Crude Oil Futures: Considering advanced prints from CME Group for crude oil futures markets, open interest reversed two daily drops in a row and went up by around 21.8K contracts on Wednesday. Volume, instead, extended the downtrend for the third consecutive day, this time by nearly 8K contracts.
- Gold Price Forecast: Gold Unlikely to Fall Below $1,900 Despite Rate Hike Speculation
- US-China Strain and Blacklisting of Chinese Companies Weigh on Gold
- Gold Forecast: Fear of a Big Fall in gold if it breaks the level of $1930
- Precious Metals have Stabilized After Big Rallies in March
Will WTI break through the $74.00 hurdle soon?
Prices of the WTI printed new weekly highs, although it ended Wednesday’s session in the negative territory. The downtick was in tandem with increasing open interest and suggests that extra losses may be in store for the commodity in the very near term. In the meantime, the recent peak past the $74.00 mark per barrel (March 29) emerges as the next hurdle of note.
- WTI crude oil remains sidelined inside a short-term bullish channel after reversing from the highest levels in a fortnight.
- Five-week-old horizontal hurdle guards immediate upside, convergence of 200-SMA, channel’s top line is the key hurdle.
- 100-SMA lures intraday sellers of Oil but further downside needs validation from $69.45.