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.



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
Oil - US Crude
Wall Street
More View more
Real Time News
  • Cyclical and non-cyclical stocks can help diversify a trader’s equity portfolio. Get your guide to understanding these stocks here:
  • Beautifully put.
  • Gold prices could claw back lost ground ahead of the non-farm payrolls report for November, buoyed by a dovish FOMC, falling real yields and rising inflation expectations. Get your $XAUUSD market update from @DanielGMoss here:
  • Recessions can devastate the economy and disrupt the fortunes of individuals, businesses, and investors. But economic decline in the business cycle is inevitable, and your trading can be defined by how you respond to crisis. learn how to prepare here:
  • Rather than focusing on earning a specific number of pips per day, traders need to focus on what can be controlled. In trading terms this relates to following a strategy perfectly, with no emotion or hesitation. Learn more here:
  • That if you’re offended by what someone says on Twitter and that ruins your day, you live an extremely lucky life to be able to have that be your biggest problem for the day.
  • Myth or fact? One thing is for sure, there are a lot of misconceptions about trading. Knowing the difference between common trading myths and the reality is essential to long-term success. Find out about these 'myths' here:
  • Moving averages are extremely popular due to its easy-to-use nature and multitude of uses when trading. What are some popular moving averages and how can you use them? Find out:
  • MACD who? The Moving Average Convergence Divergence (MACD) is a technical indicator which simply measures the relationship of exponential moving averages (EMA). Find out how you can incorporate MACD into your trading strategy here:
  • Looking for a new way to trade reversals? One of the most used reversal candle patterns is known as the Harami. Like most candlestick formation patterns, the Harami tells a story about sentiment in the market. Get better with trading reversals here:
Gold Edges Lower as Coronavirus Worries Take Back Seat To Stock Gains

Gold Edges Lower as Coronavirus Worries Take Back Seat To Stock Gains

2020-02-11 07:13:00
David Cottle, Analyst

Gold and Crude Oil Talking Points:

  • Gold prices headed down as Asia Pacific stock markets got some respite
  • Still, coronavirus and the disruption it has caused continues to weigh
  • Crude oil prices rose, with the market still looking to production cuts

Gold prices edged lower on Tuesday as gains for US stocks in the previous session stoked risk appetite in the Asia Pacific region despite the ongoing spread of coronavirus.

Chinese policymakers are expected to roll out further stimulus efforts to combat the economic effects of the contagion and these expectations seem to be supporting local stock markets too, although they remain clearly on edge.

Market focus will now turn to Federal Reserve Char Jerome Powell’s forthcoming Congressional testimony. He’s expected to point to the US economy’s many bright spots but to claim once again that interest rates can remain low as inflation is still subdued.

There could be some support for gold if he does so as that market generally does better when rates are expected to remain low.

Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -13% 4% -10%
Weekly 2% 9% 3%
What does it mean for price action?
Get My Guide

Crude oil price meanwhile managed to rise with stock markets even though the effect of the coronavirus on the economy of largest energy importer China is a paramount concern. The Organization of Petroleum Exporting Countries and its allies, the so-called ‘OPEC Plus’ group is mulling further production cuts but Russia has said it needs more time to consider proposals.

US crude oil stocks were estimated to have risen for a third straight week according to a Reuters survey. Market watchers are looking on average for a reserve rise of 2.7 million barrels in the week to February 7. Supplies from Brazil have been growing with major local producer Petrobras hitting an annual output record of more than three million barrels per day in the final quarter of 2019

This news will do little to detract from the prevailing view that the oil market is extremely well supplied at a time when demand is highly uncertain.

Oil - US Crude MIXED
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -6% -1% -3%
Weekly 3% 2% 3%
What does it mean for price action?
Get My Guide

Gold Technical Analysis

Gold Price, Daily Chart

Gold prices have resumed their uptrend but unless the bulls can push on back toward February 2’s peak of $1591.73/ounce then the market will remain in some risk of topping out again and making lower lows. Support looks reasonably strong in the $1559.50 region which the market hovered around back in mid-January. It now marks the base of the current uptrend channel.

However, even if that channel were to break to the downside gold’s short-term daily range looks solid enough and it’s hard to see the market spending much time below it while the coronavirus dominates headlines.

Crude Oil Technical Analysis

Crude Oil Technical Analysis

US crude oil boasts a very well-respected downtrend channel on its daily chart going back to the peaks of early January. The market seems to be attempting an upside break for the fist time since February 6, but daily ranges are narrowing and conviction may in consequence be low. It’s likely that the fundamentals of OPEC’s decision will drive this market, and that what we now see is mere range trading rather than a substantive push to the upside

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.