Crude Oil Futures: Green light for extra gains

Pablo Piovano FXStreet

CME Group’s preliminary readings for crude oil futures markets noted traders increased their open interest positions for the fourth straight day on Friday, now by nearly 27K contracts. In the same line, volume reversed two daily pullbacks in a row and went up by around 347.8K contracts.

WTI finally surpasses the $60.00 mark

The barrel of WTI trades above the key $60.00 mark for the first time in over a year at the beginning of the week. Friday’s uptick amidst rising open interest and volume allows for the continuation of the rally in the very near-term, although the extreme overbought condition (as per the daily RSI) might prompt a correction.

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 deflates to fresh lows, targets 1.1600

The selling pressure on EUR/USD now gathers extra pace, prompting the pair to hit fresh multi-week lows in the 1.1625-1.1620 band on Friday. The continuation of the downward bias comes in response to further gains in the US Dollar as market participants continue to assess the mixed release of US Nonfarm Payrolls in December.

GBP/USD breaks below 1.3400, challenges the 200-day SMA

GBP/USD remains under heavy fire and retreats for the fourth consecutive day on Friday. Indeed, Cable suffers the strong performance of the Greenback, intensified post-mixed NFP, and trades at shouting distance from its critical 200-day SMA near 1.3380.

Gold flirts with yearly tops around $4,500

Gold keeps its positive bias on Friday, adding to Thursday’s advance and challenging yearly highs in the $4,500 region per troy ounce. The risk-off sentiment favours the yellow metal despite the firmer tone in the Greenback and rising US Treasury yields.