Forecasts & Analysis, Page

Gold prices remain overbought

Stock market participants had very little to do during the day as we drifted a bit lower awaiting the G 20 meeting. We have at least several days before the Americans and the Chinese disappoint the market, so perhaps people are just simply squaring out positions.

Silver markets were all over the place on Tuesday, as we continue to pound up against the $15.50 level. However, there is a lot of questions when it comes to global growth and stability, so that does help precious metals in general.

Crude oil markets rallied a bit during the trading session on Tuesday, showing signs of life again as we continue to bounce around the recent break down candles.

Natural gas markets pulled back a little bit during the day on Tuesday to withdraw from the $2.30 level. At this point, it’s very likely that the market is going to continue to suffer a bit of a malaise, as we await weekly inventory numbers and the G 20 meeting.

Gold markets rallied again during the trading session on Tuesday as we continue to see nothing but fear and panic when it comes to the geopolitical situation. However, we have gotten far ahead of ourselves and a pullback is somewhat imminent.

The US dollar continues to go back and forth against the Japanese yen but overall to lower levels. By breaking below the candle stick to kick off the week, you can see that the bearish pressure continues to be a concern.

The British pound has initially tried to rally during the trading session on Tuesday but has ran into a significant amount of resistance above at the 50 day EMA. By doing so, it looks very likely that we are going to roll over from here. However, there are always two

The British pound has gone back and forth against the Japanese yen during trading on Tuesday, breaking below the bottom of the shooting star from the Monday session. While this is a negative sign, the reality is that we are in consolidation more than anything else.

The Euro went back and forth during the trading session on Tuesday, as we may have gotten a bit overextended. At this point I like the idea of buying this market on dips, as we have obviously changed the overall attitude.

The Aussie dollar rose slightly during the trading session on Tuesday, breaking above the 50 day EMA but certainly slowing down its Ascension higher. At this point, the market looks very likely to see the 0.70 level offer resistance.

Based on the early price action, the direction of the September E-mini S&P 500 Index is likely to be determined by trader reaction to the short-term downtrending Gann angle at 2953.25.

As far as the Fed speakers are concerned, don’t expect anything from Fed Chair Powell. He’s giving a speech to a foreign relations group. The other speakers, well what has changed in the U.S. economy since last Wednesday when they voted 9 to 1 to hold rates steady?

The upside momentum seems to be slowing as investors shed risky assets ahead of the G-20 summit and the easing of tensions in the Middle East. However, prices are likely to remain in a range until the API report at 20:30 GMT. A bearish report will give investors a reason

Based on the early price action and the current price at 1.1386, the direction of the EUR/USD the rest of the session is likely to be determined by trader reaction to yesterday’s close at 1.1398.

The main trend is up according to the daily swing chart. There is no resistance at this time so investors should watch for a closing price reversal top to signal the presence of sellers. A closing price reversal top today will signal the selling is greater than the buying at

Based on the early price action, the direction of the September E-mini NASDAQ-100 Index on Tuesday is likely to be determined by trader reaction to the downtrending Gann angle at 7742.75.

GBP/USD pushed higher in early European trading to levels not seen since late May. The pair is threatening to break a critical resistance level that could lead to renewed upside momentum.

Traders responded to the mention of heat in the forecast and the weak shorts were taken out. This was a normal move. In order to drive the stronger shorts out of the market, the forecasts are going to have to show lingering heat or heat domes over wider areas.

Tuesday’s speeches by Fed chair Jerome Powell as well as James Bullard, the noted dove on the FOMC, could serve as catalysts for more Dollar downside over the near-term.