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Daily Financial Market News

Thu, 21 Sep 2017 02:00:00 GMT

Crude Oil Price Hit 4-Month High, Gold Drops on FOMC Outcome

Crude Oil Price Hit 4-Month High, Gold Drops on FOMC Outcome Menu    Search DailyFX Home   Rates   Charts Market News        Real-Time News Daily Briefings Forecast Market Alerts DailyFX Authors Articles Technical Analysis        Analyst Picks Support & Resistance Daily Technical Reports Pivot Points Sentiment Articles Algorithmic Trading Calendars        Economic Calendar Webinar Calendar Central Bank Rates Dividend Calendar Education Beginner Intermediate Advanced Expert Free Trading Guides DAILYFX PLUS Toggle navigation News News   Market News Real-Time News Daily Briefings Forecast Market Alerts DailyFX Authors Articles Market News Headlines Strong Canada Consumer Price Index (CPI) to Cap USD/CAD Rebound Bitcoin Prices Under Pressure- Time to Buy? 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Click here to dismiss. × Get Your Free Trading Guides With your broad range of free expert guides, you'll explore: The basics of forex trading and how to develop your startegy Foundational knowledge to help you develop an edge in the market What's ahead for major FX pairs, Gold, Oil and more Download a Free Guide Want to hold off on improving your trading? Click here to dismiss. EUR/USD EUR/USD Low ------ High ------ View More Note: Low and High figures are for the trading day. News Post FOMC, BoJ Price Action Setups (Sept. 21, 2017) EUR/USD Steady as Draghi Avoids Mention of Monetary Policy FOMC-Fueled USD Runs into Resistance: GBP/USD, EUR/USD Primed GBP/USD GBP/USD Low ------ High ------ View More Note: Low and High figures are for the trading day. News GBP Coiled Ahead of Make-or-Break Brexit Speech SPX Wavers but Holds, VIX Below 10, Pound Ready for Volatility It’s Prime Minister May’s Turn to Charge or Sink GBP/USD USD/JPY USD/JPY Low ------ High ------ View More Note: Low and High figures are for the trading day. News Japanese Yen Technical Analysis: Year’s Lows Creep Back Into Focus USD/JPY Trend: Is This a Long Term Bottom? Post FOMC, BoJ Price Action Setups (Sept. 21, 2017) Gold Gold Low ------ High ------ View More Note: Low and High figures are for the trading day. News DailyFX Morning Digest: US Dollar Getting Much Needed Lift from FOMC US Dollar Bottoming Process May Finally Be Starting Crude Oil Price Hit 4-Month High, Gold Drops on FOMC Outcome Oil Oil Low ------ High ------ View More Note: Low and High figures are for the trading day. News Crude Oil Price Hit 4-Month High, Gold Drops on FOMC Outcome Gold Price Drop May Resume on Steady FOMC Policy Outlook Crude Oil Prices Remain Bid as Iraq Hints at More OPEC Measures BITCOIN BITCOIN Low ------ High ------ View More Note: Low and High figures are for the trading day. News Bitcoin Prices Under Pressure- Time to Buy? Near-term Setups in EUR/USD, Bitcoin & Ethereum Pound Surges, Bitcoin Plummets Ahead of Pivotal FOMC Meeting View More   More Real-Time News Facebook Twitter Youtube Google + Crude Oil Price Hit 4-Month High, Gold Drops on FOMC Outcome by  Ilya Spivak, Sr. Currency Strategist  Fundamental analysis, economic and market themes Connect via: Talking Points: Crude oil prices hit 4-month high on OPEC output cuts, EIA data Gold prices plunge as FOMC stands by 2017-18 rate hike outlook A lull in top-tier event risk may translate into near-term digestion Crude oil prices pushed upward after a brief consolidative pause, hitting a four-month high. The technical committee monitoring OPEC -led production cuts said joint compliance registered at an impressive 116 percent in August and Iraq hinted a further 1 percent reduction in production is being discussed (though Russia pushed back a bit, saying no formal proposal has been made). EIA inventory statistics also helped. The report showed a bigger crude oil storage build than markets were looking for but gasoline and distillate stockpiles fell significantly more than expected. This hinted that hurricane-related refining capacity disruption was fading faster than many feared, meaning that the unwinding of a glut in raw product can commence with gusto relatively sooner. Gold prices plunged after the Federal Reserve opted to keep forecasts for the rate hike path through 2018 unchanged from June’s assessment, as expected . A slight downgrade of the 2019 projection appeared to be too distant to be bothersome. The US Dollar rose alongside Treasury bond yields, undermining the appeal of anti-fiat and non-interest-bearing assets epitomized by the yellow metal. Looking ahead, a lull in top-tier scheduled event risk might make for a period of digestion. That need not mean that follow-on moves from yesterday’s price action are unlikely, but momentum might slow to some extent. The absence of an unambiguous focal point might also make markets particularly headline-sensitive, elevating knee-jerk volatility risk. What is the #1 mistake that traders make, and how can you fix it? Find out here ! GOLD TECHNICAL ANALYSIS – Gold prices accelerated lower, pressuring support in the 1295.46-99.25 area (38.2% Fibonacci retracement, double top). A daily close below that exposes the 50% level at 1281.26. Alternatively, a move back above the 23.6% Fib at 1321.51 targets the 14.6% retracement at 1335.24. Chart created using TradingView CRUDE OIL TECHNICAL ANALYSIS – Crude oil prices pushed past resistance marked by the August 1 high at 50.40 to expose the May 25 top at 51.97. A further push beyond that targets the 53.74-54.48 area. Alternatively, a turn back below 50.40 opens the door for a retest of the September 6 high at 49.49. Trend line resistance-turned-support follows at 48.96. Chart created using TradingView --- Written by Ilya Spivak, Currency Strategist for DailyFX.com To receive Ilya's analysis directly via email, please SIGN UP HERE Contact and follow Ilya on Twitter: @IlyaSpivak DailyFX provides forex news and technical analysis on the trends that influence the global currency markets. DISCLOSURES Related Articles Previous Articles From commodities Related Prev Articles   Strong Canada Consumer Price Index (CPI) to Cap USD/CAD Rebound   Bitcoin Prices Under Pressure- Time to Buy?   AUD/USD Range Snaps Following FOMC; RBA Tames Bets for 2017 Rate Hike   FOMC-Fueled USD Runs into Resistance: GBP/USD, EUR/USD Primed   US Dollar Bottoming Process May Finally Be Starting   Gold Price Drop May Resume on Steady FOMC Policy Outlook   Crude Oil Prices Struggle at 7-Week Highs, API Data Ahead   Gold Prices May Hold Key Support as Fed Rate Decision Looms   Crude Oil Prices May Struggle to Extend Near-Term Advance   Gold Prices May Breach Key Support on US Inflation Uptick Advertisement Upcoming Events Economic Event Importance Actual - Forecast - Previous Importance Actual - Forecast - Previous Forex Economic Calendar A:  Actual   F:  Forecast     P:  Previous

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