With today being Independence Day in the United States, liquidity will be a serious problem, especially later in the day. However, with almost nothing on the economic calendar we expect a fairly steady trading session, but do recognize the headlines could cross the wires that pertain to the United Kingdom leaving the European Union that could throw chaos into the market at any moment.
Gold
Gold markets rallied during the day on Friday, in a bid to catch up to what’s been going on in the silver market. With this, call buyers will be fairly encouraged, and it appears that they are starting to take on more risk when it comes to the gold market. With all of this uncertainty out there and of course a lot of concerns with currency, it makes sense that call buyers would be encouraged to keep pushing the market higher.
DAX
The German index initially fell during the day on Friday, but turned around to form a hammer. The hammer sits just below the €9800 level, an area that has been resistance as well as support in the past. With this being the case, a break above the €9800 level could send more call buying into this market as it would be a significant barrier broken.
Natural gas
Natural gas markets have been shooting straight up in the air for some time now, but on Thursday found a little bit of trouble. This makes sense of course though, because we are just below the vital $3.00 level. At this point in time, it looks as if the market is trying to consolidate, perhaps in a bid to build up enough momentum to finally break above that level. Currently, it has to be thought that pullbacks will more than likely find support below to cause bounces.
Comments
Log in or sign up to join the conversation.