Crude Oil Futures: Downside has further legs to go

Pablo Piovano FXStreet

CME Group’s flash data for crude oil futures markets noted traders added around 16.7K contracts to their open interest positions on Monday. Volume followed suit and went up by around 71.5K contracts, partially reversing the previous strong pullback.

WTI could re-test the $58.60 area

Crude oil prices dropped further at the beginning of the week against the backdrop of increasing open interest and volume. The said, further losses remain well on the cards, motivating WTI to potentially re-visit the area of recent lows in the $58.60 zone in the short-term horizon.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

EUR/USD loses further momentum, revisits 1.1930

EUR/USD surrenders further ground and approaches the 1.1930 region, or daily troughs, on Wednesday. The pair has retreated from a five-year high as US Dollar demand picks up again, with traders turning cautious ahead of the key Fed meeting later in the European evening.

GBP/USD remains offered, focus is on 1.3750

GBP/USD is clocking marked losses near the 1.3750 zone midweek. Cable’s pullback comes as the Greenback stages a robust bounce, with traders taking profits and squaring positions ahead of the Fed’s key policy announcements later in the day.

Gold slips back below $5,300 on USD rebound

Gold now gives away part of the earlier bull run to all-time highs past the $5,300 mark per troy ounce on Wednesday. Investors continued to seek out traditional safe havens amid persistent economic and geopolitical uncertainty, with markets also staying cautious ahead of the FOMC event later in the day.