UnitedHealth Group Incorporated (UNH) declined in its latest intraday trading, with the short-term primary downtrend firmly in control as the stock continues to move along a descending trendline. Additional negative pressure persists as it trades below its 50-day simple moving average, reducing its chances of a near-term recovery. This comes alongside continued negative signals from the Relative Strength Indicators, even after the stock succeeded earlier in unwinding its oversold conditions.
Therefore, we expect the stock’s price to decline in the upcoming sessions, especially if it stabilizes below 316.40 dollars, targeting its first support level at 273.85 dollars.
West Texas Intermediate (WTI) Oil price advances on Thursday, early in the European session. WTI trades at $58.46 per barrel, up from Wednesday’s close at $58.43. Brent Oil Exchange Rate (Brent crude) is also up, advancing from the $62.52 price posted on Wednesday, and trading at $62.54.
WTI Oil FAQs
WTI Oil is a type of Crude Oil sold on international markets. The WTI stands for West Texas Intermediate, one of three major types including Brent and Dubai Crude. WTI is also referred to as “light” and “sweet” because of its relatively low gravity and sulfur content respectively. It is considered a high quality Oil that is easily refined. It is sourced in the United States and distributed via the Cushing hub, which is considered “The Pipeline Crossroads of the World”. It is a benchmark for the Oil market and WTI price is frequently quoted in the media.
Like all assets, supply and demand are the key drivers of WTI Oil price. As such, global growth can be a driver of increased demand and vice versa for weak global growth. Political instability, wars, and sanctions can disrupt supply and impact prices. The decisions of OPEC, a group of major Oil-producing countries, is another key driver of price. The value of the US Dollar influences the price of WTI Crude Oil, since Oil is predominantly traded in US Dollars, thus a weaker US Dollar can make Oil more affordable and vice versa.
The weekly Oil inventory reports published by the American Petroleum Institute (API) and the Energy Information Agency (EIA) impact the price of WTI Oil. Changes in inventories reflect fluctuating supply and demand. If the data shows a drop in inventories it can indicate increased demand, pushing up Oil price. Higher inventories can reflect increased supply, pushing down prices. API’s report is published every Tuesday and EIA’s the day after. Their results are usually similar, falling within 1% of each other 75% of the time. The EIA data is considered more reliable, since it is a government agency.
OPEC (Organization of the Petroleum Exporting Countries) is a group of 12 Oil-producing nations who collectively decide production quotas for member countries at twice-yearly meetings. Their decisions often impact WTI Oil prices. When OPEC decides to lower quotas, it can tighten supply, pushing up Oil prices. When OPEC increases production, it has the opposite effect. OPEC+ refers to an expanded group that includes ten extra non-OPEC members, the most notable of which is Russia.
The Pound to US Dollar exchange rate (GBP/USD) pushed higher on Thursday as traders assessed the implications of the latest US non-farm payroll release.
At the time of writing, GBP/USD hovered around $1.3097, up roughly 0.3% from the day’s opening level.
The US Dollar (USD) edged lower on Thursday after September’s long-awaited payroll figures finally landed.
Fresh data from the Bureau of Labor Statistics revealed the US economy created 119,000 jobs in September, comfortably beating expectations for a modest 50,000 increase.
However, the upbeat headline was tempered by a significant downward revision to July’s figures, with payrolls now estimated to have fallen by 4,000 instead of rising by 22,000 as initially reported.
The mixed nature of the release prompted markets to reassess Federal Reserve rate expectations, triggering a modest dovish tilt, although not enough to revive the prospect of a December rate cut.
The Pound (GBP) managed to gain ground on Thursday, though upside momentum was limited as investors remained cautious ahead of the UK’s upcoming autumn budget.
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Chancellor Rachel Reeves is set to deliver the budget on 26 November, and uncertainty surrounding the scale and structure of potential tax increases or spending restraints is keeping investors on edge.
Concerns are growing that the measures required to stabilise the UK’s public finances could place further pressure on an already fragile economic backdrop.
Meanwhile, expectations that the Bank of England (BoE) will lower interest rates in December — reinforced by this week’s inflation data — continue to act as a cap on Sterling’s performance.
GBP/USD Forecast: Softer UK PMIs to Drag on Sterling?
Looking to Friday, the Pound to US Dollar exchange rate may soften as fresh UK PMI and retail sales figures are released.
Initial estimates for November suggest slower activity across the UK’s private sector, while retail sales for October are expected to stagnate — a combination that could deepen concerns around the UK’s economic outlook.
Later in the afternoon, the US will publish its own S&P PMI figures. While these are typically less market-moving than ISM surveys, any notable weakening may still inject volatility into USD trade.
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At 13:08 GMT, XAUUSD is trading $4090.32, up $12.47 or +0.31%.
Gold Market Pullback as Dollar Firms Ahead of Jobs Data
Gold is down more than 1% on Thursday, driven by a firmer dollar and a sharp drop in expectations for a December rate cut. The dollar index sits near a two-week high, and that strength continues to pressure XAU/USD. Traders are dealing with typical year-end two-way flow, with profit-taking meeting fresh positioning.
The Fed minutes didn’t help the bullish side either: officials cut in October but warned that easing too fast risks sticky inflation and credibility concerns. Rate-cut pricing for December has fallen to roughly 34%, down from 49% just a day earlier.
Jobs Report Delay Keeps Fed Outlook Uncertain
Today’s September payrolls print—delayed by the shutdown—lands at 13:30 GMT, and expectations sit near 50,000 jobs versus August’s 22,000. It’s an old data set, but the Fed meets December 10 without the next jobs report until December 16, so this release still matters.
Deutsche Bank notes that a December cut basically requires a weak number, and traders know it. Treasury yields are inching higher ahead of the release, with the 10-year around 4.146% and the 2-year at 3.61%, keeping pressure on non-yielding gold.
Dollar Rally Extends as Fed Minutes Slash Cut Odds
Across FX, the dollar is pushing higher after the Fed minutes showed “many” officials opposing a December cut. The yen slid toward 158 per dollar before stabilizing, with traders openly debating whether Japan steps in around 160.
The Pound to Dollar exchange rate (GBP/USD) struggled for momentum on Wednesday, edging lower to around 1.3120 following the release of the UK’s latest inflation figures.
According to UoB, “a breach of 1.3105 would indicate that GBP is more likely to range-trade rather than head higher to test 1.3240.” Scotiabank also warns that a break below 1.3100 could pave the way for deeper losses. Danske Bank maintains a one-month GBP/USD target of 1.31, rising to 1.33 over six months as the dollar gradually softens.
Domestic developments were influential, although global risk sentiment remained a major driver. Fragile risk appetite, driven by weaker equities, continued to weigh on Sterling, while the US Dollar saw a mixed reaction.
UK inflation slowed in October, with headline CPI easing from 3.8% to 3.6% and core inflation slipping from 3.5% to 3.4% — both in line with expectations. Softer energy base effects helped pull the annual rate lower.
The figures did little to shift market pricing for the Bank of England, with traders maintaining around an 80% probability of a December rate cut. Paul Dales, chief UK economist at Capital Economics, noted: “The fall in CPI inflation… could well prompt the Governor of the Bank of England to put on a red suit and white beard and cut interest rates from 4pc to 3.75pc on December 18.”
US equity markets weakened again on Tuesday, with the Nasdaq falling 1.2%. Investors are now awaiting Nvidia’s latest earnings, due overnight, which could have a significant influence on broader risk sentiment. ING warned of vulnerabilities in tech-heavy markets, commenting: “The understandable fear is that this is a very crowded trade and that a casual walk to the exit could turn into something less orderly should cause be found.”
MUFG added that given the current positive correlation between equities and the dollar, “a bad earnings report this evening could drive the dollar weaker.”
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Attention will also turn to Thursday’s delayed US non-farm payrolls report for September. Consensus forecasts point to a 55,000 increase in jobs and an unemployment rate steady at 4.3%.
MUFG emphasised: “The focus will then quickly shift back to the economy and it is the jobs market that will ultimately determine dollar direction into year-end.”
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Silver price declined in its last intraday trading, due to the stability of the resistance at $52.00, this resistance was our expected target in our previous analysis, to attempt to gain bullish momentum that might help it breach this resistance, and attempts to offload some of its overbought conditions on the relative strength indicators, especially with the emergence of the negative signals, to surpass the support of its EMA50, which may reduce the chances of the price recover in the upcoming period, amid the dominance of the main bullish trend and its trading alongside minor trend line on the short-term basis.
The US dollar rallied higher against the Japanese yen yet again during the trading session on Wednesday, as upward pressure continues.
All things being equal, this is a market that is likely to see a lot of upward momentum, although it might be getting just a little bit stretched at the moment.
With this being said, the market still remains a buy-on-the-dip type of scenario, with the ¥153 level being a massive floor in the market. If the pair continues to the upside, the target at this point is somewhere closer to ¥159, although there is recognition that as the market approaches the ¥156.50 level, it is facing a little bit of resistance.
Longer-term, This Resistance Isn’t a Huge Deal
Over the longer term, this is unlikely to be a big deal. Short-term pullbacks should be thought of as buying opportunities, and this should be viewed through the prism of staying long in this market as the interest rate differential pays at the end of every day.
The Bank of Japan is very unlikely to be able to tighten monetary policy, and with that, plenty of participants appear willing to grind to the upside in this pair and continue to hang on to the interest rate differential and the swap payment at the end of every day.
There is absolutely no interest in shorting the US dollar against most currencies, and most specifically not against the Japanese yen. Across the forex world, most yen-denominated pairs look the same. Because of this, the markets all look as if they are selling off the Japanese yen, and this pair will be the biggest barometer of yen strength or weakness.
Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex. He favours a longer-term trading style, and his trades often last for days or weeks.
There is no change in the suggested bearish corrective scenario of copper price, that depends on the stability at $5.2000, to notice the continuation of providing negative momentum by stochastic approach from level 50, therefore, we will keep our corrective expectation that might target the support at $4.7500.
While activating the bullish trend requires providing several positive closes above the previously mentioned barrier, to confirm its readiness to record several gains by its rally
The expected trading range for today is between $4.7500 and $5.1200
The Euro initially tried to rally during the trading session on Wednesday, but it has seen a lot of selling pressure and has turned around quite drastically against the US dollar.
This is part of the longer-term downtrend that we have been in for a while, so that’s not a huge surprise, as the last couple of months have been negative.
In fact, the very peak of the euro was during the FOMC press conference in September, and although we have bounced a couple of times, it’s been negative.
I am looking for 1.14
All things being equal, this is a market that I think does go looking to the 1.14 level, where the 200-day EMA is also hanging about. The FOMC is expected to cut rates sooner or later, but there has been some doubt thrown on that. And now that the jobs number is supposed to come out after the announcement, it’s likely that you will see a lot of traders freaking out because the idea that the Fed is going to start cutting rapidly may have taken a little bit of a hit.
That doesn’t really matter, though, because, quite frankly, I think this is something that goes on with the idea of the US dollar shortage really coming into play here as well. If we can break below the 1.14 level, the 1.11 level is my next target, and I don’t really see much, at least from a technical analysis standpoint, that gets in the way of reaching that level.
The EUR/USD market bouncing from here really isn’t that interesting to me, at least not until we get above the 1.17 level at the very least, and possibly even the 1.18 level, which at that point in time, you’d be chasing the highs. You might kick off the next leg to the upside. But quite frankly, if the euro doesn’t save itself relatively soon, we’re going to see the US dollar steamroll it.
Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex. He favours a longer-term trading style, and his trades often last for days or weeks.
Platinum price failed to confirm the break of the sideways track at $5.2000, forming temporary bullish wave to settle near $1560.00.
We expect the confinement between the current support and $1605.00 level that represents the sideways track’s barrier, to keep waiting for surpassing one of these levels, to confirm the expected trend in the near period, reminding you that breaking the support and holding below it will confirm its readiness to target several corrective stations by reaching $1480.00 and $1440.00.
The expected trading range for today is between $1530.00 and $1585.00
