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
Bullish
Oil - US Crude
Mixed
Wall Street
Bullish
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
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
Mixed
USD/JPY
Bullish
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
More View more
Real Time News
  • Major investment bank models have touted USD selling, given the outperformance in US equities relative to its counterparts over the past month. How is this likely to impact the month-end rebalancing? Find out from @JMcQueenFX here:https://t.co/MtNrHmXZpD https://t.co/YvoHlUsdVr
  • U.S. Market Analyst at https://t.co/JsVsSmefgR, Shain Vernier covers - ✔️ Safe haven assets in volatile markets ✔️ Central banks and governments ✔️ How will commodities trade in a recession Only on Trading Global Markets Decoded #podcast. Tune in here: https://t.co/1UmEzEbwiy https://t.co/X15k6b4ZyB
  • The month of May saw equities rise across the board. The #Dow Jones and #DAX 30 will look to hold above nearby support while the #Nasdaq 100 may look to attack all-time highs. Get your #equities market update from @PeterHanksFX here: https://t.co/dQxkG68R0I https://t.co/cgfcOs14qG
  • There is a dramatic departure between yield curve pricing for a recession and other measures of near-term growth; the Q2’20 Atlanta Fed GDPNow is extremely alarming.Get your market update from @CVecchioFX here: https://t.co/eMd3T8EwDO https://t.co/56oUP6we9U
  • The #DAX has now closed the gap from the beginning of March with the index breaking above 61.8% fib at 11592. Get your DAX market update from @JMcQueenFX here: https://t.co/wr67nkxc8z https://t.co/CkxPZn1v3t
  • Emerging market currencies haven’t been treated equally by the effects of global contagion, even if most have suffered to some degree. However withdrawal of investment flows could hit them all. Get your market update from @DavidCottleFX here:https://t.co/QzNoNYgMgP https://t.co/9CV6iZt40j
  • My weekend trading video: 'S&P 500 Rises on Trump China Presser, #NFPs and Rate Decisions Ahead' https://www.dailyfx.com/forex/video/daily_news_report/2020/05/30/SP-500-Rises-on-Trump-China-Presser-NFPs-and-Rate-Decisions-Ahead.html?ref-author=Kicklighter&QPID=917719&CHID=9 https://t.co/ZvoGoibzj1
  • Hopes are high for deeper European economic integration as the continent battles back from the coronavirus slowdowns – but will it hold? What impact can this have on #Euro? Find out from @JStanleyFX here: https://t.co/b9ZWRd4cTr https://t.co/gngm5tKqjz
  • The US Dollar could rise against #ASEAN currencies such as the Singapore Dollar as US-China tensions seem to escalate. The Indian Rupee is also looking ahead of local 1Q GDP data.Get your market update from @ddubrovskyFX here:https://t.co/LkEFJViPWY https://t.co/iL7xlHLBiF
  • #Gold has a short-term bullish set-up that may play nicely with USD weakening. The longer and shorter-term path of least resistance remains higher. Get your $XAUUSD technical analysis from @PaulRobinsonFX here:https://t.co/6gt3F9LuGP https://t.co/B4MVrg8f6i
Crude Oil Prices Rise As Hopes Endure For Russia, Saudi Deal

Crude Oil Prices Rise As Hopes Endure For Russia, Saudi Deal

2020-04-06 07:00:00
David Cottle, Analyst
Share:

Crude Oil and Gold Talking Points:

  • Crude oi prices made gains in Asia as hopes for production cuts propped up the market
  • It still looks as though Saudi Araba and Russia will meet this week
  • Gold prices retain a strong haven bid but are struggling to top recent highs

Crude oil prices rose through Monday’s Asia Pacific session as investors clearly retain some hope that the price war between Russia and Saudi Arabia which has piled pressure on a market already wrecked by the coronavirus can be brought to an end.

Prices had been under pressure as the session got underway on reports that a meeting of the Organization of Petroleum Exporting Countries and allies including Russia, the so-called ‘OPEC Plus’ group, wouldn’t be held until Thursday. Hopes that it would happen on Monday of this week buoyed prices last.

However, while investors took the delay badly at first, they seem more sanguine now. The head of Russia’s sovereign wealth fund RDIF Kirill Dmitriev has reportedly said that his country and Saudi Araba are very, very close to an agreement on production cuts, and this has kept hopes alive in the story which will dominate energy markets probably for the rest of this week.

Oil - US Crude MIXED
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -10% 8% -4%
Weekly -9% -13% -10%
What does it mean for price action?
Get My Guide

Gold prices were higher despite an apparent modest revival in risk appetite which saw regional stock markets make broad gains.

Clearly the coronavirus remains a huge threat to global economic prospects but there does seem to be a sense in the markets that the beatings taken by various risk-correlated assets as a result are sufficient in the absence of clear evidence that conditions are worsening.

The US Dollar’s strength is likely capping demand for the metal, however, even if gold’s underlying haven bid still looks strong.

Gold BEARISH
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 2% -8% -1%
Weekly 0% -8% -2%
What does it mean for price action?
Get My Guide

Crude Oil Technical Analysis

Crude Oil Prices, Daily Chart

Prices have soared away from their former modest downtrend channel with five straight sessions of gains attesting to the turnaround in sentiment.

The market has also topped resistance at $27.40/barrel. That was the closing high of March 19 and the closing low of March 17. Still, the bulls don’t look too comfortable about that level yet. It now acts as near-term support with the old channel top at $21.30 lying in wait below.

Gold Technical Analysis

Gold Prices, Daily Chart

Gold prices are still respecting the lower boundary of their uptrend channel which is quite clearly still proving valuable as a support level indicator. The upper boundary may be less so now, having not faced a test since March 24

While the channel remains valid prices look to be range trading too within a broad band. That offers quite near-term resistance at $1642.15 which could be tested shortly if we see another daily close within the channel.

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.