Tuesday Market Recap
|Asset||Current Value||Daily Change|
|WTI Crude Oil||52.80||-0.53%|
Global stock markets are slightly lower today, as the major indices continue to trade in narrow ranges on the holiday-shortened week. Last week’s trends remained dominant so far as European and Asian stocks are still slightly weaker, while the major US benchmarks are somewhat stronger. The growing tensions regarding North Korea sparked some buying in gold and the Japanese Yen, as both China and the US have sent military forces in the region, while the communist country warned of a possible nuclear strike “against its enemies”. The Syrian situation is also on the edge, with today’s G7 meeting unlikely to deliver a breakthrough in
Currencies remained stable with moderate selling in the US Dollar following Janet Yellen’s speech, as the Yen and the British Pound inched higher. The Euro is also slightly higher, following the better than expected German ZEW sentiment indicator, but the common currency is still near its one-month lows. WTI crude oil reached the $53 per barrel level for the first time since early March, while gold surged above the $1260 resistance level again. On a negative note for precious metals, silver is still relatively weak compared to gold.
Gold, 4-Hour Chart Analysis
Bitcoin held up well above the $1200 level, but it failed to rise above the upper boundary of its resistance zone at $1215, as traders still await the cryptocurrency’s push towards its all-time high near $1300. Monero might also be heading for a thrust to new highs as it breached the $22 level overnight, although a major momentum move is yet to happen. Dash continues to drift lower, trading barely above last week’s support at $60. Ripple is still stable near the 0.035 level, while Ethereum and Litecoin are also trading sideways today.
DAX, 1-Hour Chart Analysis
The DAX continued its orderly correction on the 1-hour chart, and the German Index that had been leading global markets in March is now nearing the end of a triangle consolidation pattern. The range contraction that dominates US markets is visible on this chart as well, as the 12150 and 12250 levels provide strong short-term support and resistance for the benchmark. The long-term uptrend is still intact with the lower boundary of the trend channel now close to the 12,000 level.
Key Economic Releases on Tuesday
|11:00||GERMANY||ZEW Economic Sentiment||19.5||13.2||12.8|
Key Economic Releases on Wednesday
|14:30||CANADA||Base Interest Rate||0.50%||0.50%|
|14:30||US||Crude Oil Inventories||-0.7 million||1.6 million|