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
EUR/USD
Mixed
Oil - US Crude
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
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
Mixed
GBP/USD
Bullish
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
  • #Gold saw its worst performance the past 5 days in 5 months as longer-dated government bond yields in developed countries rose Could this be the beginning of a turning point in #XAUUSD? https://www.dailyfx.com/forex/fundamental/forecast/weekly/chf/2020/08/15/Gold-Price-Outlook-Will-XAUUSD-Brush-off-Worst-Week-in-5-Months.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/x2Indk3b7P
  • 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/td5WA4hCZC https://t.co/PT09ZsIOCa
  • The US #Dollar may rise, buoyed by haven demand as fiscal stimulus talks stagnate and swelling tensions between Washington and Beijing sink trade talks. Get your #currencies update from @DanielGMoss here: https://t.co/Wcw9PDUr67 https://t.co/gnYZYl6aLV
  • Upside in #CrudeOil struggling ahead of #OPEC meeting. Cartel likely to maintain wait and see approach. Get your #commodities update from @JMcQueenFX here: https://t.co/gNHHKoTUzm https://t.co/eF40DRIBJ5
  • #Gold had some big moves last week, and while vol is expected to die down a bit, it will be important to see if gold can hold its ground in the coming days/weeks. Get your #metals update from @PaulRobinsonFX here: https://t.co/N8a84hRnHN https://t.co/3fjodPHTDm
  • The S&P 500's refusal to hit a record and Dollar's anchor to range this past week is sign of summer liquidity conditions, but the quiet is not insurmountable. 'S&P 500 Record and Dollar Break Look to Stimulus and Trade to Override Seasonality' https://www.dailyfx.com/forex/video/daily_news_report/2020/08/15/SP-500-Record-and-Dollar-Break-Look-to-Stimulus-and-Trade-to-Override-Seasonality-.html https://t.co/mbvPkdQfYl
  • Get your snapshot update of the of relative currency strength and exchange status from around the globe here: https://t.co/DmhBkcMZBK https://t.co/kFk6ccU3Sk
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here: https://t.co/ADSC4sIHrP https://t.co/aXSB0bG3y0
  • Take a closer look visually at the most influential global importers and exporters here: https://t.co/1G7CRsegRX https://t.co/i342ipPuvW
  • Why financial market traders must monitor both monetary and fiscal policy? Find out from @MartinSEssex here:https://t.co/Fkzk88Y5gm https://t.co/tHp0Nb3Tr5
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

2020-06-09 06:00:00
Daniel Dubrovsky, Analyst
Share:

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.

Traits of Successful Traders
Traits of Successful Traders
Recommended by Daniel Dubrovsky
Traits of Successful Traders
Get My Guide

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.

Gold MIXED
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -2% -1% -2%
Weekly 18% -22% 5%
What does it mean for price action?
Get My Guide

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.

Oil - US Crude MIXED
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 13% -12% 1%
Weekly -4% 5% 0%
What does it mean for price action?
Get My Guide

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

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.