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
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
  • The S&P 500, Dow Jones and DAX 30 could be at risk of falling as retail traders continue increasing their upside exposure in these indices. What are the key technical levels to watch for? Find out from @ddubrovskyFX here:
  • The US Dollar continues to hold its ground against most ASEAN currencies as recent downtrends lose momentum. What is the road ahead for USD/SGD, USD/THB, USD/PHP and USD/IDR? Find out from @ddubrovskyFX here:
  • The Canadian Dollar has been caught in broad ranges against the Euro and the US Dollar, but can the upside bias in USD/CAD and EUR/CAD prolong? Find out here:
  • Want to hear my thoughts on the US Dollar? Check out yesterday's recording with #AuzBiz hosted by @KaraOrdway on 'The Trade' We discussed a #USD index, Treasury yields, $USDJPY, $AUDUSD and $NZDUSD
  • Gold has plunged nearly 5% off the Monthly high with the sell-off now probing key weekly support here at 1738/47- looking for a pivot here with the Fed interest rate decision on tap. Get your $XAUUSD market update from @MBForex here:
  • Feels like the market has been front-running next week’s FOMC announcement, which will reveal updated dot plot projections. Expectations clearly set for a more hawkish shift in guidance. That said, if the Fed does not deliver, US Dollar bulls could be disappointed. $USD $DXY
  • USD/CAD has been chopping around the past week-and-a-half, offering virtually no cues on its next direction. Get your market update from @PaulRobinsonFX here:
  • FDA panel votes 16-3 against approving Covid-19 booster shots - BBG
  • RT @C_Barraud: 🇺🇸 Americans Haven’t Been This Down on #Housing Market Since 1982 - Bloomberg *Link:…
  • US Dollar Price Action Setups Pre-FOMC: EUR/USD, GBP/USD, USD/CAD
Gold Prices Fall with Stocks as Investors Flee to Cash, UofM Eyed

Gold Prices Fall with Stocks as Investors Flee to Cash, UofM Eyed

Ilya Spivak, Head Strategist, APAC


  • Gold prices fall with stocks as credit squeeze sparks liquidation
  • Crude oil prices continue to languish, digesting earlier collapse
  • S&P 500 futures hint sentiment may brighten, UofM data eyed

Gold prices fell as record-setting liquidation continued across global financial markets. The metal has failed to capitalize on the risk-off environment over the past two weeks as the markets rapidly priced in rate cuts bringing the Fed Funds rate back to zero, sapping scope for speculative gains.

In the meantime, market turmoil seized up credit markets. Financial conditions deteriorated to the worst since April 2009 – mere months after the apex of the 2008 global financial crisis – as lenders worried about borrowers’ wherewithal to pay against a rapidly souring environment closed the taps.

Aggressive selling across the market spectrum then took hold as credit-starved financial markets moved to dispose of assets and raise cash. Gold found itself on the chopping block against this backdrop while unrivaled liquidity burnished the appeal of the US Dollar and drove it higher (as expected).

Crude oil prices continued to languish in the meanwhile as that market continued to digest after a blistering selloff at the start of the week. That was triggered as the four-year OPEC+ production cap scheme unraveled after Russia and Saudi Arabia failed to reach a deal on an extension.


Looking ahead, shell-shocked investors appear to be angling for a respite. Share prices are on the upswing in early European trade and futures tracking US stock benchmarks are pointing solidly higher. Technical studies suggest the bellwether S&P 500 may be preparing to retrace upward.

Critically, none of the underlying reasons for the recent crash appear to be resolved. Rather, traders may simply want to rebalance exposure, reducing the risk-off skew on the speculation that a flurry of policymaking over the weekend might produce a sharp opening gap higher next week.

The rebound may be aborted if University of Michigan data on US consumer confidence suggests a dramatic weakening in single most important engine of growth for the world’s largest economy: private consumption. A modest pullback is expected after a two-year high was set in February.


Gold prices are testing support marked by an 11-month rising trend line and former resistance in the 1535.03-1557.10 area. A daily close below that looks likely to set the stage for a test below the $1500/oz figure. Alternatively, returning above 1611.34 may see the swing highs below $1700/oz retested.

Gold price chart - daily

Gold price chart created using TradingView


Crude oil prices are idling below support-turned-resistance at 34.86 (61.8% Fibonacci expansion). Breaking that exposes back-to-back barriers along the way to critical resistance just below $50/bbl. A close above that looks to be needed to neutralize the near-term bearish bias. Alternatively, a push below support at 31.11 (78.6% expansion) targets the 26.05-33 zone (100% Fib, February 2016 bottom).

Crude oil price chart - daily

Crude oil price chart created using TradingView


--- Written by Ilya Spivak, Currency Strategist for

To contact Ilya, use the comments section below or @IlyaSpivak on Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.