Forecasts & Analysis | Page 8

Traders are looking for a lighter-than-average withdrawal for Thursday’s EIA storage report. Last year, the EIA recorded a 152 Bcf withdrawal for the similar week, and the five-year average is a withdrawal of 194 Bcf.

It’s funny. The news tends to lead investors to believe that gold is a buy when there is uncertainty and fear in the markets, but this type of thinking doesn’t seem to be working at this time. 

It looks like the coronavirus story is not going to go away over the near-term and actually conditions could worsen. It’s difficult for professionals to gauge the impact on demand at this time so we may not see a bottom until the speculators stop shorting the market.

It’s a bearish start to the day, with support levels in play. Failure to break back through the support levels would lead to heavier losses in the day.

It’s back into the red for the majors. Failure to break through to key levels by late morning could lead to heavier losses…

There’s plenty for the markets to consider in the day ahead and the ECB and Eurozone consumer confidence figures will be a part of it…

Fed Chicago National Activity Index shows weakness

Warm weather forecast weighs on prices

Momentum has turned neutral

Shortly before the opening on Wednesday, the latest 15-day outlook came in “marginally warmer,” according to Bespoke Weather Services. The pattern still showed a likelihood for “abundant warmth in the northern half of the nation, with the South generally held closer to normal.”