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
Mixed
GBP/USD
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
USD/JPY
Bearish
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
Gold
Mixed
Oil - US Crude
Mixed
Bitcoin
Bearish
More View more
Real Time News
  • The $USD appears to be stalling against the Singapore Dollar, Malaysian Ringgit, Indonesian Rupiah and Philippine Peso, but technical analysis may still favor USD strength. Get your market update from @ddubrovskyFX here:https://t.co/AZp98MoXKo https://t.co/jgZMUFVGJB
  • The Indian Rupee soared after the Reserve Bank of India surprised with a rate hold. $USDINR may climb as support reinstates the uptrend ahead of Indian CPI and global trade tensions. Get your market update from @ddubrovskyFX here:https://t.co/QEOabsDfMn https://t.co/rqn8Zjrvkv
  • #Gold closed lower after paring early-week gains post-NFP on Friday. But will price finally break support? These are levels that matter on the $XAUUSD weekly chart. Get your $gld technical analysis from @MBForex here: https://t.co/RILBGhLAQZ https://t.co/q5znMUlEQA
  • German Bund Yields Update: 2-Year: -0.639% 3-Year: -0.651% 5-Year: -0.548% 7-Year: -0.480% 10-Year: -0.290% 30-Year: 0.228%
  • The $AUD erased half of November’s down move in a mere two days but the dominant trend bias continues to favor weakness ahead. Get your market update from @IlyaSpivak here:https://t.co/ShYksfNXyS https://t.co/OVhyNgLRn5
  • We were almost there, but the $SPX fell short of a >1.0% daily change. That raises the tally to 39 consecutive trading days without a climb or fall of even a moderate measure https://t.co/ibt82dBGmh
  • En español: El oro tropieza y se precipita en caída libre. ¿Qué explica las pérdidas del metal dorado y la alta volatilidad en los mercados financieros? #XAUUSD #trading $gold https://t.co/Hdsd0z1qih https://t.co/WKnGaABVS8
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.35% 🇦🇺AUD: 0.17% 🇯🇵JPY: 0.14% 🇨🇭CHF: -0.30% 🇪🇺EUR: -0.38% 🇨🇦CAD: -0.59% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/lrSRyCHLjw
  • Martin Guzman named as Argentina's new Minister of Economy $USDARS
  • YouGov poll finds 52% for Johnson winning debate vs 48% for Corbyn $GBPUSD
Crude Oil Prices Wilt, Focus to Stay on US-China Trade News

Crude Oil Prices Wilt, Focus to Stay on US-China Trade News

2019-11-08 07:00:00
David Cottle, Analyst
Share:

Gold and Crude Oil Talking Points:

  • Crude oil prices weakened once again as some trade doubts crept back in
  • Wire reports suggest White House resistance to some proposed aspects of an interim deal
  • Gold prices looks set for a notably feeble week even so

Join our analysts for live, interactive coverage of all major economic data at the DailyFX Webinars. We’d love to have you along.

Crude oil prices slipped back a little Friday as investors fretted the details of the latest twist in the US-China trade tale. Headlines on this subject will remain crucial as the week bows out, especially as scheduled economic data are limited.

Global market sentiment had been lifted in the previous session by a China’s Commerce Ministry. Its spokesman Gao Feng said that both Beijing and Washington had agreed to simultaneously remove some trade tariffs as steps toward a ‘phase one’ trade agreement. However, while Reuters confirmed this from the US side quoting an unnamed official, the agency went on to report that the current accord faces ‘fierce internal opposition’ in the White House.

Oil prices were already weighed down by news of another huge US inventory build, news of which hit in the previous session. This market looks extremely well supplied by any measure and it may take extended or deeper production cuts from traditional producers to seriously challenge this view.

The gold market still seems more sanguine about the chances of a trade deal. Hopes for one have played a major role in what looks as though it will be the worst week for spot gold prices since May 2017. The current level represents about a 3$ slide on the week, with the market back down to levels not seen since early August.

The coming week is short of major global economic news by Wednesday’s interest rate decision from the Reserve Bank of New Zealand may remind markets that even their optimism is grounded in ultra low interest rates. The RBNZ is not thought likely to reduce the record-low Official Cash Rate next week, but has been known to spring surprises in the recent past.

Crude Oil Technical Analysis

Spot prices remain within their dominant uptrend but have yet to convincingly top their previous significant daily chart high.

US Crude Oil Prices- Daily Chart

If they can’t there is some danger that prices will top out and begin to retrace their climb up from October’s lows. However, bulls have doggedly retaken much of the sharp falls seen in late September which took the price down to those lows in the first place, and there’s no evidence that they are ready to give up that fight quite yet.

Gold Technical Analysis

Prices have slid below the base of a trading band which held through much of October, putting focus back on the long downtrend in place since early September.

Spot Gold, Daily Chart

The most obvious likely near-term support comes in at 1449.22. That’s the second, 38.2% Fibonacci retracement of the rise up to September’s highs from the lows of late May. A test of that will mark a conclusive break below October’s lows.

Commodity Trading Resources

--- Written by David Cottle, DailyFX Research

Follow David on Twitter@DavidCottleFX or use the Comments section below to get in touch!

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.