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
Please try again
Oil - US Crude
Wall Street
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
  • France 40 IG Client Sentiment: Our data shows traders are now net-long France 40 for the first time since Dec 22, 2020 when France 40 traded near 5,477.70. A contrarian view of crowd sentiment points to France 40 weakness.
  • Coming up in 20'. Please join me if you're free by clicking the link below
  • 💶 ZEW Economic Sentiment Index (JAN) Actual: 58.3 Previous: 54.4
  • 🇩🇪 ZEW Current Conditions (JAN) Actual: -66.4 Expected: -68.5 Previous: -66.5
  • 🇩🇪 ZEW Economic Sentiment Index (JAN) Actual: 61.8 Expected: 60 Previous: 55.0
  • Heads Up:🇩🇪 ZEW Current Conditions (JAN) due at 10:00 GMT (15min) Expected: -68.5 Previous: -66.5
  • Heads Up:🇩🇪 ZEW Economic Sentiment Index (JAN) due at 10:00 GMT (15min) Expected: 60 Previous: 55.0
  • Heads Up:💶 ZEW Economic Sentiment Index (JAN) due at 10:00 GMT (15min) Previous: 54.4
  • Join @MartinSEssex 's #webinar at 5:30 AM ET/10:30 AM GMT to learn more about trading #sentiment Register here:
  • The London trading session accounts for around 35% of total average forex turnover*, the largest amount relative to its peers. The London forex session overlaps with the New York session. Learn about trading the London forex session here:
Gold Falls as US Political Shift Fuels Reflation Bets, Crude Oil Rally Eases

Gold Falls as US Political Shift Fuels Reflation Bets, Crude Oil Rally Eases

Thomas Westwater, Contributor

Crude Oil, XAU/USD, U.S. Politics, Reflation – Talking Points

  • Crude oil prices push higher on improved economic prospects, OPEC+ cuts
  • Gold prices fall as investors bet on higher prospective yields elsewhere
  • Technical outlook for gold and oil may see prices pullback in short-term
Gold Forecast
Gold Forecast
Recommended by Thomas Westwater
Get Your Free Gold Forecast
Get My Guide

U.S. benchmark West Texas Intermediate crude oil prices rose above $51 per barrel on Wednesday, extending gains from earlier this week when Saudi Arabia volunteered to cut its own production over the next two months during a monthly OPEC+ meeting. Russia gained a 75k barrel per day bid to increase production until March. The rise in prices also reflects the stabilizing outlook for the global economy as investors discount rising Covid-19 case counts against Covid vaccine distributions.

Meanwhile, gold prices continue to maneuver lower after U.S. President Trump appeared to acknowledge President-elect Biden’s win following a day of chaos on Capitol Hill. Despite the troubles in Washington D.C., markets again looked beyond to the future, likely motivated by two Senate runoff races in Georgia that give effective control of Congress to the Democrats, increasing the chance for more fiscal stimulus from the incoming administration.

XAU/USD is nearing the 1900 handle, threatening upside progress from earlier in the week as a strong Greenback tempers gains. The current market theme appears to be placing strong bets on the reflation trade given the upward force on U.S. government bond yields, with the 10-year Treasury yield rising above 1.090% for the first time since March. Increased inflation expectations can often drive gold higher, but markets appear to be allocating capital to growth-driven assets.

Still, the backdrop for gold prices remains supportive amid a reflationary outlook. While the recent unwinding of risks put a hit on prices, the move lower likely owes to speculative traders. Investors may have to start grappling with a pullback in monetary support, however, if Treasury and inflation measures remain supportive. Philadelphia Fed President, Patrick Harker, hinted that the Fed could start to roll back the number of bond purchases it performs as soon as the end of this year. If so, market participants may be faced with a new dynamic amid a less accommodative central bank.

Gold Technical Outlook

Gold faces a third day of losses against the US Dollar, with prices nearing the 1900 psychological level. The 9-day exponential moving average may provide the most immediate support, but a break below would see bulls aim to turn prior trendline resistance into support. The 38.2% Fib retracement from the 2020 high to November low may also come into play if 1900 is breached.

Top Trading Lessons
Top Trading Lessons
Recommended by Thomas Westwater
Top Trading Lessons
Get My Guide

XAU/USD Daily Chart

xauusd daily chart

Chart created with TradingView

Crude Oil Technical Outlook

Crude oil gains may run into overhead resistance shortly in the form of the 78.6% Fibonacci retracement from its 2020 January-April move. The RSI oscillator is also nearing the 70 overbought level, along with Friday’s candle trading above the upper Bollinger Band, indicating prices may be overextended. Thus, a pullback may likely manifest in the near-term.

WTI Crude Oil Daily Chart

Crude Oil chart

Chart created with TradingView


--- Written by Thomas Westwater, Analyst for

To contact Thomas, use the comments section below or @FxWestwateron Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.