Forecasts & Analysis | , Page 1

It could be a choppy day ahead for the majors, as they give up early morning highs… A move back through Tuesday’s highs by late morning would signal a breakout.

It’s a mixed start to the day for the majors. A move back through Tuesday’s highs would bring resistance levels into play.

Warm weather forecast weighs on prices

Gold rallied 27% over 12-months during the SARS virus epidemic

The S&P 500 initially pulled back a bit during the trading session on Tuesday, as traders came back from the Martin Luther King Jr. holiday. At this point, the market is very likely to continue to look at large round numbers as a potential booster.

The silver markets fell significantly during the trading session on Tuesday as the Americans came back to work. However, we are starting to see signs of life at a major technical indicator.

While there was some electronic trading on Monday, now that the Martin Luther King Jr. holiday is over with, more volatility and liquidity was available in the futures markets.

Natural gas markets continue to hang out just below the $2.00 level, which of course is a large, round, psychologically significant figure and breaking that level of course has been very negative. That being said, the question then becomes whether or not we have a bounce coming.

Gold markets were very choppy during the day on Tuesday as volume came back into the picture. The $1550 level continues to be crucial, and we are still in the midst of building a potential bullish flag.

Crude prices have posted slight losses in Tuesday trade. It has been a rough start to the New Year, as crude has fallen 4.6 percent in January.