Forecasts & Analysis, Page

Stocks surge ahead of Fed

Prices are poised to test the June lows

Traders now await the Fed decision

Based on today’s price action and the current price at $1349.90, the direction of the August Comex gold futures contract into the close will be determined by trader reaction to the 50% level at $1349.40 and the Fibonacci level at $1352.40.

Based on the early price action and the current price at $53.94, the direction of the August WTI crude oil futures contract the rest of the session is likely to be determined by trader reaction to the downtrending Gann angle at $54.03.

Based on the early price action and the current price at 2929.75, the direction of the September E-mini S&P 500 Index futures contract is likely to be determined by trader reaction to the downtrending Gann angle at 2934.25.

If the upside momentum continues then look for a breakout over the intraday high at 26550. If this move creates enough upside momentum then look for a potential rally into the April 23 main top at 26710. If investors start to square positions or take profits ahead of Wednesday’s Fed

The stock markets rallied significantly around the world as the ECB talks of stimulus, and now we are heading towards the FOMC Statement which of course will continue to give hope for more stimulus here.

Silver markets rallied on Tuesday, reaching towards the $15.00 level. At that point, we are at a large, round, psychologically significant number that will of course attract a lot of attention.

Crude oil markets rallied quite significantly during the trading session on Tuesday, as the ECB warned that more quantitative easing could be coming. With that, the currency markets helped lift commodities in general.

Natural gas markets gapped lower to kick off the trading session on Tuesday, but then turned around to fill the gap and reach towards the $2.40 level. At that point, the market rolled over and showed signs of exhaustion yet again, as we continue to see a bearish action.

Gold markets rallied significantly during the trading session after the president of the ECB, Mario Draghi suggested that the ECB wasn’t above loosening monetary policy again. If that’s going to be the case, then it shows that central banks are still going to remain extraordinarily loose, putting an upward bias

The US dollar fell during trading on Tuesday, reaching back down towards the ¥180 level. That’s not a huge surprise, considering that the Federal Reserve comes out tomorrow with the statement, so a lot of people will be on the sidelines waiting to see what happens next.

The British pound broke down a bit during the trading session on Tuesday but continues to find the 1.25 level interesting for support. With that being the case, it makes sense that we would continue to find a lot of trouble in this area but as we are ahead of

The British pound continue to fall during the trading session on Tuesday, as we are very likely to reach towards the ¥135 level. At this point, this is a market that has been breaking down for some time and it’s showing no signs of slowing down.

The Euro went all over the place after the ECB sounded a bit more dovish during the Tuesday session. This of course has a lot of traders out there wondering about monetary policy, but don’t worry there is even more drama head as the Federal Reserve will have its announcement

The Australian dollar broke down a bit during the trading session on Tuesday, but then found enough support underneath the 0.6850 level to turn around a bit. Are we forming a hammer? It’s a bit early to tell but it certainly looks as if we are trying to find buying.

Over the past week, the benchmark cryptocurrency increased by more than 15%. At the moment, BTC is trading around $9250, confidently stepping over the threshold $9000.

Based on the early price action and the current price at 1.1203, the direction of the EUR/USD the rest of the session is likely to be determined by trader reaction to the short-term Fibonacci level at 1.1199 and the uptrending Gann angle at 1.1197.

The main range is $2.745 to $2.305. If the buying is strong enough to take out $2.413 with conviction then this could generate the upside momentum needed to challenge its retracement zone at $2.479 to $2.520.