|Day's Range||15.39 - 15.53|
The British pound fell during most of the week, as we continue to see plenty of Brexit nonsense across the headlines. The market simply cannot decide what it wants to do quite yet, although it does seem to be “leaning” to the upside overall.
The Euro initially shot higher during the week, mainly as a result of the Federal Reserve stepping away from a hawkish stance. That being the case, we have tested the 1.1450 level, which is the beginning of massive resistance.
The US dollar has been all over the place, and that of course has shown itself in the Australian dollar/US dollar pair. We initially started out rather strong for the week but have given up quite a bit of the gains.
Silver markets rallied a bit during the trading session on Friday but then gave back the gains again as we continue to struggle in general. Overall, this is a market that looks to be a bit stagnant, and I think at this point it’s likely to struggle.
Based on the early price action, the direction of the June E-mini Dow Jones Industrial Average on Friday is likely to be determined by trader reaction to the short-term 50% level at 25877.
Gold is trading up on the day despite a stronger dollar, All about Eurozone weak data. Palladium falls amid profit taking ahead of the weekend.
Based on the early price action, the direction of the June E-mini S&P 500 Index is likely to be determined by trader reaction to the steep uptrending Gann angle at 2850.25.
Based on the early price action and the current price at 1.1298, the direction of the EUR/USD the rest of the session is likely to be determined by trader reaction to the uptrending Gann angle at 1.1287.
Based on the early price action, the direction of the AUD/USD is likely to be determined by trader reaction to a downtrending Gann angle at .7102 and the 50% level at .7105.
Looking at the stock charts, you can see that the buyers have come back on Thursday, gaining about 20 points in the S&P 500. We are pressing against the couple of shooting star like candle and some resistance, so it’s very likely that we will continue to find resistance, but we are in and uptrend.
Silver markets gapped higher at the open on Thursday, then shot higher only to give back the gains. Because of this, it looks like we will continue to struggle overall.
Given the current price at 25795 and the earlier price action, the nearest resistance is an uptrending Gann angle 25822. Overtaking this angle will indicate the buying is getting stronger. This could trigger a rally into the steep downtrending Gann angle at 25889.
ADP to release February Canadian Employment Change number today. Trump says US tariffs may sustain for a certain period.
Palladium hit a record high on prolonged supply deficit in the market. Spot gold gained 0.5 percent to $1,318.36 per ounce as of 0804 GMT, after touching its highest since Feb. 28 at $1,320.22 earlier in the session. U.S. gold futures jumped 1.3 percent to $1,318.50 an ounce.
Silver markets initially tried to rally during the trading session on Wednesday but found a significant amount of resistance at the 200 day EMA.
The Australian dollar pulled back a bit during the trading session on Wednesday but found support near the 0.7050 level. By doing so, we turned around of form a bit of a hammer going into the US trading session.
Silver markets rally during the trading session on Tuesday, reaching towards the 50 day EMA before giving back a bit of the gains. By doing so, we have tested significant selling pressure.
The British pound went back and forth during early trading on Tuesday as we continue to press against major resistance above. The ￥150 level above is the big resistance barrier that we are trying to break through right now, so obviously we have a lot of work to do.
The Euro continued to grind higher during the trading session on Tuesday, as were reaching towards the 1.1350 level. This is essentially the middle of the overall consolidation area, so at this point expect a lot of volatility.
As USD Remains weak in global market ahead of FOMC update, precious metals trade positive supported by influx of fund from emerging markets.