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Gold
 

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Gold continued to experience a lot of noise, but it still saw a relatively strong trading period over the last few sessions, despite the interruption of the Thanksgiving holiday in the United States.

Nonetheless, the gold market seemingly has no hope of seeing a significant break down, at least not in this current environment. However, if the yellow metal was able to drop below the $3950 level, then the market would likely just fall apart. On the other hand, the space is likely to witness a bit of upward pressure, which could perhaps see gold reach the $4400 level.

USD/CHF
 

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The US dollar initially tried to rally at the start of the week, but it continued to see a lot of resistance at the 0.81 level. That level has provided significant and consistent resistance over the last several months, as the currency pair has continued to see a large amount of sideways price action.

The 0.79 level underneath offers significant support, and the pair appears to be sitting in a consolidation area that could potentially form a bottoming pattern or serve as part of an accumulation process. I think that eventually we will see this market turn around, so I am more or less approaching the currency pair with a “buy on the dip” mentality.

Silver
 

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Silver exploded to the upside during the trading week, especially as we entered the Friday session, which may have had a fairly significant lack of participation, as it was the day after Thanksgiving.

The market closed just over the $57 level, and this explosive move looks very like a short-covering rally. So, with that being said, market participants will likely continue to look at short-term pullbacks as buying opportunities, with the $55 level offering support and the $54 level potentially serving as additional support as it previously offered resistance. The size of the candlestick is almost astonishing at this point.

USD/JPY
 

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The US dollar tried to rally during the week against the Japanese yen, but it continued to see a little bit of an overhang due to the idea that the Federal Reserve may start cutting rates. That being said, though, the Bank of Japan is very loose with its monetary policy, and it’s almost impossible to imagine a scenario where that would change.

Thus, this is a market that could see the US dollar garner some attention. The JPY153 level should end up serving as a significant floor in this market.

Bitcoin
 

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Bitcoin continued to see a lot of volatility, but the week did produce some buying for once, as the market attempted to establish some type of range. This is exactly what the market would need to convince traders to come back in and start buying again.

The $92,500 area has been a bit of a barrier, so if the cryptocurrency could break above the weekly candlestick, then such a move could bid Bitcoin to start looking toward the $100,000 level, which is also where the 50-day EMA sits. On the downside, I believe that the $80,000 level could likely end up serving as significant support. Any move below there would be disastrous for Bitcoin.

DAX
 

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The German index rallied during the trading week as the EUR23,000 level continued to serve as significant support. The 50-week EMA sits just below that point, and the index has been consolidating for months.

All things being equal, this is a market that I think will continue to experience a lot of noise. The market now looks as if it is simply trying to digest the gains from the previous massive move higher. If the index can break above the EUR24,500 level, then the DAX could truly take off. As things stand right now, it seems likely that we will continue to see consolidation and short-term back-and-forth trading in this space.

EUR/USD
 

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The euro rallied rather significantly during the trading week to close near the 1.16 level. This is a market that will likely continue to see a lot of volatility, as it seems to be testing a somewhat significant downtrend line and the 50-day EMA indicator.

That being said, the price action hasn't really fluctuated that much over the past week, as it responded to the latest interest rate expectations coming out of the Federal Reserve. I don’t necessarily think the euro is going to jump drastically against the US dollar. Rather, I think it may just grind back and forth. I am more of a “fade the rally” type of trader.

USD/MXN
 

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The US dollar tried to rally against the Mexican peso during the early part of the week, but it then gave back those gains as it reached above the MXN18.50 level.

We currently find the market looking at the MXN18 level, and if it can break down below that point, then I think the US dollar would be in serious trouble against the Mexican peso, as it is not only a large, round, psychologically significant figure, but it is also the 61.8% Fibonacci retracement level from the big move to the upside. The interest rate differential favors the Mexican peso, and this will likely continue to be the case.

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