Futures Trading Update

Metals
Precious metals continued to consolidate yesterday and partly reached first solid support at 621 on Gold (Gap to close @618 ). Without any major economic datas out today we expect a tight range trading between 625 and 631.
If the 618/620 level is broken down we could be for further retracement towards 590/600.
Silver has been more resilient in the downtrend, trading range between 10.80-11.20.

Treasuries

The FOMC minutes were a confirmation for the market that the Fed will make a pause at the next meeting, it was enough to push treasuries through resistances respectively 105-15 and 116-30 for 10 yr Note and Bunds.
We have to look for higher targets but we will not be over optimistic as we are still in a (larger) range trading 115-117 on Bunds and 104-106 in Tnotes.
Trading: Good support seen @116.20 to target 116.70/90.
Stop below 116.00.

Energy Derivatives

Crude Oil price is still very price dependent from any development in the middle east. After four day of lower close we could be getting oversold and due for a technical bounce. Recent WTI crude weakness seems healthy nevertheless and the 73.50/75.30 range should be the inside range for today. Long term solid support @71.90.