The gold markets as you can see fell during the course of the day on Wednesday, but remain in a consolidative pattern. With that, we don’t really have a set up right now that we are willing to trade, but would love to see some type of short-term rallies that we can start selling. On the other hand, if we managed to break down below the $1200 level on a daily close, at that point time we would be sellers as the market should in fact head to the 1000 level on that break down.
The silver markets did very little during the day, simply going back and forth on Wednesday. The $17.50 level has offered a significant amount of support, but most certainly the $18.00 level is significant resistance. With that, we feel that the market continues to go sideways with a downward bias, and as a result we have absolutely no interest in buying. However, on short-term charts we are more than willing to sell resistive candles in order to take advantage of the sideways action that we have been involved in for the last three sessions. Ultimately though, we feel that the summer markets to continue to go lower.
The light sweet crude market went back and forth during the course of the session on Wednesday, hovering around the $91.50 region. The $92 level above offered significant resistance though, and as a result we stayed in a fairly tight range all day. With this, we believe that a market like this is probably best left alone, but we do recognize that we could get a little bit of a bounce, perhaps heading as high as $95. That area above is significant resistance though, so we would not anticipate any move higher to go beyond there.
Data Update for 25th Sep 2014
|8:00am||AUD||High||RBA Gov Stevens Speaks|
|25th-30th||GBP||Nationwide HPI m/m||0.80%|
|1:30pm||EUR||M3 Money Supply y/y||1.90%||1.80%|
|EUR||Private Loans y/y||-1.50%||-1.60%|
|EUR||Italian Retail Sales m/m||0.20%||0.00%|
|3:30pm||GBP||CBI Realized Sales||34||37|
|6:00pm||USD||High||Core Durable Goods Orders m/m||0.70%||-0.70%|
|USD||High||Durable Goods Orders m/m||-17.70%||22.60%|
|7:15pm||USD||Flash Services PMI||59.4||59.5|
|8:00pm||USD||Natural Gas Storage||90B|