WTI

The surge in bond yields finally began to take its toll on gold prices as the end of gold with, with gold falling against basket of currencies alongside the US dollar. And that paints a grim picture for bulls at the beginning of Q4. Yet it has been a very different story for WTI crude oil which has rallied 30% in Q4. But can we really expect a similar performance in Q4?

Investors’ focus will remain on oil prices after their recent sharp gains amid the ongoing supply cuts by the OPEC and allies, and in light of today’s bullish reversal. Owing to concerns over a crude supply deficit, there is a good chance we could see oil prices climb above $100 and thus stoke inflationary worries further.

The pullback in crude oil could be deemed a healthy development, correcting an unsustainable, one-sided trade which left the contract overbought and over-loved.

Crude oil prices marched higher this week with WTI poised to mark fresh yearly highs into the June uptrend. The levels that matter on the short-term technical charts.

Price action remains choppy on WTI crude oil's daily timeframe, which further backs up the case that last week's bearish reversal candle marked the beginning of a correction. The question now is how deep can it retrace before dip buyers seek to return in force? The ASX 200 has shown tentative signs of stability above 7,000, but given the bearish breakdown seen last week we prefer to seek bearish setups around resistance levels.

Implied volatility levels are unsurprisingly elevated for forex pairs today, given we have a key UK inflation report up shortly and the FOMC meeting and press conference in just over 12 hours. Today we look at the intraday charts for EUR/USD, GBP/USD and WTI crude oil.

Whilst WTI crude oil made light work of breaking above $90, it faltered around $95 and left a potential key reversal day below historical highs. And with the potential for the Fed to be more hawkish than money markets are currently pricing in, it could shake the bullish oil tree and trigger a correction against its strong trend.

A decent pullback in crude oil is not a stretch given how lopsided near-term sentiment and positioning appears to be.

Crude oil prices plunged more than 8.5% off the highs with WTI now approaching make-or-break support. The levels that matter on the short-term technical charts.

A stunning seven-week rally in crude oil prices may be vulnerable here into resistance the yearly highs. Levels that matter on the WTI weekly technical chart.

Natural gas – a key inflationary input – is teasing markets with a bullish breakout on the eve of a key US inflation report in the US. A day after WTI hit a new YTD high.

WTI oil prices reached its highest levels since last November, breaking above the April high of $83.50 briefly, before coming off its best levels. Traders will be watching to see how oil prices will close the session today. The OPEC+ ongoing supply cuts are continuing to offset concerns over demand. But will WTI manage to climb to $85 and higher?

Monday's trade saw WTI hand back almost all of Friday’s gain and produce a 2-bar reversal pattern (dark cloud cover). And with that comes the potential for a deeper pullback, so long as prices remain beneath yesterday’s high. For today, we'll keep a close eye on the January high, which is likely to be a pivotal level today.

Crude oil prices surged more than 25% off the yearly lows with the bulls attempting a 5-day rally within a broader 5-week advance. Levels that matter on the WTI charts.

WTI crude oil prices rose for a fourth consecutive week despite a recovery of the US dollar. Whilst it shows the potential to pull back from the $77 highs, short-covering of large speculators and managed funds over the past couple of weeks suggests it could be headed towards $80.

The crude oil breakout is approaching a cluster of key resistance hurdles as the bulls push for a fourth-weekly advance. Levels that matter on the WTI weekly chart.

Welcome to Technical Tuesday, a weekly report where we highlight some of the most interesting markets that will hopefully appease technical analysts and traders alike. In this week’s report, we are getting technical on the AUD/USD and NZD/USD, as well as WTI crude oil, as traders await key data in the second half of the week.