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
Bearish
Oil - US Crude
Bullish
Wall Street
Bearish
Gold
Mixed
GBP/USD
Bearish
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
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
  • $AUDCAD has continued to weak today, now trading around the 0.9800 level. The pair is down almost 200 pips from the multi-year highs hit just shy of the 1.0000 level yesterday. $AUD $CAD https://t.co/hffaXojF5j
  • $Gold trying to build a base off of that 1725 level - one minute chart so super small sample size. but that bearish run was aggressive $GC $GLD https://t.co/USjAU0lcig https://t.co/uubVG4Jpe2
  • Now up 40 handles from the $SPX's stalled break down. Looks like we are in for yet another interesting, intraday volatility day
  • Forex Update: As of 15:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: -0.19% 🇯🇵JPY: -0.33% 🇪🇺EUR: -0.41% 🇨🇦CAD: -0.45% 🇳🇿NZD: -1.11% 🇦🇺AUD: -1.34% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/e6FkqKIOLF
  • - There’s No Fundamental Justification For A Tightening Of Nominal Bond Yields At The Long End - Governing Council Should Instruct Board At March 11 Meeting To Fight Unwarranted Tightening Of Financing Conditions
  • Indices Update: As of 15:00, these are your best and worst performers based on the London trading schedule: US 500: -0.17% Germany 30: -0.70% Wall Street: -0.85% France 40: -1.46% FTSE 100: -2.32% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/rgg0WIgTxK
  • ECB's Stournaras says ECB should accelerate PEPP purchases
  • Another brutal day for gold as it breaks beneath prior February lows Read more - https://www.dailyfx.com/forex/market_alert/2021/02/25/Gold-Price-Plummets-as-Treasury-Yields-Soar-Where-to-Next-for-Gold.html?ref-author=phanks&QPID=917701&CHID=9 $GLD $XAU https://t.co/5qpaELXVLz
  • $Gold sell-off getting nasty just started to test 38.2 of the 18-20 major move ~1725 $GC $GLD https://t.co/1cb3hjRAR2 https://t.co/nXy6gomZU0
  • Gold printed a fresh eight-month low earlier in today’s session and the precious metal looks set to fall further if US Treasury yields resume their multi-month rally. Get your $XAUUSD market update from @nickcawley1 here:https://t.co/I4RpWM0mEY https://t.co/OrtbLLncuK
Platinum Price Charges to 6-Year High, Crude Oil Eyeing OPEC Outlook Report

Platinum Price Charges to 6-Year High, Crude Oil Eyeing OPEC Outlook Report

Daniel Dubrovsky, Strategist

Platinum, Crude Oil, S&P 500, OPEC, Commodities Briefing - Talking Points:

  • Platinum prices surge to about a 6-year high as USD fell
  • WTI crude oil prices wobbled after volatility in S&P 500
  • Energy prices eyeing OPEC, platinum momentum fading
Top Trading Opportunities in 2021
Top Trading Opportunities in 2021
Recommended by Daniel Dubrovsky
What are the top trading opportunities this year?
Get My Guide

Platinum charged higher over the past 24 hours, with prices touching their highest in about 6 years. Bets of palladium’s substitution in China seemed to be driving demand for the rare metal, according to Bloomberg. Palladium is often used in catalytic converters to reduce emissions in petrol vehicles, with platinum more widely used in diesel ones. Platinum’s cheaper price relative to palladium may also be a factor here.

Meanwhile, crude oil prices wobbled as the growth-linked commodity tracked a volatile session on Wall Street. There, the S&P 500 closed out a -0.03% loss after briefly dipping as much as 1% before recovering. WTI also capitalized on a -6.6 million barrel drawdown in crude inventories last week, according to the EIA. A weaker US Dollar likely cushioned precious metal and commodity prices following recent gains.

Federal Reserve Chair Jerome Powell warned that the nation is still far from a strong labor market, reiterating that they will maintain their accommodative policy setting as the current pace of quantitative easing continues. Wall Street futures are trading cautiously higher as APAC equities follow. It should be noted that Chinese markets are offline for the new year holiday, reducing liquidity conditions and raising volatility risk.

The economic docket is fairly light heading into the remaining 24 hours, with US initial jobless claims a notable highlight. Check out the DailyFX Economic Calendar for more data and updates. Platinum may continue benefiting from the Greenback’s persistent weakness. WTI is eyeing monthly oil outlook reports from the IEA and OPEC. Improving global recovery bets could offer further upside potential for energy prices.

Introduction to Forex News Trading
Introduction to Forex News Trading
Recommended by Daniel Dubrovsky
What does it take to trade around data?
Get My Guide

Platinum Technical Analysis

After surging above 2016 peaks, platinum is eyeing the 123.6% Fibonacci extension on the daily chart below. This is as the rare metal is fast approaching the 2015 peak at 1290.30. Negative RSI divergence shows that upside momentum is fading, which can at times precede a turn lower. Should that occur, the 20-day and 50-day Simple Moving Averages (SMAs) could act as support and reinstate the focus to the upside.

Platinum Futures Daily Chart

Platinum Price Charges to 6-Year High, Crude Oil Eyeing OPEC Outlook Report

Chart Created Using TradingView

Crude Oil Technical Analysis

WTI crude oil prices are sitting just shy of the January 20th, 2020 peak at 59.61. This is after prices extended beyond the February 20th peak. Rising support from November is maintaining the key focus to the upside, and it could come into play in the event immediate resistance holds and prices turn lower. Otherwise, further gains would expose the 2020 peak at 65.62.

Oil Forecast
Oil Forecast
Recommended by Daniel Dubrovsky
Check out our outlook for crude oil in the first quarter!
Get My Guide

WTI Crude Oil Daily Chart

Platinum Price Charges to 6-Year High, Crude Oil Eyeing OPEC Outlook Report

Chart Created Using TradingView

--- Written by Daniel Dubrovsky, Strategist 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