Crude Oil WTI: Oil falls on EIA and finds support at $73.00 a barrel

Oil is trading near the bottom of the range of the last four days still unable to break below the 0.7300 figure as the EIA: Commercial crude oil inventories increased by 1.2 million barrels from previous week.
Bears need a convincing break below 73.00 to claim a reversal down.

Flavio Tosti Independent Analyst

Crude oil WTI: 15-minute chart

Spot rate: 73.39
Relative change: -1.03%
High: 74.78
Low: 72.86

Trend: Bullish

Resistance 1: 73.25 November 14, 2014 low
Resistance 2: 74.00 figure
Resistance 3: 74.71 November 17, 2014 low
Resistance 4: 75.27 current 2018 high
Resistance 5: 75.45 November 24, 2014 low
Resistance 6: 76.00 figure

Support 1: 73.00 figure
Support 2: 72.83 June 27 swing high
Support 3: 72.00 figure
Support 4: 71.19 May 23 low
Support 5: 70.53 May 24 low

Author

Flavio Tosti

Independent Analyst

AUD/USD defies Iran war jitters as RBA hike bets double

The Australian Dollar rallies for the fourth straight day against the US Dollar as market mood remains positive amid high tensions in the Middle East, pointing to a resumption of hostilities, as reported by recent news. Despite this, the AUD/USD trades at 0.7027, up 0.44%.

USD/JPY remains confined in a familiar range below 158.50

USD/JPY sees some dip-buying in the Asian session on Wednesday, though it remains confined within a multi-week range near 158.50 as the uncertainty over the timing of the next BoJ rate hike keeps Japanese Yen bulls on the defensive. Meanwhile, hawkish Fed expectations, bolstered by inflation risks stemming from volatile oil prices, underpin the US Dollar. However, looming intervention fears could limit JPY losses and cap the currency pair.

Gold advances modestly; targets $4,150

Gold prices manage to reverse three consecutive daily declines, trading just below the $4,150 mark per troy ounce on Wednesday. The precious metal’s recovery comes amid a slight drop in the US Dollar, mixed US Treasury yields across the board and a widespread cautious tone from the US-Iran front.

XRP and XLM regain momentum as derivatives activity picks up

Ripple and Stellar are regaining momentum on Wednesday, mirroring gains across major digital assets. XRP has climbed above $1.36, while XLM has reached $0.1854, reinforcing support levels recently tested. This gradual price increase comes amid sticky inflation in the United States and ahead of the Federal Reserve’s monetary decision next week.

What the midterm elections mean for Treasury yields, the Dollar and Gold

Democrats are priced to take the House, so November 3 comes down to the Senate and how much Washington can borrow without the other party. Treasury yields will show the answer first, then the Dollar and Gold. On November 3, Americans vote for all 435 House seats and 35 Senate seats. For bond prices, the result comes down to one thing: how much the government will borrow over the next two years.

The US Dollar fell. Gold didn't rally. That tells you everything

Gold (XAU/USD) is struggling to capitalize on a weaker US Dollar (USD), after repeatedly failing to establish itself above the $4,200 level. The precious metal remains confined to a relatively narrow trading range despite a combination of developments that would normally support higher prices.