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.

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
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
Bullish
GBP/USD
Bullish
USD/JPY
Bullish
More View more
Real Time News
  • Trader sentiment remains broadly positive despite rising #coronavirus cases in the US and Australia. Get your market update from @MartinSEssex here:https://t.co/FB7yx2fsnL https://t.co/vxo9vub9BL
  • Major FX Pairs: Bullish or Bearish as USD Sets Up Camp on the Range https://www.dailyfx.com/forex/video/live_events/2020/07/07/Major-FX-Pairs-Bullish-or-Bearish-as-USD-Setups-up-JS-Camp-on-the-Range.html https://t.co/63hUap7rVW
  • The #Nasdaq 100 pressed to new heights yet again this week as it followed Asian equities higher. Get your equities market update from @PeterHanksFX here: https://t.co/Y5PbSsTgbB https://t.co/OOUmo7hDRN
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Gold: 0.68% Silver: 0.12% Oil - US Crude: -0.17% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/3VeJN5wSzB
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.06%, while traders in NZD/USD are at opposite extremes with 74.40%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/1Buvq1BIiL
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.01% FTSE 100: -0.00% France 40: -0.01% US 500: -0.24% Wall Street: -0.65% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/A9KnXteeI4
  • $USDMXN: From a trading standpoint, look to reduce long-exposure / raise protective stops on a stretch toward the upper parallel. Get your USD/MXN technical analysis from @MBForex here: https://t.co/qHFiOObN9W https://t.co/TATFWDkLxS
  • Heads Up:🇺🇸 Fed Barkin Speech due at 18:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-07-07
  • Heads Up:🇺🇸 Fed Daly Speech due at 18:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-07-07
  • President Trump says Americans will get another stimulus check
Gold Prices Firm on New US-China Trade Doubts, OECD, ECB Eyed

Gold Prices Firm on New US-China Trade Doubts, OECD, ECB Eyed

2019-11-21 07:42:00
David Cottle, Analyst
Share:

Gold and Crude Oil Talking Points:

  • Gold prices held up as wires reported further US disbelief that progress can be made this year
  • Still, they pared gains as stock markets came off their session highs
  • Crude oil prices slipped but news of a shock US inventory build limited losses

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 a little in Thursday’s Asian session as risk appetite was hit by worries that an interim US-China trade accord may not be signed this year after all.

Completion of a ‘phase one’ deal could slide into 2020 Reuters reported trade experts and people close to the White House as saying.

US Congress’ Hong Kong Bills Also Weigh

The report came as diplomatic tensions were heightened by the passage of bills through the US Congress in support of human rights in Hong Kong. Stock markets across the region wilted with less risky assets such as gold and the Japanese Yen the beneficiaries.

However, equity markets did pare their losses, which saw gold price gains reduced in turn.

Gold has already seen substantial rises this year as trade tensions and the prospect of lower global interest rates have added to its allure.

The markets’ immediate focus is likely to be the global outlook from the Organization for Economic Cooperation and Development due for release later in the global day. The last edition stressed the urgent need of returning to a rules based world trading order. It’s hard to see developments since lightening the OECD’s tone or, indeed resulting in a report likely to anything but hit risk appetite again.

The European Central Bank’s version of the policy meeting minutes released by similar institutions is also coming up. Still, as the October 24 meeting in question was former President Mario Draghi’s last in the chair, ECB watchers may prefer to wait for his replacement Christine Lagarde’s first, due on December 12.

Crude oil prices slipped back as they generally do when trade-related worries are driving markets. They had risen on Wednesday’s US session thanks to news of a surprise inventory rebuild from the Energy Information Administration.

Gold Technical Analysis

Spot Gold Prices, Weekly Chart

Gold prices are at a potentially interesting point on their weekly chart having probed below their range base on an intra-week basis once again. It would be surprising in the current fundamental risk environment to see them fall durably from here but this week’s close could be instructive.

Crude Oil Technical Analysis

Wednesday’s gains on that stronger-than-expected inventory report have propelled US prices back into the former daily chart range abandoned on Tuesday.

US Crude Oil Daily Chart

However, as can be clearly seen, it didn’t do so very convincingly and the potential for prices to top out and fade again will remain for unless the bulls can manage a daily, and then weekly, close above the line.

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.