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
Oil - US Crude
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
  • The Nasdaq 100 index is aiming to breach a key resistance level at 14,950 for a second time. A successful attempt may open the door to further gains, although the MACD indicator flags signs of weakness. Get your equities forecast from @margaretyjy here: https://t.co/BEYupi32qB https://t.co/PWeXE8tZVY
  • 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/t34kotPE8R
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here: https://t.co/BdgFmkRxVw https://t.co/lM1OIJdjhr
  • Trading Forex is not a shortcut to instant wealth, excessive leverage can magnify losses, and sentiment is a powerful indicator. Learn about these principles in depth here: https://t.co/lZFM8youtX https://t.co/6qGEVjDlN6
  • Although the medium-term outlook remains negative, Bitcoin could make a bullish move in the coming days if prices manage to hold above key support in the $29,150/28,600 region. Get your #Bitcoin forecast from @DColmanFX here: https://t.co/T7iAD0fbbU https://t.co/xVSG7nKIQG
  • 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/HGWZikGQAa
  • 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/2cQ0JgAfh7
  • Crude oil prices collapsed on Monday despite an OPEC+ breakthrough, driven by Covid-induced demand woes. Meanwhile, Gold is at odds with a stronger US Dollar and falling Treasury yields. Get your #crudeoil market update from @FxWestwater here:https://t.co/H1vmag8d1k https://t.co/1zuPdKUmyE
  • AUD/USD is likely to face increased volatility over the coming days as it faces a batch of key event risks going into the end of July. Get your Australian Dollar forecast from @DavidJSong here: https://t.co/qFpg0DCxxL https://t.co/quQxg4WBy3
  • The US Dollar outlook against ASEAN currencies like the Singapore Dollar, Thai Baht, Indonesian Rupiah and Philippine Peso remains bullish amid capital outflows risks as Covid cases swell. Get your market update from @ddubrovskyFX here:https://t.co/vRUVxvQP8o https://t.co/cUEkW9BfIP
Gold Prices Still Vulnerable, Crude Oil Focuses on Covid Over OPEC+ Output

Gold Prices Still Vulnerable, Crude Oil Focuses on Covid Over OPEC+ Output

Daniel Dubrovsky, Strategist

Gold, XAU/USD, Crude Oil, Coronavirus, OPEC, Technical Analysis - Talking Points:

  • Gold prices weakened as US Dollar gained amid wobbly sentiment
  • Crude oil struggled capitalizing on OPEC plan to extend output cuts
  • XAU/USD ‘Death Cross’ remains in play, WTI consolidation eyed
Advertisement

Anti-fiat gold prices declined over the past 24 hours as the liquid US Dollar managed to recover more losses in the aftermath of the US presidential election. Investors poured capital back into tech stocks as the Nasdaq 100 soared and the Dow Jones slightly weakened. Concerns over rising coronavirus cases globally dented sentiment, depriving growth-linked crude oil prices of gains earlier in the session.

OPEC’s president alluded to the possibility of extending output cuts into next year, perhaps by 3 to 6 months. That is likely what propelled energy prices before pulling back during the Wall Street session. The United States set another daily record for coronavirus cases, increasing by 146,149. New York State ordered bars and restaurants closed at 10pm local time. Ohio is reviewing shutting down dining and gyms.

Hopes of a Covid-19 vaccine likely kept sentiment from deteriorating further. Futures tracking Wall Street are pointing lower heading into the European and North American trading sessions. Falling Treasury yields could cushion downside potential in gold however. Crude oil prices are looking vulnerable. The EIA is anticipating a 0.8m barrel drawdown in stockpiles last week, opening the door to taming weakness in oil prices ahead.

Gold Technical Analysis

Gold prices are idling above the key 1848 – 1863 support zone after prices tumbled over 5 percent at the start of the week. This is keeping the bearish ‘Death Cross’ in play after the 20-day Simple Moving Average (SMA) crossed under the 50-day one. Positive RSI divergence does show that downside momentum is fading, which can at times precede a turn higher. In such an outcome, keep an eye on the 1924 – 1933 inflection zone.

XAU/USD Daily Chart

Gold Prices Still Vulnerable, Crude Oil Focuses on Covid Over OPEC+ Output

Chart Created Using TradingView

Crude Oil Technical Analysis

WTI crude oil prices are on the cusp of the 41.61 – 43.75 resistance zone which has been in play since June, keeping the commodity in a consolidative state. In late October, oil attempted to breach key support (36.15 – 37.10) but ultimately failed to breakout. With that in mind, a hold at resistance here may open the door to another turn lower, prolonging range-bound price action.

WTI Crude Oil Daily Chart

Gold Prices Still Vulnerable, Crude Oil Focuses on Covid Over OPEC+ Output

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