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.

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
Subscribe
Please try again
EUR/USD
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
Bearish
Wall Street
Mixed
Gold
Bullish
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • Heads Up:🇩🇪 Unemployment Change (FEB) due at 08:55 GMT (15min) Expected: -13K Previous: -41K https://www.dailyfx.com/economic-calendar#2021-03-02
  • Heads Up:🇩🇪 Unemployment Rate (FEB) due at 08:55 GMT (15min) Expected: 6% Previous: 6% https://www.dailyfx.com/economic-calendar#2021-03-02
  • Commodities Update: As of 08:00, these are your best and worst performers based on the London trading schedule: Gold: -0.34% Oil - US Crude: -1.07% Silver: -2.30% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/kzkv6B5WvQ
  • Brush up your knowledge on #tradewars with this tool from DailyFX research briefly outlining trade-war history dating back to the early 1900s here: https://t.co/ZWaL6laTU5 https://t.co/Db6v6JVLAC
  • Forex Update: As of 08:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: -0.07% 🇨🇭CHF: -0.26% 🇬🇧GBP: -0.28% 🇦🇺AUD: -0.29% 🇪🇺EUR: -0.32% 🇳🇿NZD: -0.58% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/bSIASt7QtO
  • 🇪🇸 Unemployment Change (FEB) Actual: 44.4K Previous: 76.2K https://www.dailyfx.com/economic-calendar#2021-03-02
  • Indices Update: As of 08:00, these are your best and worst performers based on the London trading schedule: FTSE 100: -0.28% France 40: -0.30% Germany 30: -0.30% Wall Street: -0.41% US 500: -0.55% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/D4QJ0kGpbS
  • Heads Up:🇪🇸 Unemployment Change (FEB) due at 08:00 GMT (15min) Previous: 76.2K https://www.dailyfx.com/economic-calendar#2021-03-02
  • #Bitcoin, #Ethereum Forecast: BTC/USD, ETH/USD Bullish Reversal at Hand? - https://www.dailyfx.com/forex/market_alert/2021/03/02/Bitcoin-Ethereum-Forecast-BTCUSD-ETHUSD-Bullish-Reversal-at-Hand.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr $BTC $ETH $BTCUSD $ETHUSD https://t.co/Pdgnmg5zIV
  • Make smart trading decisions with your free guide to trade the news. Download your free guide here.https://t.co/pb5E2KgRzW #DailyFXGuides https://t.co/xaTWTOPNgw
Gold Slips Despite Stocks' Virus Hit As Market Hopes For Wall St Bounce

Gold Slips Despite Stocks' Virus Hit As Market Hopes For Wall St Bounce

David Cottle, Analyst

Gold and Crude Oil Talking Points:

Gold prices were lower on Wednesday in Asia despite the previous session’s huge Wall Street losses, incurred in turn as US investors seemed finally to accept that the coronavirus’ spread will exert major economic drag. It seems the market expects risk appetite to rebound, with some impulse to take profit on gold’s impressive gains evident.

Still, regional stock markets were mostly lower, with the Nikkei plunging on return from Monday’s holiday. South Korea’s Kospi snapped back from its own virus-related losses. However, the revival of both US and European stock futures saw gold retreat from its session peaks, even though the market clearly remains well supported in this nervy environment.

Headlines permitting the market will look ahead to Tuesday’s US consumer confidence data. With China mired and Europe sluggish, the US consumer looms large as a possible growth driver. The index is expected to have ticked up modestly in February, to 132 from last month’s 131.6.

Gold BULLISH
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 0% 33% 4%
Weekly -5% 13% -2%
What does it mean for price action?
Get My Guide

Crude oil prices were higher, with the market steadying after Monday’s sharp falls. Investors remain weighed down by concerns that the coronavirus will see further falls in demand for an energy market already well supplied, with traditional producers apparently in no hurry to deepen or lengthen production cuts.

US oil inventory is expected to have risen for a fifth straight week according to a Reuters poll.

Oil - US Crude BEARISH
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 23% -10% 6%
Weekly 36% -17% 5%
What does it mean for price action?
Get My Guide

Gold Technical Analysis

Gold Prices, Daily Chart

Prices are heading back toward near-term support at $1631.66/ounce. That’s the first, 23.6% Fibonacci retracement of the rise from November’s lows up to this week’s top. However, the market has been climbing very steeply since mid-February, perhaps getting overextended in the process.

The market will probably still find clear support in the range between $1595.24 and $1538.82. That band was traded for much of 2020, before the more recent, sharper rises were seen. It also comes in between the second and fifth Fibonacci retracement of the rise. Given the fundamental picture it seems highly unlikely that gold will slide as far as that range base, but some consolidation in its upper reaches looks quite probable.

Crude Oil Technical Analysis

US Crude Oil Prices, Daily Chart

Prices seem to have topped out once again at January 28’s peak of $54.09/barrel, with the latest falls large enough to break late February’s uptrend channel to the downside. Support awaits at early-February’s notable low and is likely to beckon unless the bulls can gird themselves to sustainably top that key resistance point.

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