Oil Prices Above $100 Adds Pressure Ahead of FOMC

Global markets remain cautious as oil prices climb back above the $100 level, raising concerns about renewed inflationary pressure. At the same time, traders are positioning ahead of the upcoming FOMC meeting, which could play a key role in shaping the next directional move across risk assets. U.S. equity markets are showing modest gains, but the tone remains mixed as macro uncertainty persists. The Dow Jones is up 105 points (+0.22%) at 47,051, while the S&P 500 gains 22 points (+0.33%) to 6,721. The Nasdaq outperforms with a rise of 97 points (+0.44%) to 22,471.

Despite the positive performance, underlying sentiment remains cautious as rising energy prices and central bank expectations continue to weigh on market confidence.

Dow Jones Industrial Average (INDU)

The DJIA index initially moved higher but reversed direction and is now trading below the opening level, indicating fading intraday bullish momentum. Price action remains near the EMA 200, a key technical level, while markets are closely monitoring the recent rise in oil prices above $100 and the upcoming FOMC meeting. This combination suggests elevated uncertainty, with traders likely to stay cautious. A sustained move below the EMA 200 could open the door for further downside, while holding above it may keep the broader structure supported.

First Majestic Silver (AG)

AG continues to show no clear bullish reaction, with price still under pressure following the recent decline. The focus now shifts to the $20.00 level, which aligns closely with the EMA 100 and could act as a potential support zone. If buyers step in around this area, a short-term rebound may develop. However, failure to hold above this support could lead to further downside, confirming continued bearish momentum in the near term.