Crude Oil Futures: Scope for further gains near term

Pablo Piovano FXStreet

Considering advanced prints from CME Group for crude oil futures markets, open interest dropped for the second session in a row on Wednesday, now by around 59.3K contracts. Volume followed suit and went down by around 52.3K contracts after two daily builds in a row.

WTI: Immediate hurdle comes just above $77.00

Wednesday’s downtick in prices of WTI was in tandem with decreasing open interest and volume, exposing further recovery in the very near term. Against that, the immediate hurdle for the commodity remains at the July high past the $77.00 mark per barrel, an area that appears reinforced by the 200-day SMA.

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 appears supported by the 200-day SMA, for now

Following an early pullback to multi-week lows near 1.1670, EUR/USD now manages to reclaim the 1.1700 region as the NA session draws to a close on Monday. The steep retracement in spot follows the equally strong move higher in the US Dollar, as investors continue to assess the geopolitical landscape in the wake of the US and Israel attacks on Iran.

GBP/USD hits new yearly lows near 1.3300

GBP/USD adds to the recent bearish tone, approaching to the key 1.3300 support to reach fresh YTD troughs against the backdrop of the robust performance of the US Dollar. Indeed, Cable’s decline comes amid the firm demand for the safe-haven space in the wake of the US and Israel attacks to Iran.

Gold eases some ground, approaches $5,300

Gold now surrenders part of the earlier advance, reshifting its attenton to the $5,300 zone per troy ounce at the beginning of the week. Indeed, the yellow metal’s firm performance appears propped up by incresing geopolitical jitters in the Middle East, which at the same time fuels the demand for the safe-haven space.