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Bullish Price Structure Intact


German Mar Factory Orders Beat Expectations


Bullish Focus


(M1) Needle Still Points North

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  • Both WTI and Brent crude futures sit in minor positive territory, although they're yet to top the Monday highs as the USD index puts out an unimpressive performance.
  • A break above yesterday's $60.77 for WTI crude futures would open the April highs of $61.75 initially, but further catalysts may be needed to support the price in what's been an uninspiring session so far.
  • Elsewhere, spot gold traded at a new weekly low of $1723.77 this morning as the retreat from the failed test of the 50-dma extends. That level crosses today at $1754.19 and remains a key hurdle for gold bulls going forward.
  • Silver continues to oscillate either side of the upwardly-trending 200-dma at $25.15, with this week's early dip bought to keep the gravitational pull of the level intact ahead of US CPI.