During the session on Wednesday, we get a handful of announcements that could move the marketplace. Of most interest will of course be the crude oil inventories announcement considering how soft oil has been over the last several sessions.
West Texas Intermediate Oil has struggled over the last several sessions, and on Tuesday tried to rally but found the $49.50 level far too resistive. If the number comes out bearish, this market could start reaching towards the $48 level next as put buyers will more than likely flood the market.
Put buyers continue to jump into the gold market, but we are approaching a significant support level at $1260. Because of this, it’s likely that the call buyers will be returning relatively soon. However, patience will be needed in order to profit from that move.
The US dollar rallied against the Canadian dollar during the Tuesday trading session, piercing the 1.36 level. A break above the top of the days trading range could signal the call buyers are going to jump in with both feet as it is a major breach of resistance.