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Silver

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Silver initially fell during the course of the previous trading week, but it has since seen a complete turnaround as traders are now concerned about the tariffs that Donald Trump appears to be levying on Mexico and Canada.

This has people worried that we are about to see a huge tariff war, and therefore they have been trying to protect their trading accounts and wealth via precious metals. That being said, silver still lags behind gold.

Gold

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Speaking of gold, the yellow metal broke above the crucial $2800 level, which is an area that had been a bit of a ceiling previously. Ultimately, this is a market that should continue to see buyers on dips. This is not only due to the tariff situation with Donald Trump and various other countries, but also the tentative state of the global market as a whole.

The market had been consolidating for some time, and it now looks ready to climb to the upside. It would not surprise me at all to see gold reach the 3000 mark sometime relatively soon.

Bitcoin

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Bitcoin continued to see buyers come in on the dips, much like the gold market, and it is probably for all of the same reasons. That being said, there is still a significant barrier in the form of the $110,000 threshold. If the cryptocurrency could break above that level, then Bitcoin would likely go much higher.

At this point, I consider this price action to be a “bullish consolidation,” meaning that there will be plenty of buyers every time it dips. Eventually, this consolidation will likely resolve to the upside. The question to tackle, of course, is “when will this happen?” I don’t know the answer, but it could become clear after the US administration enacts some cryptocurrency reform. Either way, I have no interest in selling this market.

DAX

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Another week, another massive amount of buying seen in the DAX 40 index. All things being equal, this is a market that is extraordinarily bullish, and I would love to see some type of pullback. However, it seems to be defying gravity at the moment, so I think it’s probably only a matter of time before the index can overtake the EUR22,000 level.

I would be very interested in any type of short-term pullback that could show signs of a bounce again. I have no interest in shorting this market, and the money coming out of the European Central Bank should continue to drive market action into equities.

USD/JPY

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The US dollar initially tried to rally against the Japanese yen, but it ended up falling over the course of the week. That being said, this is still a market that looks like it has a lot of support underneath it, and this could be a bit of a “buy on the dips” opportunity.

With that being said, I think that the currency pair could eventually go looking toward the JPY158 level above, which was a short-term swing high. Even if we were to see a break down from here, I believe that there would be a massive amount of support at both the JPY152 mark, as well as the JPY150 level.

USD/CAD

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Everybody seems to be watching the Canadian dollar right now, as the US dollar has continued to threaten it. With Donald Trump seemingly ready to slap 25% tariffs on Canada, it’ll be interesting to see how this plays out. If he does, I think the pair would already be set up to go much higher.

Underneath, the support level of 1.43 appears to be offering a little bit of a short-term floor. Quite frankly, there are plenty of reasons not like the Canadian dollar, and Donald Trump is just another one of them. However, I do believe it could eventually break higher.

EUR/USD

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The euro initially tried to rally during the course of the week, but it then gave back those gains to show signs of weakness yet again. I think the euro will only continue to be shunned and weakened against the US dollar. 

This is due to the fact that the interest rate differential between the two economies will likely continue to be a mile wide. Additionally, there is the contrast between the European Central Bank rate cutting cycle and the Federal Reserve's hesitance to contend with.

Nasdaq 100

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The Nasdaq 100 initially plunged during the trading week, as Monday saw a huge market reaction to the DeepSeek news. With that being said, the market has completely recovered since then, and it now looks like it’s ready to move higher. The only question at this point in time is, “when do we break above 22,000?” I remain bullish on the Nasdaq 100 at this point in time.

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