Discussion points
Oil, copper more objective on Pre-FOMC Correction S & P 500 Futures Rise gold and silver can be traced more if mood risk weighed on prices Dollar products are little changed in early European hours as traders are looking for a catalyst trigger the directional movement. A record quiet economic data turns the spotlight at the end of a sale by auction of Italian liaison, with Rome sale coupon 2014 debt and paper 2017 and 2019 linked to inflation. Traders will be be keeping a close eye on the average yields of signs of sovereign stress of return.
With respect to the U.S. Data folder, the tonnage of consumer confidence and the extent of the Richmond Fed of manufacturing activity should decrease for a second month in April after inversion low high last month. New home sales page are called Print 318 000 in March, recovering from a shallow downturn in February and by matching the result of January. Still, the impression would be below its average of more than 322 K barely three months.
Interestingly, risk appetite seems to relatively well despite the poor set of us economic indicators on tap. & S P 500 stock index futures point higher. This may reflect a period of correction after the rout of yesterday across the spectrum of the asset sensitive growth step ahead of FOMC on Wednesday policy meeting, perhaps little more important for the week of the event risk. This gives scope for a recovery of gross sensitive cycle and the price of copper. If the move is mirrored with a withdrawal in the U.S. Dollar as haven flows reversed course, gold and silver have room for traction.
WTI crude oil (near NY): $103.11 / /-0.77 / / 0.74%
The prices remain trapped between 104.90 resistance and support of line growing trend set in mid-December, with a pattern of upward candlestick engulfing pleading for a bias head. A break above 104.90 exposes the trend line barriers fall 105.04 and 106.32. Support is now the 101.68.
Daily chart - created with FXCM Marketscope 2.0
Spot Gold (near NY): $1638.82 / /-4.10 / /-0.25%
Prices are test below help to 1638.02, 23.6% Fibonacci expansion, after placing in a model of candlestick bearish engulfing under trend line resistance fall of early March. A break below exposes the 38.2% level to 1612.02. Trend line resistance is now at 1664.19.
Daily chart - created with FXCM Marketscope 2.0
Cash (near NY): $30.86 / /-0.84 / /-2.64%
After a lateral drift, price finally took support on 31.04, exposing the next downside target at 29.79. 31.04 Level has been redesigned as a short term resistance. In General, a head and shoulders (H & S) top cut between late January and mid-March argues for a problem with 26.84 measured target.
Daily chart - created with FXCM Marketscope 2.0
COMEX E-Mini Copper (near NY): $3.626 / /-0.072 / /-1.95%
Prices continue to test increase in defined early October trend line support, with a lower break Exhibitor supports 3.573 and 3.522 marked by swing top in early December and January respectively. Initial resistance to the 3.713 lines.
Daily chart - created with FXCM Marketscope 2.0
Oil, copper more objective on Pre-FOMC Correction S & P 500 Futures Rise gold and silver can be traced more if mood risk weighed on prices Dollar products are little changed in early European hours as traders are looking for a catalyst trigger the directional movement. A record quiet economic data turns the spotlight at the end of a sale by auction of Italian liaison, with Rome sale coupon 2014 debt and paper 2017 and 2019 linked to inflation. Traders will be be keeping a close eye on the average yields of signs of sovereign stress of return.
With respect to the U.S. Data folder, the tonnage of consumer confidence and the extent of the Richmond Fed of manufacturing activity should decrease for a second month in April after inversion low high last month. New home sales page are called Print 318 000 in March, recovering from a shallow downturn in February and by matching the result of January. Still, the impression would be below its average of more than 322 K barely three months.
Interestingly, risk appetite seems to relatively well despite the poor set of us economic indicators on tap. & S P 500 stock index futures point higher. This may reflect a period of correction after the rout of yesterday across the spectrum of the asset sensitive growth step ahead of FOMC on Wednesday policy meeting, perhaps little more important for the week of the event risk. This gives scope for a recovery of gross sensitive cycle and the price of copper. If the move is mirrored with a withdrawal in the U.S. Dollar as haven flows reversed course, gold and silver have room for traction.
WTI crude oil (near NY): $103.11 / /-0.77 / / 0.74%
The prices remain trapped between 104.90 resistance and support of line growing trend set in mid-December, with a pattern of upward candlestick engulfing pleading for a bias head. A break above 104.90 exposes the trend line barriers fall 105.04 and 106.32. Support is now the 101.68.
Daily chart - created with FXCM Marketscope 2.0Spot Gold (near NY): $1638.82 / /-4.10 / /-0.25%
Prices are test below help to 1638.02, 23.6% Fibonacci expansion, after placing in a model of candlestick bearish engulfing under trend line resistance fall of early March. A break below exposes the 38.2% level to 1612.02. Trend line resistance is now at 1664.19.
Daily chart - created with FXCM Marketscope 2.0Cash (near NY): $30.86 / /-0.84 / /-2.64%
After a lateral drift, price finally took support on 31.04, exposing the next downside target at 29.79. 31.04 Level has been redesigned as a short term resistance. In General, a head and shoulders (H & S) top cut between late January and mid-March argues for a problem with 26.84 measured target.
Daily chart - created with FXCM Marketscope 2.0COMEX E-Mini Copper (near NY): $3.626 / /-0.072 / /-1.95%
Prices continue to test increase in defined early October trend line support, with a lower break Exhibitor supports 3.573 and 3.522 marked by swing top in early December and January respectively. Initial resistance to the 3.713 lines.
Daily chart - created with FXCM Marketscope 2.0
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