On a day that very little comes across the economic wires during European trading, it could start out quiet. However, we do get the important crude oil inventory numbers and housing numbers out of Canada. The Kiwis release and interest rate decision late in the day, but beyond that we are watching the following 3 assets:
Gold
Gold markets pulled back slightly during the session on Tuesday, but have broken out significantly. Because of this, call buyers will more than likely be attracted to this market going forward. Expect resistance near the $1250 level.
DAX
The German index bounced during the session on Tuesday, as we continue the uptrend longer term. It appears that the €11,500 level will offer support, and a break above the €11,600 level should send the market higher. Put buyers are most certainly on their back foot at the moment.
Natural Gas
Natural gas markets had a strong bounce on Tuesday, but remain very bearish looking overall. Expect the 3.20 region to be resistive, and at the first signs of failure it’s almost certain that put buyers will return to a market that has been so shaken as of late. Warmer temperatures in the United States continue to work against the value of this market longer term.
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