Forex Marketz Daily Forex News – Fully Markets Update
US WTI Crude futures continue to rise this morning. They are getting a boost from a 2.98 million drawdown in EIA inventory data. This followed the data seen with the API numbers. Economists expected inventories to increase by 1.5 million barrels. The price of gold continues to consolidate after selling off and Deutsche Bank shares continue to rise. The US Dollar is also up undermining the strength of the yellow metal.
Looking at the economic calendar, today is pretty quiet which could mean a quite consolidative day for crude and other financial markets. On Friday, the United States is set to release its non-farm payroll (NFP) employment numbers. Economists are looking for 170,000 new jobs last month. The month previous saw 151,000 new jobs. The unemployment rate is expected to hold at 4.9 percent. Please refer to the below daily MT 4 chart for today’s daily technical analysis.
Crude Technical Analysis
Let’s discuss today’s WTI Crude daily technical analysis. The price of the black gold continues to push higher after clearing the August swing top. Oil has now seen six days of gains and noted near term resistance lining up at 51.65. A daily close above this first upside barrier, challenges the technical resistance level lining up at 51.65. This is the June 9 high.
The alternative analysis note a support level lining up at 48.77. A break below this first downside barrier challenges the next technical support level that lines up at 47.60.
