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
More View more
Real Time News
  • ECB's Muller - Given the currently very favourable financing conditions and the solid recovery, I am not sure if increasing the volume of APP purchases in the Spring is the best way to avoid a cliff effect
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here:
  • 🇺🇸 MBA Mortgage Applications (17/SEP) Actual: 4.9% Previous: 0.3%
  • Heads Up:🇺🇸 MBA Mortgage Applications (17/SEP) due at 11:00 GMT (15min)
  • Forex quotes reflect the price of different currencies at any point in time. Since a trader’s profit or loss is determined by movements in price, it is essential to develop a sound understanding of how to read currency pairs. Learn how to read quotes here:
  • Forex sentiment analysis can be a useful tool to help traders understand and act on price behavior. Learn how to get the most out of understanding trader sentiment here:
  • Of note, worth being cautious on the authenticity of this report given the source
  • Sources close to the Chinese Government have told Asia Markets a deal that will see China Evergrande (3333 HK) restructured into three seperate entities is currently being finalised by the Chinese Communist Party and could be announced within days.
  • Shadow MPC as hawkish as ever - They have been calling for the BoE to end QE early since June - Often a big difference in what people think a central bank should do and will do
  • Trading bias allows traders to make informative decisions when dealing in the market. This relates to both novice and experienced traders alike. Start learning how you may be able to make more informed decisions here:
Crude Oil Prices Rise As Markets Hope For OPEC, Russia Cuts

Crude Oil Prices Rise As Markets Hope For OPEC, Russia Cuts

David Cottle, Analyst

Crude Oil and Gold Talking Points:

  • Crude oil prices rose as the markets anticipated production cuts
  • It’s worth pointing out that they’ve been disappointed before of course, and very recently
  • Gold prices were steady, and close to March highs

Crude oil prices were higher in Wednesday’s Asia Pacific session as the market looked hopefully to Thursday’s meeting of the Organization of Petroleum Exporting Countries and allies including Russia, the so-called ‘OPEC Plus’ group.

This get-together is expected to be more successful than the March conclave. The inability of Russia and Saudi Arabia to agree production cuts in the face of coronavirus-linked demand destruction unleashed a bizarre price war and flood of oil which saw prices plummet. A real reduction could be hammered out this time but whether it can be made to stick could depend on the attitude of the United States, and whether it too will cut oil output. There question markets remain with the Department of Energy saying this week that US production is already declining without government action.

It will release US crude oil inventory numbers later in the global session.

The market faces the prospect of a deep global recession with attendant limited energy demand whatever OPEC and its allies decide to do.

Gold prices were steady with the market glued like all other to the coronavirus story. There have been signs of slowing infection rates in some countries, but widespread lockdowns and other economic restrictions remain the norm and, in such circumstances, gold’s haven bid looks safe enough.

Progress toward this year’s highs remains stymied to some extent by the strength of the US Dollar but by the same token there appears little impetus to sell gold even with those highs quite close to the current market.

Crude Oil Technical Analysis

Crude Oil, Daily Chart

Prices have nudged back up into a broad, higher trading band having recovered smartly from this year’s near eighteen-year lows. However, they hardly look comfortable above the band’s baseline level of $27.74/ barrel.

For the moment resistance at March 16’s closing low of $30.19 seems to be arresting progress, having effectively capped the market on April 3 and 6. If the fundamentals improve this week the bulls should have little difficulty in topping it, but they seem in no hurry and it looks as though range support may well see another test before the Thursday meeting.

Gold Technical Analysis

Gold, Daily Chart

Gold prices continue to respect the lower boundary of their dominant daily-chart upward channel, although it’s clear that the market is much more inclined to test that than the upside. There’s probably support at the previous range top in the $1628/ounce region, with channel support now coming in just above that at $1635.09.

The bulls clearly have the peaks of March in their sights once again, and seem to be making clear if gradual progress toward it. The market may remain vulnerable to sudden liquidation should stocks lurch South again, but looks quite well underpinned at current levels.

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.