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
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
More View more
Real Time News
  • 🇩🇪 Retail Sales YoY (JAN) Actual: -8.7% Expected: 1.3% Previous: 1.5%
  • 🇬🇧 Nationwide Housing Prices YoY (FEB) Actual: 6.9% Expected: 5.6% Previous: 6.4%
  • Use this technical analysis pattern recognition skills test to sharpen your knowledge:
  • Heads Up:🇬🇧 Nationwide Housing Prices YoY (FEB) due at 07:00 GMT (15min) Expected: 5.6% Previous: 6.4%
  • Heads Up:🇩🇪 Retail Sales YoY (JAN) due at 07:00 GMT (15min) Expected: 1.3% Previous: 1.5%
  • We kicked off this new week and month with a bounce in risk trends, but far from convincing of systemic reversal. Meanwhile, 'taper tantrum' interest/fears have charged even higher. What I'm watching ahead:
  • China to push forward vaccine inoculation to 80% in 2021 -BBG
  • (NZD Special) New Zealand Dollar Technical Forecast: NZD/USD, NZD/JPY, NZD/CAD, NZD/CHF #NZD $NZDUSD $NZDJPY $NZDCAD $NZDCHF
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.20%, while traders in GBP/JPY are at opposite extremes with 69.96%. See the summary chart below and full details and charts on DailyFX:
  • Forex Update: As of 05:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: -0.08% 🇨🇭CHF: -0.09% 🇦🇺AUD: -0.21% 🇳🇿NZD: -0.28% 🇨🇦CAD: -0.29% 🇬🇧GBP: -0.34% View the performance of all markets via
Crude Oil Slips as Markets Fret Virus Spread, Chance of Production Cuts

Crude Oil Slips as Markets Fret Virus Spread, Chance of Production Cuts

David Cottle, Analyst

Crude Oil and Gold Talking Points:

  • Crude oil prices were lower as the markets continued to monitor the coronavirus
  • There are also signs of a rift between China and Saudi Arabia
  • Gold continues to close back in on its all-time highs

Crude oil prices were lower on Monday as investors digested more headlines attesting to the coronavirus’ spread around the world and worried about what’s likely to be an ongoing hit to energy demand as a result.

South Korea’s government announced the highest level of health-risk alert. Italy said a third person had died from the illness with cases up to over a hundred, from single figures just last week. However, Chinese local health commissions said that four provinces had been able to lower their own emergency response levels

In more oil-specific news the weekend brought a report that the US oil-rig count had grown for a third straight month with 679 rigs now operative. That’s the highest total since the week of December 20.

The Wall Street Journal reported on Friday that Saudi Arabia is weighing a break of its relations with Russia. The two major energy exporters have failed to reach agreement about reducing production in response to the outbreak, with their apparently crumbling relationship increasing market uncertainty.

The rest of the session is a little short of major, scheduled economic news which will probably leave the coronavirus story very much in charge.

Oil - US Crude BEARISH
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 23% -8% 6%
Weekly 27% -13% 4%
What does it mean for price action?
Get My Guide

Gold prices continued to benefit from the traditional anti-growth, haven bid which saw them rise on Monday to new highs not seen since February 2013.

The US Dollar benefits from a similar buying impulse, however, with its strength doubtless weighing on Dollar-denominated gold products.

The World Health Organization’s comment that the growing number of coronavirus cases without any link to China worried it has continued to support assets like gold and seems likely to underpin their strong gains for some time.

Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -3% 38% 2%
Weekly -6% 12% -4%
What does it mean for price action?
Get My Guide

Crude Oil Technical Analysis

US Crude Oil Prices, Daily Chart

US crude oil prices are challenging the base of the modest uptrend channel which has marked their rise from the lows of early February.

Those lows are now back in focus as support, however, with market doubts about both demand and effective production cuts keeping prices under fundamental pressure. The market has yet to see a daily close outside that upward channel but one looks extremely likely this week and should be watched for.

The rise has so far stopped short of key resistance from January 28 at $54.09.barrel and that seems an effective near-term market cap.

Gold Technical Analysis

Gold Prices, Daily Chart

Gold prices have just seen two very strong months which have taken them back very close to the region which marked this market’s all-time highs back between 2011 and 2013. The coronavirus has so far added about $160 to the price of an ounce of gold, seeing the market soar above the seven-year highs seen in the last quarter of 2019.

While these gains are probably vulnerable to any signs that coronavirus has peaked globally, that news seems unlikely to come in the near future. This probably means gold will retain its bid and edge up into the area which guards those all-time highs.

Near-term chart support is quite hard to spot given the speed of gold’s rise, but the area between the former notable high (January 8’s $1610.36) and the $1574 region where the market topped out on February 9 may contain the bears.

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.