World stock markets were mixed to lower overnight, following sharp losses in the U.S. stock indexes Wednesday. U.S. stock indexes are pointing toward mixed to lower openings when the New York day session begins.
The U.S. government briefly shut down overnight but lawmakers quickly reached another continuing resolution deal to reopen it. Markets showed very little reaction to the news.
In other news, it was reported that China will launch its new crude oil futures contract on March 26. China, the world’s largest oil importer, is aiming to grab a share of the world oil pricing market.
The key “outside markets” on Friday morning see the U.S. dollar index modestly higher on some more safe-haven demand. There are early technical clues that USDX has put in a market bottom. Meantime, Nymex crude oil prices are lower and trading just above $60.00 a barrel. There are early chart signals the crude market has topped out.
U.S. economic data due for release Friday is light and includes the monthly wholesale trade inventories report.
Technically, April gold futures bulls and bears are on a level near-term technical playing field. Prices are now in a fledgling downtrend. Bulls’ next upside technical objective is pushing and closing prices above chart resistance at $1,350.00. Bears’ next near-term downside price breakout objective is closing prices below solid technical support at $1,300.00. First support is seen at this week’s low of $1,309.00 and then at $1,300.00. First resistance is seen at today’s high of $1,325.00 and then at $1,330.00. Wyckoff’s Market Rating: 5.0
March silver bears have the firm overall near-term technical advantage. Prices are in a steep, fledgling downtrend. The next upside price breakout objective is closing futures prices above solid technical resistance at $17.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $16.00. First resistance is seen at $16.50 and then at $16.65. Next support is seen at this week’s low of $16.19 and then at $16.00. Wyckoff’s Market Rating: 3.0.