Swissquote Bank Research Team
Swissquote Bank Ltd
Gold Spot ($)
Expect 1568.00.
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Pivot (invalidation): 1550.00
Our preference
Long positions above 1550.00 with targets at 1563.00 & 1568.00 in extension.
Alternative scenario
Below 1550.00 look for further downside with 1546.50 & 1541.00 as targets.
Comment
The RSI is mixed to bullish.
Silver Spot ($)
Look for 18.1500.
Pivot (invalidation): 17.8700
Our preference
Long positions above 17.8700 with targets at 18.0400 & 18.1500 in extension.
Alternative scenario
Below 17.8700 look for further downside with 17.7600 & 17.6500 as targets.
Comment
The RSI is mixed with a bullish bias.
Crude Oil (WTI)
Caution.
Pivot (invalidation): 58.35
Our preference
Short positions below 58.35 with targets at 57.75 & 57.35 in extension.
Alternative scenario
Above 58.35 look for further upside with 58.70 & 59.00 as targets.
Comment
The RSI is mixed and calls for caution.
This report has been prepared by Swissquote Bank Ltd and is solely been published for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any currency or any other financial instrument. Views expressed in this report may be subject to change without prior notice and may differ or be contrary to opinions expressed by Swissquote Bank Ltd personnel at any given time. Swissquote Bank Ltd is under no obligation to update or keep current the information herein, the report should not be regarded by recipients as a substitute for the exercise of their own judgment.
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Editors’ Picks
AUD/USD remained bid above 0.6500
AUD/USD extended further its bullish performance, advancing for the fourth session in a row on Thursday, although a sustainable breakout of the key 200-day SMA at 0.6526 still remain elusive.
EUR/USD faces a minor resistance near at 1.0750
EUR/USD quickly left behind Wednesday’s small downtick and resumed its uptrend north of 1.0700 the figure, always on the back of the persistent sell-off in the US Dollar ahead of key PCE data on Friday.
Gold holds around $2,330 after dismal US data
Gold fell below $2,320 in the early American session as US yields shot higher after the data showed a significant increase in the US GDP price deflator in Q1. With safe-haven flows dominating the markets, however, XAU/USD reversed its direction and rose above $2,340.
Bitcoin price continues to get rejected from $65K resistance as SEC delays decision on spot BTC ETF options
Bitcoin (BTC) price has markets in disarray, provoking a broader market crash as it slumped to the $62,000 range on Thursday. Meanwhile, reverberations from spot BTC exchange-traded funds (ETFs) continue to influence the market.
US economy: slower growth with stronger inflation
The dollar strengthened, and stocks fell after statistical data from the US. The focus was on the preliminary estimate of GDP for the first quarter. Annualised quarterly growth came in at just 1.6%, down from the 2.5% and 3.4% previously forecast.