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French industrial production rose 0.1% month-on-month in June, below the expected 0.3% and the previous reading of -0.10%.Frances June industrial production figures will be released in ten minutes.Futures Commentary by Everbright Futures: Geopolitical tensions eased again, and overnight London spot gold rose 0.57%, while SHFE gold closed up 0.87%. The reopening of the Strait of Hormuz raised concerns, causing oil prices to fall rapidly. Additionally, the US June JOLTS job openings fell more than expected. Gold may maintain a bottoming-out trend in the short term, with attention focused on Fridays non-farm payroll data. On the macroeconomic front, US June JOLTS job openings fell to 7.36 million from 7.54 million in May, below the expected 7.45 million, indicating a relatively stable labor market. The president of the Philadelphia Fed, a 2026 voting member of the Federal Reserve, stated that he remains open to the direction of monetary policy, and whether core inflation can continue to decline is a key factor in his judgment. Geopolitically, US-Iran negotiations continued to release easing signals, and expectations for the reopening of the Strait of Hormuz increased. While the US-Iran geopolitical situation continued to ease, the US dollar weakened, and although gold performed relatively strongly, it still exhibited a weak bottoming-out trend, failing to give the market stronger confidence. This may stem from investors apprehension about the upcoming non-farm payroll data.Japans Topix index rose 2%.SpaceX shares fell 7% on Tradegate, roughly in line with its after-hours performance on the US stock market.

WTI Price Analysis: Rebounds from 50% Fibo./100-period SMA support confluence

Alina Haynes

Oct 17, 2022 14:46

截屏2022-10-17 下午2.39.40.png 

 

The price of WTI crude oil regains some positive momentum on the opening day of a new week and maintains its position above the $85.00 threshold heading into the European session.

 

From a technical standpoint, the commodity defends the $84.50-$84.25 confluence combining the 4-hour 100-period SMA and the 50% Fibonacci retracement level of the $76.08-$92.63 advance. The aforementioned region should now serve as a crucial turning point, which, if decisively broken, will pave the way for a continuation of the recent rapid drop from the highest level since August reached last week.

 

In the interim, any future advance is likely to encounter resistance between $85.70-$85.75. This is closely followed by the $86.00 mark and the 38.2% Fibonacci level in the $86.30 region, over which current prices might reach $87.00. The momentum may extend into the $87.45 barrier en route to the $88.00 mark and the 23.6% Fibonacci level, in the $88.55-$88.60 supply zone.

 

In contrast, weakening below the $85.00 round number may continue to find support near the intersection of $84.50 and $84.25. A convincing break below will serve as a new catalyst for pessimistic traders and pave the way for further declines. The price of WTI crude oil might possibly decline below $84,00 and test the next key support between $83.40-$83.35 before falling to the $83.00 level.


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