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.

Free Trading Guides
EUR/USD
Bearish
GBP/USD
Bullish
USD/JPY
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
Gold
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
Oil - US Crude
Bearish
Bitcoin
Mixed
More View more
Real Time News
  • Commodities Update: As of 08:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.37% Gold: -0.35% Silver: -0.75% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/xPSZNLaFCK
  • Forex Update: As of 08:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.15% 🇦🇺AUD: 0.11% 🇨🇦CAD: 0.09% 🇬🇧GBP: -0.04% 🇨🇭CHF: -0.07% 🇯🇵JPY: -0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/8eae0Wfez6
  • UK Election Marginal Seats in 2017 (less than 5% majority) $GBP https://t.co/1LstJAFSGz
  • #Palladium prices may keep falling after the largest two-day drop in three months pierced chart support. Soft autos turnover in China and rising US rates may be to blame. Get your market update from @IlyaSpivak here:https://t.co/ieiENjbGRo https://t.co/hrOmLWuHx5
  • Indices Update: As of 08:00, these are your best and worst performers based on the London trading schedule: France 40: 0.50% Germany 30: 0.48% US 500: 0.33% Wall Street: 0.30% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/HqtZEYKrk8
  • Get trading education and join our analysts for live coverage of market-moving economic data at the DailyFX Webinars. https://www.dailyfx.com/webinars?re-author=Cottle?utm_source=Twitter&utm_medium=Cottle&utm_campaign=twr
  • Trade deal bets kept the Singapore Dollar, Philippine Peso, Indonesian Rupiah and Malaysian Ringgit afloat despite $USD strength. This is the key fundamental driver for #ASEAN FX.Get your market update from @ddubrovskyFX here: https://t.co/aB8qP3JsB4 https://t.co/oAF2XxyNak
  • European Opening Calls from IG: #FTSE 7330 +0.51% #DAX 13262 +0.62% #CAC 5932 +0.52% #AEX 599 +0.61% #MIB 23636 +0.66% #IBEX 9217 +0.47% #STOXX 3712 +0.63%
  • The $USDINR rate could rise as the Nifty 50 sinks after Indian Industrial Production shrank by the most since 2011, fueling RBI rate cut bets amid the ongoing US-China trade war. Get your market update from @ddubrovskyFX here:https://t.co/1PzYH3xCdV https://t.co/AqdtzJN0w1
  • (Analyst Pick) USD/JPY Outlook Bearish on Yen Chart Breakout, Trade Wars $USDJPY #Yen #TradeWars - https://www.dailyfx.com/forex/analyst_picks/todays_picks/daniel_dubrovsky/2019/11/15/USDJPY-Outlook-Bearish-on-Yen-Chart-Breakout-Trade-Wars.html?CHID=9&QPID=917702 https://t.co/5CKAA0e7Pc
Crude Oil Prices See Some Profit Taking As US, European Data Approach

Crude Oil Prices See Some Profit Taking As US, European Data Approach

2019-11-04 06:00:00
David Cottle, Analyst
Share:

Gold and Crude Oil Talking Points:

  • Crude Oil prices lost some momentum as investors took cash off the table after strong gains
  • Gold prices wilted a little as risk appetite remained elevated through the Asian session
  • There’s plenty of likely economic life left in Monday

Join our analysts for live, interactive coverage of all major economic data at the DailyFX Webinars. We’d love to have you along.

Crude oil prices slipped back a little in Asia on Monday, possibly with investors taking some cash off the table ahead of important US and European data.

Prices gained as the preceding week bowed out, boosted by a much stronger-than-expected US jobs report on Friday. There was also a degree of optimism that US-China trade talks may yet end in a near-term agreement.

However, with European manufacturing Purchasing Managers Index numbers coming up on Monday, along with other key indicators such as US durable goods and factory orders, investors may have cashed out some of their recent gains.

Saudi Aramco confirmed its Initial Public Offering on Sunday but offered little more information about numbers of shares on offer, likely pricing or timing.

Gold prices drifted lower with risk appetite broadly more supportive of risker assets. Major Asia-Pacific stock markets were higher across the board on those same trade hopes, although the session lacked its common bellwether Japan. Tokyo markets were closed for holiday.

Near-term market focus here may rest on incoming European Central Bank President Christine Lagarde. She will give her first speech in the role later Monday, with markets expecting the dovish tone of her predecessor Mario Draghi to endure.

Crude Oil Technical Analysis

Crude Oil Prices See Some Profit Taking As US, European Data Approach

Prices remain well within the broad uptrend channel which has bounced trade since oil lifted off the plateau it hugged in October’s first third. That said the latest upward move seems to be running out of road well short of its previous significant high. That was October 28’s $56.58/barrel.

Failure to regain momentum toward that point will likely see gradual progression toward the channel base, but support from October 31’s closing low at $54.39 might hold the bears before they can get there.

Gold Technical Analysis

Crude Oil Prices See Some Profit Taking As US, European Data Approach

Prices remain close to the top of a quite narrow trading band which has effectively held sway on the daily charts since September. Recent sessions have seen quite a number of the narrow trading ranges which could speak to a degree of indecision. However, even if prices do manage to break to the topside, it’s worth remembering that time out of this band has been extremely short lived.

Commodity Trading Resources

--- Written by David Cottle, DailyFX Research

Follow David on Twitter@DavidCottleFX or use the Comments section below to get in touch!

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

DISCLOSURES

News & Analysis at your fingertips.