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
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
GBP/USD
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
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
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
Oil - US Crude
Mixed
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
Bitcoin
Bullish
More View more
Real Time News
  • Heads Up:🇯🇵 JPY Consumer Confidence Index (JAN) due at 05:00 GMT (15min), Actual: N/A Expected: 39.5 Previous: 39.1 https://www.dailyfx.com/economic-calendar#2020-01-29
  • The #Euro has broken four-month support guiding a recovery against the US Dollar to suggest that the long-term downtrend has been re-engaged. Get your EUR/USD market update from @IlyaSpivak here: https://t.co/FHiGQZ6zvV https://t.co/0ulmLWaZxK
  • The US Dollar may be on the verge of upside breakouts against #ASEAN currencies such as the Singapore Dollar and Malaysian Ringgit after Wuhan virus fears boosted $USDSGD and $USDMYR #SGD #USD - https://www.dailyfx.com/forex/technical/article/special_report/2020/01/29/Dollar-Technical-Outlook-May-Turn-Bullish-as-USDSGD-USDMYR-Rise.html?CHID=9&QPID=917702 https://t.co/1M1GTIo79r
  • $AUDJPY technical positioning hints prices may be on cusp of turning lower after a late-2019 bounce, recoupling with a dovish RBA policy outlook. Get your market update from @IlyaSpivak here: https://t.co/z84Y0V0ZtH https://t.co/e30wIlAkbF
  • Commodities Update: As of 03:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.45% Gold: -0.20% Silver: -0.42% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/SP0lbABAbq
  • Forex Update: As of 03:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.13% 🇨🇦CAD: -0.05% 🇪🇺EUR: -0.06% 🇯🇵JPY: -0.07% 🇨🇭CHF: -0.12% 🇳🇿NZD: -0.17% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/3lgUbBP3XF
  • #EURGBP Outlook Bullish Ahead of #Brexit, BoE Rate Decision - https://www.dailyfx.com/forex/technical/home/analysis/eur-gbp/2020/01/29/EURGBP-Outlook-Bullish-Ahead-of-Brexit-BoE-Rate-Decision.html
  • My trading video for today: "Dow, Risk Attempt Recovery Amid Competing Theme: #Coronavirus, #Fed and #Earnings' https://www.dailyfx.com/forex/video/daily_news_report/2020/01/29/Dow-Risk-Attempt-Recovery-Amid-Competing-Theme-Coronavirus-Fed-and-Earnings.html?ref-author=Kicklighter?CHID=9&QPID=917719 https://t.co/VVmYBjVy63
  • #AUD has been fairly mute following AU CPI data aside vs #NZD. $AUDNZD tends to act as a "risk-neutral" pair (see article below), focusing on relative #RBA to #RBNZ shifts. #RBC and #JPMorgan pushed back on #RBA rate cut bets. RSI divergence hints bottom - https://www.dailyfx.com/forex/fundamental/article/special_report/2018/11/23/AUDNZD-Nets-Out-Market-Mood-Swings-Focus-On-RBA-RBNZ-Policy.html?CHID=9&QPID=917702 https://t.co/c30ePn9wEs
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.46%, while traders in US 500 are at opposite extremes with 71.50%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/CVurL5Fv0L
Crude Oil Prices Climb on US Airstrikes, Iran's Response in Focus

Crude Oil Prices Climb on US Airstrikes, Iran's Response in Focus

2020-01-03 07:08:00
David Cottle, Analyst
Share:

Crude Oil and Gold Talking Points:

  • Crude oil prices spiked up on news that a key Iranian general hand been killed in a US drone strike
  • The attack has put Middle Eastern geopolitics firmly back on the radar
  • Gold prices made strong gains too, but look very stretched
Gold MIXED
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -3% -10% -5%
Weekly -1% 0% -1%
What does it mean for price action?
Get My Guide

Crude oil prices got a sharp boost Friday as news that the United States had killed a key Iranian military leader, among other figures, in an airstrike on Baghdad.

General Qassim Soleimani was the leader of Iran’s Quds Force, an elite unit within the Revolutionary Guard Corps. He died in the strike as did Iraqi paramilitary commander Abu Mahdi Al-Mohandes. Some sources have claimed that a deputy leader of the Lebanese Hezbollah was also killed. The attack came after days of escalating tensions in the region, and the storming of the US embassy in Baghdad.

US crude oil prices rose by well over two dollars a barrel in the aftermath. Such rises on increased Middle Eastern tensions are not uncommon as investors weigh the effects of any conflict escalation on supply in this crucial region for energy markets. Iran for its part has threatened retaliation.

Oil prices were already supported by hopes for progress on trade between the US and China, with a phase one trade deal still apparently set for signing on January 15. Moreover, production cuts from traditional producers were announced last year and set for application this month. They too are underpinning prices.

However, Friday’s action saw a broad slide in risk appetite with most sock markets taking fright at the US action. This seems to have capped gains for oil prices which are now well below their session peaks.

Crude Oil prices, 5-minute chart

Broadly prices remain well within the uptrend channel which has dominated the market since the start of October and taken prices back up to September’s highs. Assuming global risk appetite will let them, investors will look to the next US inventory data which are coming up on Saturday for the Asia Pacific region. Markets will pay very close attention to these given the run of surprising drawdowns seen in the last two weeks.

Gold Soars as Risk Aversion Kicks Back In

Gold prices got an unsurprising lift from Friday’s events as investors sought safety in such countercyclical assets.

Gold prices, daily chart.

The impetus was strong enough to take the market right up through a resistance zone which had previously capped it, and back up to within striking distance of 2019’s highs. It’s worth noting, however, that prices’ strong acceleration since late December has taken them into severely overbought territory. Gold looked in need of some consolidation before it spiked up on Friday, it looks even more in need of it now. Some caution will be warranted as markets return to full, post-holiday strength next week.

Oil - US Crude MIXED
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 0% 2% 0%
Weekly 39% -27% 23%
What does it mean for price action?
Get My Guide

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.