Forecasts & Analysis | Technical, Page

Based on Wednesday’s price action and the current price at $58.07, the direction of the November WTI crude oil futures contract into the extended close is likely to be determined by trader reaction to the support cluster at $57.73. This cluster is being formed by an uptrending Gann angle and

Based on the early price action and the current price at $1497.10, the direction of the December Comex gold market into the extended close is likely to be determined by trader reaction to the main 50% level at $1489.10.

Gold trades sideways as the dollar rallies

The S&P 500 fell a bit during the trading session on Wednesday as we awaited the FOMC statement, but at this point there are several levels that we should be watching on the daily close in order to take advantage of the next move and the trend.

The Silver markets did very little heading into the Federal Reserve announcement on Wednesday, as we continue to dance around the $18.00 level. This makes sense as it is a large, round, psychologically significant number, but one thing that you should pay attention to its the trend.

The crude oil markets drifted a little bit lower during the trading session on Wednesday waiting for the FOMC announcement, but quite frankly this has more to do with the gap being filled. Now that production doesn’t seem to be an issue, it makes sense that the crude oil market

Natural gas markets pulled back a bit during the trading session on Wednesday awaiting for the Federal Reserve decision. We have filled the gap though, and that of course is something that should be good.

Gold markets continue to hover above the $1500 level heading into the FOMC Statement and of course interest rate decision. Ultimately, this is a market that will continue to focus on the fear trade and of course the interest rate outlook.

The US dollar has gone back and forth ahead of the Federal Reserve meeting and press conference on Wednesday, and as a result it looks like going into Thursday we have a lot of decisions to make after the announcement.

The British pound has fallen a bit from the 1.25 level again waiting for the Federal Reserve. And as a result it’s likely that the market is going to continue to recognize this area as being crucial ahead of the Federal Reserve announcement.

The British pound has continued to hover around the ¥135 level ahead of the FOMC Meeting, interest rate decision, and of course the statement. With that being said though, there is a lot of noise just above that I am paying attention to.

The Euro is awaiting the Federal Reserve and what’s going to come out of that announcement as it continues to consolidate in the same range it has been in over the last couple of weeks.

The Australian dollar has fallen again during early trading on Wednesday as we await the Federal Reserve decision and following statement. That being the case, it looks like we are finally starting to see sellers come back into this market.

It has been an uneventful Tuesday session, as the Canadian, Mexican and British currencies are content to drift. However, that could change later in the day, as the Federal Reserve is widely expected to lower rates at its monthly policy meeting. As well, the Fed’s rate statement could also impact

Based on the early price action and the current price at 27060, the direction of the December E-mini Dow Jones Industrial Average the rest of the session on Wednesday is likely to be determined by trader reaction to the downside Gann angle at 27015 and the minor pivot at 27009.

U.S. crude prices have settled down on Wednesday, after showing strong volatility in the past two sessions. Crude is back below the $60 level, but is the storm over? Investors remain jittery and the Fed decision, which will be released at 18:00 GMT, could trigger further movement from crude.

Based on the early price action, the direction of the December E-mini S&P 500 Index the rest of the session on Wednesday is likely to be determined by trader reaction to the uptrending Gann angle at 3006.75 and the minor pivot at 3004.50.

Based on the early price action and the current price at 1.1054, the direction of the EUR/USD the rest of the session on Wednesday is likely to be determined by trader reaction to the 50% level at 1.1045 and the 61.8% level at 1.1073.

Silver prices remain steady, tantalizingly close to the $18 level. With analysts split on whether the Fed will lower rates at today’s policy meeting, we could see some volatility in the North American session.

EUR/USD is down slightly in early trading on Wednesday. The pair had a muted reaction to CPI data which came in unchanged for the year. The Fed meets later today and a volatile reaction is expected in the exchange rate.