Oil, gold and stock indices pointing higher; earnings season kicks off this week

Improving investor risk sentiment supporting risk takers

Market talk:

• Norway inflation jumps; USD / NOK hits resistance; NOK strengthens on speculation Norges bank could push on with rate hikes; USD/NOK bull trigger spotted above 10.50
• Crude oil bullish cycle; weaker US dollar; reduced crude supplies appears to be supporting price; current price $84.50, next resistance spotted near the $87.90s
• Gold price seems to be holding gains on the back of a slightly weaker US dollar outlook and the prospects that the ” inflation trade” is not over yet
• US earnings season kicks off this week; Bed Bath & Beyond reports on Wednesday; Delta AirLines on Thursday; and on Friday, Blackrock, Citigroup, JP Morgan, and Wells Fargo are expected to report earnings

Price action across popular indices during last 5 trading sessions

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Today’s Economic Events

Norway reported an upside surprise in inflation, NOK strengthens against the USD

• Norway consumer price index for March jumped higher month on month

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Tactical Trading Ideas & Commentary

SPX500 Index: trending higher, triple moving average bullish signal spotted

Current price 4,113 and it’s in an uptrend, this can be seen on higher tops and higher bottoms on price (daily chart), bullish triple moving average signal spotted, 4 day moving average is above the 9 day and the 9 day is above the 18 day moving average, strong signs that the prevailing uptrend remains intact with prospects for a further advance towards the 13 highs near 4,195. Downside risk seen below 4,009.

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Brent Crude Oil: to push higher? Triple moving average bullish signal spotted on the daily chart

Current price $84.57 seems to have found support on the reduced supply outlook after OPEC announced production cuts last week, short term (14-25 days) resistance spotted near $86.20, which if price can overcome could place the $88.30s in sight. Downside risk seen near key support at round number $80.

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Gold: uptrend appears to be holding

Current price near the key round number $2,000. Prospects remain on the table for price to resume last week's advance, which could see a further advance in the short term (14-25 days) for a retest of the recent highs near $2,034 and even $2,070 in extension. Downside risk spotted near $1,935.