News & Analysis at your fingertips.

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. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
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
Wall Street
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
  • Indices Update: As of 13:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.22% France 40: 0.15% US 500: 0.04% Wall Street: -0.03% Germany 30: -0.04% View the performance of all markets via
  • LIVE NOW: Join Technical Strategist @MBForex for his Mid-Week Market Update to review the setups we're tracking into today's #Fed Decision! -
  • The Federal Reserve meeting will be the highlight of the day and week, marking the last chance for some FX volatility before the summer lull kicks in. Get your market update from @JMcQueenFX here:
  • From my Twitter poll, it seems more than half of those that responded believe there will be no change in either Fed tone/outlook today. Taper announcement voted by 27% and only 12% expect a dot plot shift forward. #FOMC
  • Mid-Week Market Update webinar starting in 15mins on DailyFX! Reviewing the technical setups we're tracking into #FOMC -
  • Average of core inflation at 2.3%. $USDCAD move lacking conviction given FOMC later today
  • RT @RiskReversal: This week on @macrosetup from @nadex👉 @GuyAdami and I weigh in on the "most important" Fed meeting of our post-pandemic l…
  • 🇨🇦 Core Inflation Rate YoY (MAY) Actual: 2.8% Expected: 2.4% Previous: 2.3%
  • 🇺🇸 Building Permits MoM (MAY) Actual: -3% Previous: -1.3%
  • 🇺🇸 Housing Starts MoM (MAY) Actual: 3.6% Previous: -12.1%
Gold Prices Up Despite Risk Revival, US China Trade Hopes Lift Crude

Gold Prices Up Despite Risk Revival, US China Trade Hopes Lift Crude

David Cottle, Analyst

Gold and Crude Oil Talking Points:

  • Gold prices made some ground even as trade hopes boosted regional stocks in Asia
  • The Reserve Bank of Australia’s policy minutes struck a dovish note
  • Crude oil prices stayed up as investors hoped for increased energy demand

Gold prices edged higher in Tuesday’s Asia Pacific session despite the broad resilience of risk appetite which saw stock markets higher too.

Overall investors are still deriving some reassurance from last week’s news that a phase-one trade deal between China and the US is coming, even if details are scarce. The election of a strong, pro-Brexit majority in the United Kingdom has also reduced uncertainty over that country’s future path.

Still, with both stories liable to throw up market-moving headlines the underlying bid for gold remains. The metal is also on course for a strong 2019. If it holds around current levels the 15% gain seen since January will be the strongest for nine years.

The minutes of the last monetary policy meeting from the Reserve Bank of Australia kept the prospect of lower interest rates very much on the table for next year. This may have added to the conducive environment for gold and the market will be on watch for more of the same from the Bank of England and the European Central Bank. The former will set policy on Thursday while the new President of the later, Christine Lagarde, speaks on Wednesday.

Gold Technical Analysis

Spot gold prices remain well within the uptrend channel in place since mid-November.

Spot Gold, Daily Chart

The validity of that channel endures, with a clear upside test rejected as recently as December 12. However, within it, prices seem to have settled into a broad daily-closing range between $1462.40 and $1476.35. It might make sense to watch this band for directional cues within the channel.

Meanwhile, crude oil prices continue to benefit from the prognosis that the re-forging of trade links between China and the US will mean higher energy demand all round.

The market’s attention may be caught by more immediate concerns this week, however, with the release of US inventory data due on Wednesday from the Department of Energy.

Crude Oil Technical Analysis

US Crude Oil Prices, Daily Chart

Prices for the US WTI crude oil benchmark have slipped back very little from last week’s three-month peaks and the daily chart looks very constructive still. Its most obvious uptrend remains very much in place, too, with bulls perhaps girding themselves for another try at the top of mid-September. Their ability to hold above support at $59.56 may be key to this attempt. It represents the closing low of September 15.

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.