The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.NEW YORK ( The LFB-Forex) -- Latest Market Update: Choppy trade continues across global markets, with no leading index showing much chance of holding a break for more than a session or two. Near-Term Outlook/ Commodity Update: Gold support 1645, resistance 1695, neutral 1670. Silver support 31.50, resistance 33.20, neutral 31.90. Oil support 83.10, resistance 86.70, neutral 84.40. Equity/USD Update: S&P 500 support 1185, resistance 1215, neutral 1195. Dax: support 5810, resistance 6090, neutral 5950. DXY support 76.60, resistance 77.95, neutral 77.40. Forex Update: EUR support 1.3680, resistance 1.3875, neutral 1.3760. GBP support 1.5630, resistance 1.5840, neutral 1.5730. JPY support 76.70, resistance 77.20. neutral 76.90.
Forex and futures trade is not just about how each currency will move against the USD, or whether gold and silver are aligned; just as important is knowing when the market will have sustainable momentum. Setting times to trade really does make a lot of sense with the near-term view that forex and futures valuations currently carry. The globalization of traded markets, where each 24-hour period has to absorb three regional commercial market moves from Asian, Europe and the U.S., means that timing the trade has probably never been so important. There are three main futures-moving times each day that regularly garner attention and offer an ability to move prices with momentum. They are the 2 am ET German Dax futures market getting under way, the 6 am-7 am ET London gold/oil fixings and LIBOR rates being set, and the 11 am ET European market close. Outside of those times, the return from lunch in Japan between 11 pm ET and midnight, and the closing of the NYMEX markets at 2:30 pm ET really are the only other times that prices move substantially and easily hold. At the end of the U.S. session the pattern is for Asian markets to try and initially reverse U.S. trade direction, although the lack of volume tends to soon allow futures contracts to find and hold support areas. The European markets tend to move in the same direction as Asian trade, and then Chicago-based futures movement will try to reverse things back in the direction of where the U.S. previously closed.