Crude Oil Futures: Extra consolidation looks likely

Pablo Piovano FXStreet

CME Group’s advanced prints for crude oil futures markets noted traders added around 8.8K contracts to their open interest positions on Friday, reaching the third build in a row. Volume, instead, went down for the third straight session, this time by around 273.5K contracts.

WTI faces the next hurdle near $68.00

Friday’s inconclusive session gyrated around the $66.00 neighbourhood amidst rising open interest, leaving the door open for the continuation of this mood at least in the very near-term. In the meantime, prices of the WTI face the next relevant resistance at the 2021 highs just below the $68.00 mark per barrel (March 8).

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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 the grip, returns to the 1.1900 region

EUR/USD now comes under a sudden bout of selling pressure, slipping back to the area of two-day lows near 1.1900 the figure on Thursday. The pair’s daily pullback comes on the back of the continuation of the rebound in the US Dollar as investors evaluate the Fed’s interest rate decision and rising geopolitical concerns.

GBP/USD drops to two-day lows near 1.3750

GBP/USD faces some increasing selling pressure, building on Wednesday’s losses and revisiting the 1.3750 zone on Thursday. Cable’s decline to two-day lows comes in response to the marked advance in the Greenback while traders have started to shift their focus to next week’s BoE gathering.

Gold retreats from records, now what?

Gold accelerates its daily correction and retests the $5,100 region per troy ounce, turning negative for the day and fading the earlier bull run to all-time highs around $5,600. The precious metal’s steep sell-off comes on the back of the better tone in the Greenback and mixed US Treasury yields.