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
Crude Oil Prices May Bounce But Chart Warns a Top is Forming

Crude Oil Prices May Bounce But Chart Warns a Top is Forming

2020-06-12 05:00:00
Ilya Spivak, Head Strategist, APAC
Share:

CRUDE OIL & GOLD TALKING POINTS:

  • Crude oil prices may rebound as risk appetite firms across financial markets
  • Technical positioning continues to warn that crude oil prices may be topping
  • Gold prices down despite market rout as US Dollar gains on haven demand

Crude oil prices sank alongside stocks as the markets digested the FOMC monetary policy announcement. The central bank disappointed investors’ hopes for the near-term implementation of ‘yield curve control’ (YCC), a policy that would have pinned bond yields at a particular maturity to a target level.

Markets have speculated that the US central bank may follow in the footsteps of the BOJ and the RBA in adopting this approach, with implantation favoring Australia’s model of targeting the shorter end of the curve. It then seems telling that 2-year rates rose while 10-year ones fell as liquidation got underway.

Traders’ displeasure with the FOMC’s noncommittal YCC posture seems understandable. Pinning the rate on near-term debt at some low level would likely make dividend yield appear that much more attractive (absent utter market meltdown), stoking a risk-on rally. As it happened, the Fed drove in the opposite direction.

Gold prices edged slightly lower amid the liquidation. Mixed cues from bond yields – that is, divergence along the curve – and a stronger US Dollar probably accounted for this response. The currency rediscovered its appeal as a liquidity haven, with gains undermining the appeal of anti-fiat alternatives.

Looking ahead, a spirited upswing in S&P 500 index futures suggests some room for sentiment to recover into the week-end. That might encourage recovery across the spectrum of assets that suffered amid yesterday’s bloodletting, including oil and gold.

The University of Michigan gauge of US consumer confidence headlines the economic data docket. It is expected to show improvement for a second consecutive month, though the gauge’s overall setting is but a hair higher than the 8-year low set in April.

Oil Forecast
Oil Forecast
Recommended by Ilya Spivak
Get Your Free Oil Forecast
Get My Guide

CRUDE OIL TECHNICAL ANALYSIS

Crude oil prices edged lower after producing a bearish Dark Cloud Cover candlestick pattern, with sellers now menacing support at 34.78. A daily close below that exposes the 27.40-29.11 inflection zone. Near-term resistance is in the 42.40-43.88 area. Breaking above that likely puts the $50/bbl figure in the crosshairs.

Crude oil price chart - daily

Crude oil price chart created using TradingView

GOLD TECHNICAL ANALYSIS

Gold prices continue to idle near the middle of a choppy range containing them since mid-April. Resistance is marked by the May 18 highat 1765.30. Support is in the 1679.81-93.92 area, with a break below that on a daily closing basis probably exposing the 38.2% Fibonacci retracement at 1645.40 next.

Gold price chart - daily

Gold price chart created using TradingView

Gold Forecast
Gold Forecast
Recommended by Ilya Spivak
Get Your Free Gold Forecast
Get My Guide

COMMODITY TRADING RESOURCES

--- Written by Ilya Spivak, Head APAC Strategist for DailyFX

To contact Ilya, use the comments section below or @IlyaSpivak 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.