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
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
  • Asia’s vast and growing importance to the world economy is not yet matched by the presence of a currency trading center to rival the established order. Get your update on market drivers in Asia from @DavidCottleFX here: https://t.co/E2hqoRdO7q https://t.co/dnrAMFK4U2
  • Geopolitical developments send #oil prices soaring or falling. Get your market update from @MartinSEssex here:https://t.co/XVXLyG8vjq #OOTT https://t.co/RMk5Eb5fLU
  • Negative yielding government bonds – What are they telling us? Find out from @nickcawley1 here: https://t.co/F6JuhmrvPT https://t.co/KdpSjQSJ8F
  • #Euro area stocks may be preparing to break the four-month uptrend built around hopes for a US-China trade deal and an orderly #Brexit outcome. Get your market update from @IlyaSpivak here: https://t.co/ujlCJiXLvh https://t.co/INdFtsrTTF
  • What is the top market moving theme for the coming week? I disagree with the majority. '$EURUSD, $GBPUSD and $AUDUSD Top Volatility Candidates With #Fed, #Election, #TradeWar' https://www.dailyfx.com/forex/video/daily_news_report/2019/12/07/EURUSD-GBPUSD-and-AUDUSD-Top-Volatility-Candidates-On-Fed-Election-Trade-War.html?CHID=9&QPID=917719 https://t.co/Q1dbZVN5Us
  • The Australian Dollar was focused on its home country in the past week, but that is likely to change sharply in the days ahead with major global risk events coming up. Get your $AUDUSD market update from @DavidCottleFX here: https://t.co/yZz3hCyVMx https://t.co/1xw1JHwd7l
  • The #Euro broke chart resistance, threatening to challenge the bounds of its longer -term downtrend against the $USD. Bulls may find it premature to celebrate however. Get your market update from @IlyaSpivak here: https://t.co/VfR13llYbW https://t.co/LiWTvIygxc
  • 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
Gold Prices Gain On US-China Trade Doubts, Fed Minutes Loom

Gold Prices Gain On US-China Trade Doubts, Fed Minutes Loom

2019-11-19 06:52:00
David Cottle, Analyst
Share:

Gold and Crude Oil Talking Points:

  • Gold prices inched higher as markets fretted apparent important differences which remain between Washington and Beijing
  • Hong Kong unrest is also keeping haven-asset bids in place
  • Crude oil markets looked nervously to this week’s inventory figures from the US

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

Gold prices edged up to 1.5-week highs on Tuesday with broader risk appetite dented at least to some extent by doubts over any US-China trade accord, and of course by continued unrest in Hong Kong.

CNBC reported on Monday citing a government source, that Beijing was pessimistic about a deal and concerned that the US will not roll some tariffs back, when China’s understanding had been that it would. The story has moved on no further in Asia’s Tuesday but the doubts it engendered have lingered.

Secretary of State Mike Pompeo said that the US remained gravely worried about deepening violence in Hong Kong and urged the city’s administration to tackle public concerns. It’s possible that a hard line from Beijing against the protesters would make any form of trade deal much less likely.

Overall risk appetite was not helped by the release of minutes from the Reserve Bank of Australia’s last monetary policy meeting. These were decidedly dovish and surprised markets with the revelation that, although interest rates were in the event kept on hold, policy markers felt that the case could have be made for a cut. Futures markets thought one might have been coming in 2020 anyway, but are now on heightened watch for an earlier move.

Spot gold prices hit their highest level since November 7 at $1.475.40/ounce.

The week is short of scheduled risk events which will, inevitably, leave trade headlines to drive. However early Thursday Asian time will see the release of the Federal Reserve’s last monetary policy minutes, probably the week’s main event.

Crude Oil Prices Slip on Rising-Inventory Forecasts

Crude oil prices unsurprisingly slipped back as risk appetite waned. A poll from Reuters this week had already revealed expectations that US stockpiles would rise for a fourth straight week. The American Petroleum Institute will release its weekly snapshot later on Tuesday while the Energy Information Administration’s version will be out on Wednesday.

Gold Technical Analysis

Spot prices remain above the modest uptrend line in place since the recent lows of November 12.

Spot Gold Prices, Daily Chart.

There’ve been some fairly modest daily ranges since then, however, with Tuesday so far looking likely to add to the list. This speaks to a degree of uncertainty in the market even if, given current fundamental conditions, the underlying bid for haven assets must be extremely unlikely to evaporate.

Bulls probably need to get sustainably above resistance at $1,473.48 to make their gains stick. They’ve so far been unable to do so on a daily closing basis and, if they can’t this week, the price may show signs of topping out more durably.

Crude Oil Technical Analysis

Prices have managed to trade back into an important resistance area between $56.78/barrel and $59.33. A near-term attempt at its upper reaches looks quite out of the question for the moment however.

US Crude Oil Prices, Daily Chart

Of more immediate concern is the market’s ability to stay above the lower band and with that in mind Tuesday’s remaining trade could be interesting.

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.