Crude Oil (WTI) Intraday: Under pressure
Gold spot ($)
Target 1294.50.
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Pivot (invalidation): 1277.50
Our preference
Long positions above 1277.50 with targets at 1288.50 & 1294.50 in extension.
Alternative scenario
Below 1277.50 look for further downside with 1272.50 & 1269.00 as targets.
Comment
The RSI shows upside momentum.
Silver spot ($)
The bias remains bullish.
Pivot (invalidation): 14.8000
Our preference
Long positions above 14.8000 with targets at 15.0000 & 15.0800 in extension.
Alternative scenario
Below 14.8000 look for further downside with 14.7200 & 14.6400 as targets.
Comment
Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
Crude Oil (WTI)
Under pressure.
Pivot (invalidation): 61.40
Our preference
Short positions below 61.40 with targets at 59.90 & 59.30 in extension.
Alternative scenario
Above 61.40 look for further upside with 61.90 & 62.50 as targets.
Comment
The RSI is bearish and calls for further decline.
Author
Swissquote Bank Research Team
Swissquote Bank Ltd
