirus promises a global economic hit at a time when the global economy is perhaps especially ill-equipped to deal with one. Growth-correlated assets are vulnerable. Get your market update from @DavidCottleFX here: https://t.co/0If0Jw7c2P https://t.co/mph6z70XeF
  • The $JPY continues to struggle against the US Dollar but there seems little appetite to push USD/JPY much beyond a range which has tended to reassert itself since late last year. Get your market update from @DavidCottleFX here: https://t.co/iaVfPSuXy4 https://t.co/1QPhJmYlQv
  • The #Euro may bounce after hitting the lowest level in close to three years against the US Dollar. While the broader trend points firmly lower, selling pressure may be ebbing. Get your market update from @IlyaSpivak here: https://t.co/697SQ9j5FY https://t.co/6SEvwQyod8
  • GBP/CAD has broken below the September uptrend while EUR/CAD may be ending its consecutive 12 day decline with EUR/CHF approaching key resistance as NZD/CAD aims at November lows. Get your currencies update from @ZabelinDimitri here: https://t.co/GpRB7IKhTA https://t.co/hlHlGdhkHc
  • The $GBP recoiled from chart resistance against the US Dollar, setting the stage for prices to resume a bearish trend reversal triggered mid-January. Get your market update from @IlyaSpivak here:https://t.co/lVpyZkIfJt https://t.co/9oXusxs0Kg
  • The #Euro may have more room to fall versus its major peers such as the US Dollar, Japanese Yen and British Pound. What is the technical picture of EUR/USD, EUR/JPY and EUR/GBP? Get your market update from @ddubrovskyFX here: https://t.co/M6fLA9g3BK https://t.co/HMwQgr1WP5
  • The $USD’s aggressive rise versus ASEAN currencies such as the Singapore Dollar, Indonesian Rupiah, Malaysian Ringgit and Philippine Peso prolonged. What is the technical road ahead? Find out from @ddubrovskyFX here:https://t.co/RsFptNzODf https://t.co/u8meQUSsVG
  • $AUD broke critical range support against its US counterpart, suggesting deeper losses are ahead even after prices hit an 11-year low. Get your market update from @IlyaSpivak here:https://t.co/45YpJRjDYj https://t.co/zWAzaL78Sc
  • After negotiating a series of economic and geopolitical risks in 2019, the S&P 500 rounded out the year more than 30% higher. Will the stock market crash in 2020? Find out from @PeterHanksFX here: https://t.co/8KsjB9YkBB https://t.co/4ph9bdMxz9
  • Italy reports first death from coronavirus - BBG
Crude Oil Prices May Fall on Cooling Brexit Deal Hopes

Crude Oil Prices May Fall on Cooling Brexit Deal Hopes

2019-10-16 05:00:00
Ilya Spivak, Sr. Currency Strategist


  • Crude oil prices fall on demand fears as IMF cuts global growth bets
  • Gold prices decline as stocks, bond yields amid risk appetite recovery
  • Fading Brexit breakthrough hopes might sour market-wide sentiment

Crude oil prices were unable to capitalize on another burst of Brexit deal optimismlifted market-wide risk appetite. The WTI contract attempted to push higher alongside share prices but a downbeat global growth outlook from the IMF soured expectations for demand and push it back downward into the daily close.

Gold prices remained tied to overall sentiment trends however, succumbing to selling pressure as hopes for a UK/EU breakthrough drove bond yields higher. That undermined the appeal of non-interest-bearing assets epitomized by the yellow metal.


Looking ahead, Brexit-related headline flow may continue driving seesaw volatility as negotiators scramble to get the outlines of an accord in place before Thursday’s EU leaders’ summit. Markets have been willing to give officials the benefit of the doubt so far, but time is running out and confidence may ebb.

Most worryingly, whatever pact is ironed out between the government of UK Prime Minister Boris Johnson and EU officials seems likely to face an uphill battle in the UK Parliament. Reports suggesting failure is most likely are already cooling risk appetite. Bellwether S&P 500 futures are pointing tellingly lower.

This might keep oil prices pressured for a third day straight. API inventory flow data might compound weakness if the print endorses forecasts suggesting stockpiles rose for a fifth consecutive week. Gold might find a lifeline if the downbeat mood sends yields lower.

The US retail sales report headlines the economic data docket. Receipts growth is expected to have slowed in September but a recent run of outperformance relative to baseline forecasts hints that an upside surprise might be in the cards. That might offset the downbeat mood a bit, if only nominally.

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


Gold prices continue to work at making good on a choppy Head and Shoulders topping pattern. Progress has been slow-going but a break of five-month rising trend support bolsters the bearish argument. A daily close below the 1480-84.63 area targets the 1439.14-46.94 zone. Alternatively, a push above the 1520.34-35.03 region targets the weekly chart inflection point at 1563.00.

Gold price chart - daily

Gold price chart created using TradingView


Crude oil prices continue to mark time above range support in the 49.41-50.60 area. Breaking below that on a daily closing basis exposes three-year lows in the 42.00-43.00 zone. Alternatively, a push above the October 11 high at 54.93 targets a cluster of back-to-back resistance levels running up through 60.84.

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.