Quiet economic calendar for Thursday

During the session on Thursday, there’s almost nothing to move the markets at this point in time. The economic calendar is very thin, with perhaps the only announcement of any affect being the Crude Oil Inventories number, which of course is localized to my market in particular. However, we do have a couple of technical setups that are worth paying attention to.

Gold continues to soften

Gold markets tried to rally during the course of the day on Wednesday, but failed yet again. By the end of the day, we started to form a shooting star and the fact that we are at the very bottom of a massive selloff means very ominous things for this market. If we can break down below the $1080 handle, we believe that this market then will drift down to the $1000 handle.

FTSE hanging on

The FTSE had a fairly quiet session on Wednesday, but it does appear that it is trying to hang onto the support just below. With this, if we can break above the top of the range for the Wednesday session, we are willing to buy calls as we think the market will then reach towards the 6450 handle.

EUR/USD continues to offer a “one-way trade.”

The EUR/USD pair tried to rally on Wednesday, but failed yet again. By doing so, this shows just how soft this market is at the moment. We simply look to short-term charts that show signs of a bounce that is running out of momentum in order to serve buying puts yet again. We have zero interest in buying calls at this point in time.