Forecasts & Analysis | Page 4

Silver markets were pretty quiet during the trading session on Tuesday, showing signs of exhaustion still. At this point, the market looks as if the $15.00 level will continue to cause major pressure to the downside.

Crude oil markets continue to try to find some type of base but have also sold off to show signs of hesitation. Part of the reaction would have been reports that the United States and Russia have decided that cooperation on oil markets is in the best interest of everyone.

Natural gas markets initially tried to rally during the trading session on Tuesday but then rolled over to show signs of weakness again. The natural gas markets continue to suffer with the global slowdown in the oversupply.

Gold markets fell during the trading session on Tuesday, only to find the $1600 level underneath as support. By bouncing the way, we have, the market looks as if it is ready to try to continue to go to the upside.

Hopes of U.S. – Russia talks boost oil prices, but problems on the demand front keep upside in check.

Based on the early price action and the current price at $1626.90, the direction of the June Comex gold futures market the rest of the session on Tuesday is likely to be determined by trader reaction to the Fibonacci level at $1610.50.

Based on the early price action and the current price at 2591.75, the direction of the June E-mini S&P 500 Index the rest of the session on Tuesday is likely to be determined by trader reaction to the steep uptrending Gann angle at 2558.00.

The US dollar has rallied a bit during the trading session on Tuesday, breaking above the neutral candlestick for the Monday session. This is a relatively bullish sign, but one should also keep in mind that the volatility is going to continue.

The British pound has had a volatile session during Tuesday as we continue to test the 1.25 region. It has shown some resiliency but does look a bit overextended.

Silver tries to stay above the key level despite the risk-off mode in many asset classes.