Crude Oil Futures: A sustained retracement seems unlikely

Considering advanced prints from CME Group for crude oil futures markets, open interest dropped for the second straight session on Tuesday, this time by around 2.2K contracts. On the other hand, volume resumed the uptrend and increased by around 292.3K contracts, reversing the previous daily decline.

WTI looks supported near $77.00

Prices of WTI sold-off markedly on Tuesday, breaching the $80.00 mark per barrel and the critical 200-day SMA. The pronounced pullback was in tandem with declining open interest and warns against a sustained decline in the very near term. So far, the $77.00 region emerges as a decent near-term contention area for the time being.

Nov 8, 2023

Silver Price Analysis: XAG/USD languishes near multi-week low, seems vulnerable around mid-$22.00s

Silver (XAG/USD) continues losing ground for the third straight day on Wednesday and drops to over a three-week low during the early part of the European session.

AUD/USD seems to have entered a consolidative phase – UOB

In the view of UOB Group’s Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia, AUD/USD is now expected to navigate within the 0.6350-0.6525 range in the next few weeks.