(Kitco News) - World stock markets were mostly firmer overnight. U.S. stock indexes are pointed toward firmer openings when the New York day session begins. The S&P 500 index scored another record high overnight. Risk appetite is back in the marketplace despite geopolitics and this being the historically troublesome month of October.
Gold prices are weaker again and hit a seven-week low overnight. Prices are in a steep three-week-old downtrend on the daily bar chart and the bears have the near-term technical advantage.
In overnight news, the Euro zone reported its August producer price index was up 0.3% from July and up 2.5%, year-on-year. Those numbers were a bit hotter than expected.
Australia's central bank held its monetary policy steady at its regular meeting Tuesday.
The U.S. dollar index is slightly higher and hit a six-week high in early U.S trading Tuesday. Greenback bulls have momentum as prices have been trending higher for three weeks.
The other key outside market on Tuesday morning sees Nymex crude oil futures slightly lower. Prices last week hit a five-month high and then backed off Monday on profit taking. While the oil bulls still have the overall near-term technical advantage, there are stiff chart resistance layers above the recent high.
U.S. economic data due for release Tuesday includes the weekly Goldman Sachs and Johnson Redbook retail sales reports, the ISM New York report on business, and domestic auto industry sales.
By Jim Wyckoff, contributing to Kitco News; [email protected]
Follow Jim Wyckoff @jimwyckoff for breaking news.