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.



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
Oil - US Crude
Wall Street
More View more
Real Time News
  • #DJIA futures eyeing a retest of the February record-high (29595.3) after breaking above Falling Wedge resistance A daily close above the January low (28130.2) could signal the resumption of the primary uptrend extending from the March doldrums $DJI #DowJones #WallStreet
  • @DailyFXTeam Wall Street Futures Update: Dow Jones (+0.32%) S&P 500 (+0.35%) Nasdaq 100 (+0.37%) [delayed] -BBG
  • #Market Snapshot $AUDUSD and $EURUSD drifting from session-highs as the haven-associated $JPY attempts to claw back lost ground. #SP500 futures, #Gold and #crudeoil all moving higher while the #ASX200 struggles to penetrate key resistance at 6,000
  • Join @DanielGMoss's #Webinar at 10:00 PM ET/2:00 AM GMT for his weekly coverage of trading prep for $AUDUSD in the week ahead. Register here:
  • Dow Jones climbed a second day on fiscal stimulus hopes. All 9 Dow sectors were up. Traders face a quiet calendar day, with the 1st presidential debate closely eyed. The live TV debate will be on air from 9:00 to 10:30am Singapore time on Wednesday.
  • According to John Hopkins University, Coronavirus deaths globally have surpassed 1 million people
  • What is the outlook for financial markets ahead of the first presidential debate and how are Democratic nominee Joe Biden and President Donald Trump doing in the polls? Find out from @ZabelinDimitri here:
  • ❗Heads up for #Rupee $USDINR traders! The #RBI monetary policy announcement originally set for October 1 is going to be rescheduled at a later date, tbd, Will update once time is known -
  • European negotiators have indicated for the first time that they are prepared to start writing a joint legal text of a trade agreement with the UK, before fresh talks begin today, according to The Times $GBP
  • Heads Up:🇯🇵 BoJ Summary of Opinions due at 23:50 GMT (15min)
Crude Oil Prices May Track Stocks on Walmart, Home Depot Earnings

Crude Oil Prices May Track Stocks on Walmart, Home Depot Earnings

2020-08-18 06:09:00
Ilya Spivak, Head Strategist, APAC


  • Crude oil prices edge up in risk-on trade, familiar range still holding
  • Gold prices extend recovery, move to challenge $2000/oz figure anew
  • Top retailers’ earnings guidance may be formative for risk sentiment

Crude oil prices tracked higher against the backdrop of improving risk appetite yesterday, inching upward alongside the bellwether S&P 500 stock index. Meaningful trend development proved absent as expected however, with the WTI benchmark managing little more than a nudge of the narrow congestion range that has confined it for the better part of two months.

Gold prices likewise managed gains as the risk-on mood dulled the appeal of cash and weighed on the US Dollar, speaking to the metal’s anti-fiat credentials. Tellingly, real interest rates pushed deeper into negative territory, encouraging capital flows toward alternative stores of value. Bullion has now managed to retrace over half of last week’s steep selloff and stands to challenge the $2000/oz threshold once again.

Looking ahead, second-quarter earnings reports from US retail giants Walmart, Kohl’s and The Home Depot are in focus. Household consumption is by far the most dominant driver of growth in the world’s largest economy, contributing close to 70 percent of GDP. With that in mind, guidance from these firms may prove to be formative for the markets’ baseline business cycle outlook.

A downbeat disposition coupled with continued deadlock in US fiscal stimulus negotiations may spook the markets, especially considering the proximity of Wednesday’s release minutes from July’s FOMC meeting. That document may reiterate the central bank’s intent to hold off from expanding its stimulus toolkit further, at least for now. Taken together, this might pressure crude oil and gold prices alike.

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


Crude oil prices remain pinned below resistance in the 42.40-43.88 area. A daily close above this threshold looks likely to target the $50/bbl figure next. Alternatively, a reversal below swing low support at 38.74 may set the stage to revisit the 34.38-78 inflection zone.

Crude Oil Prices May Track Stocks on Walmart, Home Depot Earnings

Crude oil price chart created using TradingView


Gold prices are probing the $2000/oz figure once again after rebounding from rising trend line support guiding them upward since March. Establishing a foothold back above this barrier eyes the swing top at 2076.58 next. Alternatively, a move back below 1955.90 puts the bounds of the uptrend back in play.

Crude Oil Prices May Track Stocks on Walmart, Home Depot Earnings

Gold price chart created using TradingView

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


--- 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.