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
Mixed
Wall Street
Mixed
Gold
Mixed
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • 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/UK4E7wD6s8
  • Copper is on track to make a sixth consecutive monthly gain as prices inch towards its all-time high. The global backdrop remains supportive despite a short-term pause in the rally. Get your market update from @FxWestwater here:https://t.co/STEYeIG042 https://t.co/R794ENkS3c
  • Retail trader signals still hint that the Dow Jones and S&P 500 may be at risk, placing the focus on year-long rising trendlines to see if dominant upside biases hold.Get your market update from @ddubrovskyFX here:https://t.co/lFpzIFNmzW https://t.co/FoHTLDJWJe
  • The path for the Japanese Yen seems to favor the downside looking at a majors-based index. USD/JPY may rise within its Ascending Channel, but there is some scope for a healthy correction. Get your market update from @ddubrovskyFX here:https://t.co/7XFJiCYYEM https://t.co/KfLyB2t1jP
  • The British Pound’s recent slip lower against its major counterparts may prove short-lived. Key levels to watch for GBP/USD, GBP/JPY, GBP/CHF and EUR/GBP. Get your $GBP market update from @DanielGMoss here:https://t.co/Y48cF2qi9M https://t.co/ia3Bgq0ZTp
  • Senate Democrats reach deal on jobless aid -BBG
  • The US Dollar faces its next key tests against ASEAN FX following gains in USD/SGD, USD/IDR, USD/PHP and USD/THB. Are the breakouts losing momentum? Get your market update from @ddubrovskyFX here:https://t.co/joPnWIcxEN https://t.co/4QAlUyD98V
  • Heads Up:🇨🇳 National People's Congress due at 00:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-03-06
  • Positive vaccine progress, fiscal stimulus hopes and an unperturbed Federal Reserve may open the door for long-term Treasury yields to continue pressing higher, and in turn weigh on gold prices. Get your market update from @DanielGMoss here:https://t.co/TdGhZ82s8r https://t.co/w6YS6Gl11K
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.07% 🇨🇭CHF: -0.24% 🇳🇿NZD: -0.36% 🇬🇧GBP: -0.41% 🇪🇺EUR: -0.50% 🇦🇺AUD: -0.54% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/EK7xQumFxO
UAE Upholds OPEC Oil Supply Target; Gold Reaches 12 Week High

UAE Upholds OPEC Oil Supply Target; Gold Reaches 12 Week High

Walker England, Kara Dailey,

Talking Points:

  • UAE Oil Minister remains firm on maintaining OPEC output target
  • Oil extends decline as gold jumps to 12 week high
  • Gold nears 200 MVA with a resistance zone at $1,250.00

At the mercy of macroeconomic conditions, gold jumps to a 12 week high as investors once again seek to hedge against the more volatile energy and equity markets.

Extending the losses achieved Monday, in the wake of Goldman Sachs reduced crude forecast, oil has since traded as low at 44.19. The extension is driven by an apparent continuation of the mismatch between the commodity's supply and its demand. The incongruity confirmed today by UAE Oil Minister, Suhail bin Mohammed al-Mazroui, during talks at the 6th Gulf Intelligence Energy Forum held in Abu Dhabi.

According to the minister, despite an already over saturated market, OPEC remains firm on their November 27th decision to maintain an output target of 30 million barrels per day. Price protection is not their sole target; maintaining market share is essential for OPEC’s revenue. It is therefore up to non-OPEC countries to adjust their output accordingly. As such the UAE will maintain operations on projects committed to expanding production capacity through 2017.

Given this new supply side dynamic, oil traded below $45 a barrel today—the first such occurrence since March of 2009. In trading as low as $44.19, the price of oil has dropped 22% since the start of 2015. The response from investors and central banks, regarding the extent of oil’s disinflationary effects, is moving the price of gold. At present, enough uncertainty lingers regarding interest rate timing that gold has traded as high as $1244.12 despite a strong US dollar. This marks a 6.6% increase year-to-date for the precious metal.

XAU/USD Daily Chart

dailyfx gold us dollar daily chart

Chart Created by Walker England Using MarketScope2.0

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

DISCLOSURES