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.

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
Bullish
Wall Street
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
Gold
Bullish
GBP/USD
Mixed
USD/JPY
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
More View more
Real Time News
  • What's the difference between leading and lagging indicators? Find out from here: https://t.co/vGx8HCrRwD https://t.co/7w5jodyzj0
  • Dealing with the fear of missing out – or FOMO – is a highly valuable skill for traders. Not only can FOMO have a negative emotional impact, it can cloud judgment and overshadow logic. Learn how you can control FOMO in your trading here: https://t.co/lgDf5cVYOn https://t.co/L3LPCph2ST
  • 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/ysxKO30ZWw
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here: https://t.co/4jsORznRTE https://t.co/5nHxtlZ7nn
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here: https://t.co/IsnpfJhp91 https://t.co/lqpXwWjVFt
  • Looking for a new way to trade reversals? One of the most used reversal candle patterns is known as the Harami. Like most candlestick formation patterns, the Harami tells a story about sentiment in the market. Get better with trading reversals here: https://t.co/rfwUWJfbz9 https://t.co/CrpXuYgfRO
  • MACD who? The Moving Average Convergence Divergence (MACD) is a technical indicator which simply measures the relationship of exponential moving averages (EMA). Find out how you can incorporate MACD into your trading strategy here: https://t.co/ZNs4Qi8ieG https://t.co/VzEbQn8blk
  • Brush up your knowledge on trade-wars with this tool from DailyFX research briefly outlining trade-war history dating back to the early 1900s here: https://t.co/bZEFtp8kFe https://t.co/ETF52Q2sLz
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out https://t.co/c51s3IBcEu https://t.co/AXZxK8Abrh
  • Global stock markets may see turbulent volatility if darkening clouds over Washington’s relations with Beijing turn into a geopolitical storm. Which assets will be the lifeboat? Find out here:https://t.co/RkFI6qAyik https://t.co/9Ppa4d48Ql
XAU/USD Gains as US Dollar Sinks, Crude Oil Prices May Turn Lower

XAU/USD Gains as US Dollar Sinks, Crude Oil Prices May Turn Lower

Daniel Dubrovsky, Strategist

Gold, XAU/USD, Crude Oil - Talking Points:

Anti-fiat Gold prices rallied over the past 24 hours as the haven-oriented US Dollar extended its sharp selloff from late May. The Dow Jones and S&P 500 closed +1.70% and +1.20% respectively as the latter erased losses from the turn of the year to aim for current 2020 peaks. An expansion in the Federal Reserve’s Main Street Lending Program helped boost equities into Wall Street’s close.

Growth-oriented crude oil prices were unable to capitalize on the upbeat tone in financial markets. This is likely due to Saudi Arabia announcing that the voluntary additional production cuts – agreed upon from the weekend OPEC+ meeting – would go on for just 1 month. That could mean that the world could see insufficient reductions in supply to counterbalance weak demand due to global growth slowing.

Over the next 24 hours, the economic docket is fairly light as investors await this week’s Federal Reserve monetary policy announcement. Final revisions to Eurozone GDP for the first quarter are due ahead, but gold and crude oil prices may continue focusing on general market sentiment. Futures tracking the S&P 500 are little changed heading into European trading hours.

Gold Technical Analysis

Gold prices have closed under a near-term rising support line from the middle of April – red line on the daily chart below. That may open the door to a reversal given confirmation. On the whole however, XAU/USD remains in a consolidating setting. Prices are hovering just above the key support range (1658 – 1678). A bounce here would open the door to test resistance which is a barrier between 1730 – 1747.

XAU/USD Daily Chart

XAU/USD Gains as US Dollar Sinks, Crude Oil Prices May Turn Lower

Chart Created Using TradingView

Crude Oil Technical Analysis

Crude oil prices could be at risk to turning lower. A Bearish Harami has emerged within a Rising Wedge chart pattern. Both of these could be signals that the current WTI price trend could reverse lower. This is as prices struggle to push above the August 2016 low which is acting as resistance at 39.23. A turn lower here places the focus on the inflection range between 29.11 – 31.14.

WTI Crude Oil Daily Chart

XAU/USD Gains as US Dollar Sinks, Crude Oil Prices May Turn Lower

Chart Created Using TradingView

--- Written by Daniel Dubrovsky, Currency Analyst for DailyFX.com

To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter

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

DISCLOSURES