Dow Jones (13973.39, -0.07%) traded flat close to the upper boundary of 13850-14050 range. Most likely it’ll remain trading inside that range for a week. US industrial production is an important event for American market to be in focus today. Asia-Pacific region it mixed: ASX (5054.40, -0.06%), Hang Seng (23387.15, -0.11%) and Nikkei (11202.21, -0.93%). The Japanese index is lower today and is expected to trade sideways between 11000 and 11475 for a while. The lower boundary of the aforementioned range is an important resistance area for the index. If resistance line holds, it will apparently prevent the index from downward move. Oil (97.39, +0.08%) remains in the range of 95-98. It seems to be just a consolidation period as the general bias is bullish for Oil. Next target for Oil in the coming days is 103.00. Both main precious metals look weak. Gold (1632.90, -0.16%) depreciated to 1700-1625 range. The bias is bearish for Gold. The break below 1625 will bring even more downward pressure on Gold, potentially taking it further down towards 1575 in approaching weeks or perhaps even days. Silver (30.34, -0.04%) is also bearish and ready for a fall to 29.00. At this level the purchase of Silver might resume. In such a case it will have good chances to grow again and to bounce back up from that low. Nevertheless in the near term it looks negative anyway.
The European currency is weak after bad market data yesterday and the level at 1.34 didn’t hold. To be more specific the Euro (1.3364) fell sharply basically because of lower than expected Euro GDP data. Important Support is near 1.3300. We’ll see if it will be able to cease further decline or at least limit the magnitude of it.
The Pound (1.5514) continued to go down further. The outlook for the Pound looks bearish. Next target on the downside is an area between 1.5300 and 1.5250. At the moment no important factors are seen to bring any support to the Pound in order to reverse the trend.