Swissquote Bank Research Team
Swissquote Bank Ltd
Gold spot ($)
The downside prevails.
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Pivot (invalidation): 1200.00
Our preference
Short positions below 1200.00 with targets at 1192.50 & 1190.00 in extension.
Alternative scenario
Above 1200.00 look for further upside with 1203.00 & 1206.00 as targets.
Comment
The RSI is capped by a bearish trend line.
Silver spot ($)
The downside prevails.
Pivot (invalidation): 14.2500
Our preference
Short positions below 14.2500 with targets at 14.1300 & 14.0700 in extension.
Alternative scenario
Above 14.2500 look for further upside with 14.3500 & 14.4300 as targets.
Comment
The RSI is capped by a declining trend line.
Crude Oil (WTI)
Further advance.
Pivot (invalidation): 70.70
Our preference
Long positions above 70.70 with targets at 72.25 & 72.80 in extension.
Alternative scenario
Below 70.70 look for further downside with 70.00 & 69.20 as targets.
Comment
The RSI is mixed to bullish.
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.