Crude Oil (WTI) Intraday: Key resistance at 56.50

Swissquote Bank Research Team Swissquote Bank Ltd

Gold spot ($)

Key resistance at 1419.50.

Stay on top of the markets with Swissquote’s News & Analysis

Pivot (invalidation): 1419.50

Our preference
Short positions below 1419.50 with targets at 1411.00 & 1406.00 in extension.

Alternative scenario
Above 1419.50 look for further upside with 1423.00 & 1427.00 as targets.

Comment
The index currently faces a challenging resistance area at 1419.50.

Silver spot ($)

Look for 16.2000.

Pivot (invalidation): 16.5200

Our preference
Short positions below 16.5200 with targets at 16.3100 & 16.2000 in extension.

Alternative scenario
Above 16.5200 look for further upside with 16.6200 & 16.7400 as targets.

Comment
As Long as the resistance at 16.5200 is not surpassed, the risk of the break below 16.3100 remains high.

Crude Oil (WTI)

Key resistance at 56.50.

Our preference
Short positions below 56.50 with targets at 55.80 & 55.35 in extension.

Alternative scenario
Above 56.50 look for further upside with 56.80 & 57.30 as targets.

Comment
As Long as 56.50 is resistance, look for choppy price action with a bearish bias.

Author

Swissquote Bank Research Team

Swissquote Bank Ltd

EUR/USD meets initial support around 1.1800

EUR/USD remains on the back foot, although it has managed to reverse the initial strong pullback toward the 1.1800 region and regain some balance, hovering around the 1.1850 zone as the NA session draws to a close on Tuesday. Moving forward, market participants will now shift their attention to the release of the FOMC Minutes and US hard data on Wednesday.

GBP/USD bounces off lows, retargets 1.3550

After bottoming out just below the 1.3500 yardstick, GBP/USD now gathers some fresh bids and advances to the 1.3530-1.3540 band in the latter part of Tuesday’s session. Cable’s recovery comes as the Greenback surrenders part of its advance, although it keeps the bullish bias well in place for the day.

Gold remains offered below $5,000

Gold stays on the defensive on Tuesday, receding to the sub-$5,000 region per troy ounce on the back of the persistent move higher in the Greenback. The precious metal’s decline is also underpinned by the modest uptick in US Treasury yields across the spectrum.

RBNZ set to pause interest-rate easing cycle as new Governor Breman faces firm inflation

The Reserve Bank of New Zealand remains on track to maintain the Official Cash Rate at 2.25% after concluding its first monetary policy meeting of this year on Wednesday.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Ripple slides to $1.45 as downside risks surge

Ripple edges lower at the time of writing on Tuesday, from the daily open of $1.48, as headwinds persist across the crypto market. A short-term support is emerging at $1.45, but a buildup of bearish positions could further weaken the derivatives market and prolong the correction.