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
Mixed
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
Wall Street
Mixed
Gold
Bullish
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • Indices Update: As of 19:00, these are your best and worst performers based on the London trading schedule: US 500: 0.09% Wall Street: 0.07% FTSE 100: -0.06% Germany 30: -0.15% France 40: -0.31% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/tfuJgWMB6b
  • BTC/USD continues to move away from all-time-high. Get your $BTC USD market update from @HathornSabin here:https://t.co/Sdn1MYKJUI https://t.co/Rg5m1u3vUH
  • These companies are all set to report earnings next week. Which of the reports has the most market-moving potential?
  • The Dow and S&P500 edge slightly back into the green in afternoon trading, joining the Nasdaq. The Russell 2000 remains in the red. DOW +0.03% NDX +0.49% SPX +0.07% RUT -0.81% $DOW $QQQ $SPY $IWM
  • $EURUSD is up slightly today after no changes in the ECB's policy stance, rising from around 1.2120 to currently trade around 1.2150. The pair remains notably off the 1.2300 levels hit earlier this month. $EUR $USD https://t.co/prVZJHYeet
  • Risk trends have definitely throttled back today suggest, which further suggests yesterday was a relief rally. But there remains a notable pace advantage of the tech-based Nasdaq to broader $SPX. Still the core of speculative appetite chasing momentum https://t.co/Mbinh0d0vS
  • ECB is said to be seeking new gauges to help with stimulus decisions - BBG. #ECB $EUR
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in Wall Street are at opposite extremes with 71.02%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/3l38C71A5Y
  • The price of gold turned sharply higher Wednesday, aided by a weaker US dollar, and the precious metal is now running into a cluster of resistance which may prove tricky to overcome in the short-term. Get your $XAUUSD market update from @nickcawley1 here:https://t.co/QXImirPhig https://t.co/7NHSYSG6wr
  • Commodities Update: As of 17:00, these are your best and worst performers based on the London trading schedule: Silver: -0.38% Gold: -0.46% Oil - US Crude: -0.66% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/wjD8G0OKGh
Gold & Silver Prices at a Critical Juncture, Crude Oil Too

Gold & Silver Prices at a Critical Juncture, Crude Oil Too

Paul Robinson, Strategist

LIVE events are held each day with DailyFX analysts, for details please see the Webinar Calendar.

Today, we took a look at the long and short-term positioning of precious metals. Gold is making a serious attempt to trade above the 2011 trend-line which has been a big focus for over a year now. It’s above now, but still needs a convincing weekly or monthly close above to turn the longer-term trend higher. A rally above 1296 would go a long way towards turning the tides. For now, it is at risk of turning lower from here given where it is and the general chart structure on the daily over the past few months. Silver is at an interesting juncture here as well, and on a turn lower the 2003 trend-line below 15 remains the target.

The one-month inverse correlation between the US dollar and precious metals is about as close to -1 as it can get, and with the US Dollar Index (DXY) trading down into long-term support we could see it exert downward pressure should we soon see a rebound. With the correlation in mind, though, don’t become overly married to the relationship as it is likely to revert a bit from here given how extreme it has become. So, while generally the two will trade opposite, it may not do-so with to the same degree as recently.

Crude oil has exceeded upside expectations and if the see-saw price action we’ve seen in months past is to continue with a generally negative bias, it will need to turn lower very soon. There is a confluence of resistance with a trend-line and upper parallel converging. Should crude rally up into the mid-51s, then it will be testing a significant area of resistance, and while it would likely pull back initially it could start to tilt the overall chart higher.

Indices are a tough spot right now. The primary focus is on the bearish H&S formation in the DAX. The Nikkei, FTSE 100, and CAC 40 are all indices we watch but are staying away from for now. The S&P 500 has a short-term bearish formation on the hourly which could lead to a drop into support.

For full technical considerations, please see the video above…

Check out the Q3 Forecasts for our take on where markets are heading.

---Written by Paul Robinson, Market Analyst

You can receive Paul’s analysis directly via email by signing up here.

You can follow Paul on Twitter at @PaulRobinonFX.

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

DISCLOSURES