The Asian stock markets are all slightly green today. Most of them up less than one percent, but it's still good to see all the markets moving together again.

Japan is closed today in observance of Respect for the Aged Day.

The European futures are also all up so it looks like we could have a very green day indeed.

Oil

Oil has come up slightly following some more OPEC rumours. As we've been looking at for a while, the price of oil has been bouncing back and forth between $40 and $50 a barrel. Within the range, we're getting some interesting action though. The price has twice bounced off of the $43.25 level

This double bottom pattern (yellow) could bring the price up to towards the top half of the range to 46 or possibly 47 but a break below that level could certainly bring us to the bottom of the range pretty quickly.

Metals

The only exception to the 'risk-on' scenario are the metals. Gold and Silver are both up today, which seems to me at this point like investors putting their money to work.

Looking at the daily chart on gold, it still is a bit low compared to its 50 day average price (yellow) and has recently bounced off an important support line (white). A $20 move lower or higher could be quite significant.

Wednesday

As we've said before, Wednesday is gonna be huge. We've got the Japanese assessment of monetary policy and a Fed interest rate decision meeting.

So have fun out there today. Let me know if you have any questions or if you need anything further.

Author

Mati Greenspan

eToro Cyprus

Producing social finance marketing materials by E-mail, blogs, and videos. Project manager for the eToro Blog Site, assisting paid users to submit content. Assisting VIP clients to deposit and manage portfolios of ov

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