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.

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
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
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • Discord has walked away from sale talks with $MSFT now eyeing potential IPO
  • here we go, webinar starting right now 1) USD Q2 Weakness 2) Gold brewing bullish potential? 3) Stonks through initial earnings outlays https://www.dailyfx.com/webinars/643096611 https://t.co/ZzY8QuoCko
  • The Euro has slipped to an intraday low amidst the German Greens surging to a lead over Merkel's CDU in a new poll. $EUR $USD https://t.co/gfvNseRNvc
  • $USDCAD has strengthened today, rising to a one week high near the 1.2600 level. The Canadian Dollar has suffered amidst a drop in oil prices and extended travel restrictions. $USD $CAD https://t.co/O2z7grrFYi
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.55%, while traders in Germany 30 are at opposite extremes with 80.61%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/RVkYfiOzPq
  • In line with the general risk-off sentiment, oil prices have come under notable selling pressure with both Brent and WTI crude futures falling 2-2.5%. Get your #crudeoil market update from @JMcQueenFX here:https://t.co/K0zJL8BFj1 https://t.co/wMn3kNFhwC
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Gold: 0.49% Silver: 0.42% Oil - US Crude: -1.41% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/CqYIho6z47
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.08% 🇯🇵JPY: 0.07% 🇪🇺EUR: 0.04% 🇦🇺AUD: -0.17% 🇬🇧GBP: -0.23% 🇨🇦CAD: -0.30% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/GC3sr4bk5B
  • - Recovery in the US is improving - The increase in Covid cases is concerning, but vaccines give optimism for a return to more normal conditions later this year
  • - Fed bond buying is at a pace "unrelated to magnitude of fiscal deficits" - Low Treasury yields show there is strong global demand for stable and liquid investments
Crude Oil Prices Eye OPEC+ Meeting. Will Gold Rise on FOMC Minutes?

Crude Oil Prices Eye OPEC+ Meeting. Will Gold Rise on FOMC Minutes?

Daniel Dubrovsky, Strategist

Crude Oil, OPEC+, EIA Inventories, Gold, XAU/USD - Talking Points:

  • Crude oil prices fell after API gasoline estimates
  • Gold prices climbed as Treasury yields declined
  • WTI eyeing OPEC+ online meeting, Iraq output

Sentiment-linked crude oil prices were little changed over the past 24 hours despite an optimistic conclusion to the Wall Street trading session. The S&P 500 closed at an all-time high. A report from the American Petroleum Institute (API) hinted that gasoline inventories climbed 5 million barrels last week. This is as anti-fiat gold prices rose, reversing more of their losses from the worst weekly performance in 5 months as expected.

Building Confidence in Trading
Building Confidence in Trading
Recommended by Daniel Dubrovsky
Don’t give into despair, make a game plan
Get My Guide

Ahead, crude oil prices are awaiting an online meeting between OPEC+ ministers as participants review output and compliance goals. In fact, one of the reasons why the commodity has struggled to see meaningful upside progress as of late could be the gradual increase in OPEC output this month. All eyes are on promises from Iraq, the second-largest OPEC oil producer, to commit to deeper cuts.

Discover your trading personality to help find optimal forms of analyzing financial markets

Oil will also be eyeing EIA US gasoline inventories to compare to API estimates. A less-than-expected increase in supply could bolster WTI. Gold prices may find support from upcoming FOMC meeting minutes should the document reiterate the central bank’s effort to keep monetary policy ultra-lose. The rise in XAU/USD on Tuesday coincided with US longer-dated Treasury yields falling. That bolstered the relative appeal of the non-interest-bearing metal.

Crude Oil Technical Analysis

From a technical standpoint, WTI crude oil is idling just under the February low at 43.88. Below sits the 50-day Simple Moving Average (SMA) which could act as support in the event of a turn lower. Beyond that sits the 37.10 – 38.75 support zone. Otherwise, a push above 43.88 exposes the 49.42 inflection point which was established in late February.

Oil - US Crude Mixed
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 0% 0% 0%
Weekly -5% 16% 3%
What does it mean for price action?
Get My Guide

WTI Crude Oil Daily Chart

Crude Oil Prices Eye OPEC+ Meeting. Will Gold Rise on FOMC Minutes?

Chart Created Using TradingView

Gold Technical Analysis

After aggressive selling pressure last week, gold prices bounced off the rising trend line from June. Now, XAU/USD has taken out the 100% Fibonacci extension at 1984, exposing the 123.60% level at 2058. Around that price is when prices topped earlier this month after a Bearish Engulfing emerged. Taking out immediate support exposes the former all-time high from 2011 on the daily chart below.

Gold Mixed
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 0% 0% 0%
Weekly 3% -4% 2%
What does it mean for price action?
Get My Guide

XAU/USD Daily Chart

Crude Oil Prices Eye OPEC+ Meeting. Will Gold Rise on FOMC Minutes?

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