In this article, we have covered the highlights of global market news about the Natural Gas, Silver Price, Crude Oil and NZD/USD.

Natural Gas Futures: Possibility of Additional Gains

According to CME Group’s flash statistics for the natural gas futures markets, open interest increased on Monday for the second straight session, rising by around 3.1K contracts. Volume in the same line reversed three straight daily pullbacks and increased by 59K contracts.

Natural gas prices had a solid start to the week, closing with conviction above the $8.00 level amid rising open interest and activity. In contrast, additional recovery is expected very shortly. Thus natural gas continues to aim for its YTD high of $9.75 per MMBtu (July 26).

Silver price analysis: Monday’s Doji below the 50-DMA encouraged bears to go for $20.00.

As we enter Tuesday’s European session, the silver price (XAG/USD) holds lower ground at $20.25, down 0.56 percent intraday.

As a result of failing to cross the 50-DMA, the bright metal supports the Doji candlestick from the previous day. The RSI (14) line, which looks to have lost the additional higher momentum, also gives the XAG/USD bearish optimism.

However, the quote’s immediate decline may be constrained before the resistance-turned-support line from April 18, close to $19.15 at the latest, by the 23.6 percent Fibonacci retracement of the April-July drop which is at $20.00.

The market’s focus will go back to the annual low of $18.14 set in July if the commodity price falls below $19.15.

On the other hand, recovery is still difficult to achieve until prices rise above the $20.50 level of the 50-DMA.

After that, silver buyers may be interested in the mid-June swing low at $20.90 and the $21.00 barrier before emphasizing the $22.15-20 resistance confluence containing the 100-DMA and 50% Fibonacci retracement level.

Crude Oil Futures: More declines are on the way in the short term

Trading participants expanded their open interest holdings for the third consecutive session at the start of the week by almost 11.5K contracts, according to early data from CME Group for the crude oil futures markets. Volume followed following and increased the daily build by around 89.3K contracts.

On Monday, WTI barrel prices hit multi-day lows amid a background of rising open interest and activity. In contrast, the commodity may accelerate its drop in the near future, with an immediate target at the July low of $90.58 per barrel (July 14).

NZD/USD: Continued growth is expected if it closes over 0.6365 – UOB

“We predicted NZD to trade within a band of 0.6240/0.6320” on a 24-hour basis. NZD climbed to a high of 0.6352 before solidly ending at 0.6332 (+0.66%). Although more NZD gain is not out ruled, a breach of 0.6365 is doubtful since the rising impetus is not very strong. Support may be found at 0.6310 and 0.6290.

Next 1-3 weeks: “Yesterday (August 01, spot at 0.6290), we changed our stance on the New Zealand dollar from positive to neutral, and we anticipated it to trade between 0.6210 and 0.6340. We weren’t prepared for how quickly the NZD soared over 0.6340. (high of 0.6352). The short-term bullish momentum has somewhat increased, but before further progress is conceivable, NZD must breach 0.6365. As long as it doesn’t go below 0.6260 in the next few days, there is still a potential for the New Zealand dollar to break beyond 0.6365. Looking forward, 0.6395 is the next level of resistance above 0.6365.

Please click here for the Market News Updates from 1 Aug, 2022.