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
  • 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
  • The AUD may suffer as relations between Australia and China deteriorate amid dwindling growth prospects. Euro traders will be closely watching progress in talks about a €500b recovery fund proposal. Get your market update from @ZabelinDimitri here: https://t.co/LkEFJViPWY https://t.co/Fo1wlWyz8r
Gold Prices Up As Fateful Weekly US Jobless Claims Figure Looms

Gold Prices Up As Fateful Weekly US Jobless Claims Figure Looms

2020-04-09 06:00:00
David Cottle, Analyst
Share:

Gold and Crude Oil Talking Points:

  • Gold prices retained their haven bid as weekly US labor market data approach
  • Millions of workers have been added to the jobless totals since March
  • Crude oil markets looked expectantly towards Russia and Saudi Arabia

Gold prices were slightly higher in Thursday’s Asia Pacific session as the markets looked ahead with some trepidation to the weekly count of US unemployment-benefit claimants, bolstered by millions in the past two releases as coronavirus-linked shutdowns take their toll.

There was also some optimism in the market that global infection rates might be peaking but this remains a tentative hope at present.

The US Dollar inched lower overall, its strength having capped interest in Dollar-denominated gold products in recent sessions.

Overall risk appetite was quite buoyant with most major Asian stock markets higher, but gold’s strong underlying haven bid looks safe enough.

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 prices slipped back, returning some of the gains made in advance of Thursday’s meeting of Organization of Petroleum Exporting Countries and allies including Russia, the so-called ‘OPEC Plus’ group.

The meeting is expected to be more fruitful than the March gathering at which failure to agree on production cuts sparked a bizarre price war, smashing prices already weakened by virus-related demand destruction. Hopes have been raised by reports that Russia was ready to cut its output by more than 1.5 million barrels per day, but doubts remain about the level of US participation.

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 Technical Analysis

Gold Prices, Daily Chart

Gold prices continue to respect the lower boundary of their daily-chart uptrend channel but they can’t seem to move very far away from it. Daily ranges are narrowing which suggests a degree of uncertainty about the near future and, while they retain control, bulls seem in no hurry to challenge the notable peaks of March.

If the bulls can’t select another gear the market seems likely to retrace and consolidate around the psychologically important $1600/ounce level.

Crude Oil Technical Analysis

Crude Oil Daily Chart

Prices remain confined to a narrow trading band within a broader potential range. Clearly much now depends on what happens with OPEC Plus. A deliverable agreement to reduce production could see the range top challenged near $35/barrel, although of course the market still faces significant uncertainty about demand even if supply can be reduced.

Disappointment will probably see the market back to its March lows in short order.

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.