Gold for April delivery closed around 1:30 p.m. at $1,670 per ounce, down $7.50. Then the Fed released minutes from its March 13 meeting around 2 p.m., and within an hour gold had plunged to about $1,645 per ounce.

Crude-oil prices dropped in electronic trading Wednesday, weighed down by a firmer dollar and a decline in U.S. stock-index futures, amid concern the Federal Reserve may not introduce an additional monetary stimulus.

May crude-oil futures CLK2 -0.44% declined 42 cents, or 0.4%, to $103.59 a barrel on Globex during Asian business hours. The drop stretched a $1.22 loss in a regular New York Mercantile Exchange session overnight.

German Bund futures fell on Wednesday after U.S. Treasuries sold off sharply overnight when Federal Reserve minutes dampened expectations of further stimulus, while the European Central Bank was seen holding interest rates later in the day.

Crude Oil (May 12) intraday: the downside prevails.

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Pivot: 104.30
Our Preference: SHORT positions below 104.3 with targets @ 102.8 & 102.15.
Alternative scenario: The upside breakout of 104.3 will open the way to 105.15 & 105.7.
Comment: the RSI is mixed and calls for caution.

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Opinion published is an intraday view. Green Lines Represent Resistance | Red Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced width=1


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GOLD (Spot) intraday: key ST resistance at 1663

/Pivot: 1663.00
Our Preference: SHORT positions below 1663 with 1628 & 1616 as next targets.
Alternative scenario: The upside penetration of 1663 will call for 1670 & 1683.
Comment: the immediate trend remains down and the momentum is strong.

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Opinion published is an intraday view. Green Lines Represent Resistance | Red Represent Support Levels | Light Blue is a Pivot Point | Black represents the price when the report was produced


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EUR/USD intraday: under pressure.

/Pivot: 1.3245.
Our Preference: SHORT positions @ 1.3235 with targets @ 1.318 & 1.314.
Alternative scenario: The upside penetration of 1.3245 will call for 1.3275 & 1.33.
Comment: the pair has broken below its support and remains on the downside.

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Opinion published is an intraday view. Green Lines Represent Resistance | Red Represent Support Levels | Light Blue is a Pivot Point | Black represents the price when the report was produced


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GBP/USD intraday: under pressure.

/Pivot: 1.5930.
Our Preference: SHORT positions @ 1.592 with 1.5865 & 1.5835 in sight.
Alternative scenario: The upside penetration of 1.593 will call for a rebound towards 1.597 & 1.6.
Comment: the pair stands below its new resistance and remains under pressure.

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Opinion published is an intraday view. Green Lines Represent Resistance | Red Represent Support Levels | Light Blue is a Pivot Point | Black represents the price when the report was produced


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USD/CAD intraday: key ST resistance at 0.993.

/Pivot: 0.993
Our preference: Short positions below 0.993 with targets @ 0.988 & 0.9855 in extension.
Alternative scenario: Above 0.993 look for further upside with 0.9945 & 0.997 as targets.
Comment: as long as 0.993 is resistance, likely decline to 0.988.

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Opinion published is an intraday view. Green Lines Represent Resistance | Red Represent Support Levels | Light Blue is a Pivot Point | Black represents the price when the report was produced


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USD/JPY intraday: rebound expected.

/Pivot: 82.40.
Our Preference: LONG positions @ 82.45 with 83 & 83.3 as next targets.
Alternative scenario: The downside penetration of 82.4 will call for a slide towards 82.2 & 81.85.
Comment: the pair is posting a rebound on its support.

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Opinion published is an intraday view. Green Lines Represent Resistance | Red Represent Support Levels | Light Blue is a Pivot Point | Black represents the price when the report was produced


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AUD/USD intraday: the downside prevails.

/Pivot: 1.0345
Our preference: Short @ 1.034 with targets @ 1.026 & 1.022 in extension.
Alternative scenario: Above 1.0345 look for further upside with 1.0385 & 1.0415 as targets.
Comment: the pair has broken below its support and remains on the downside.

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Opinion published is an intraday view. Green Lines Represent Resistance | Red Represent Support Levels | Light Blue is a Pivot Point | Black represents the price when the report was produced


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USD/CHF intraday: further advance.

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Pivot: 0.91.
Our Preference: LONG positions @ 0.9095 with 0.914 & 0.918 as next targets.
Alternative scenario: The downside breakout of 0.909 will open the way to 0.907 & 0.904.
Comment: the pair has broken above its strong resistance and remains on the upside.

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Opinion published is an intraday view. Green Lines Represent Resistance | Red Represent Support Levels | Light Blue is a Pivot Point | Black represents the price when the report was produced

Shayne Heffernanwww.livetradingnews.com

Shayne Heffernan oversees the management of funds for institutions and high net worth individuals.

Shayne Heffernan holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reached a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.Read the Terms of Service