On a day that the most important numbers that you get are the German Trade Balance and Industrial Production numbers coming out of Italy, it’s hard to imagine that we are going to have massive moves. With this being the case, it’s likely that we will have to dig far and deep to find buying opportunities.
DAX
The German index initially fell during the day on Friday but did get a little bit of support near the €10,500 level. With this being the case, it’s likely that call buyers will jump in fairly soon and trying to continue the up move that we have seen recently. Ultimately, this market looks as if it is trying to find enough support to turn the trend around again.
USD/CAD
The US dollar rose against the Canadian dollar in the aftermath of the employment numbers, but then found the 1.33 level be far too resistant. Ultimately, it looks like we will continue to see a slow grind higher, but that’s going to be the key word here: grind.
Gold
Precious metals got a little bit of a bounce during the day on Friday in reaction to the less than stellar jobs number. They are oversold at this point in time, so would not be surprising at all to see call buyers jump into this market and take advantage of what could be value. A move above the $1280 level would be especially bullish.
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