Crude Oil Futures: Scope for some recovery

Pablo Piovano FXStreet

Considering flash data from CME Group for crude oil futures markets, traders added around 14.8K contracts to their open interest positions on Tuesday, resuming the uptrend after Monday’s daily drop. In the same direction, volume increased by around 174.2K contracts and partially reversed the previous day’s pullback.

WTI stays focused on $70.00

Prices of the WTI bottomed out near $64.50 and rebounded afterwards to close near the $67.00 mark on Tuesday. This price action was accompanied by rising open interest and volume, which opens the door to further recovery in the very near term. That said, the next target of note remains at the key $70.00 mark per barrel, which also coincides with 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 trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.