OIL.WTI stopped the upward move at the key resistance area today. Commodity bounced off the upper limit of 1:1 structure, which was also strengthened by the downward trendline. As long as the price sits below the $40.30 handle, the further downward move is the base case scenario. The nearest support to watch lies at $38.50, where the previous price reactions can be found.
OIL.WTI H4 interval. Source: xStation5
Market wrap: Oil gains amid US - Iran tensions 📈 European indices muted before US NFP report
📈 Gold jumps 1.5% ahead of NFP, hitting its highest level since Jan. 30
Silver rallies 3% 📈 A return of bullish momentum in precious metals?
Daily summary: Weak US data drags markets down, precious metals under pressure again!