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Gold
 

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Gold markets moved all over the place during the previous week, as the yellow metal recorded a fresh, new high, only for it to then turn around and plunge toward the $4000 level. As we approach the end of the week, gold has been showing signs of serious hesitation.

The question at this point in time is whether or not this market will aim towards marking a top, or if it will settle into some type of consolidation range. The latter of the two is probably the most likely outcome, but quite frankly, I think volatility is about the only thing you can count on right now.

Nasdaq 100
 

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The Nasdaq 100 initially pulled back just a bit during the week, only to break above the 25,000 level. By doing so, the index has breached through the 25,400 level, an area that will likely attract some attention.

Ultimately, I think short-term pullbacks in this space will continue to get bought into. And, of course, I believe we will continue to see more of an uptrend over the longer-term as buyers continue to bet on the United States and technology stocks overall. A weaker-than-anticipated CPI number on Friday has helped the market rally as well.

Crude Oil
 

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Crude oil was rather explosive to the upside during the trading week, with the move mainly driven by the new sanctions against the Russian Federation. I believe the market is in the midst of trying to form a bit of a double bottom structure, but there is enough resistance above that I think it’s probably only a matter of time before we see it roll over.

I do, however, believe that this market will continue to see a significant bottom near the $56 level. Thus, traders may want to keep an eye out for the formation of the next consolidation area.

Silver
 

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Silver fell during the bulk of the week, but the $47 level has seemingly been attempting to offer some support in recent trading. Ultimately, the silver space will likely continue to experience a lot of noise, and it may potentially try to form a consolidation area to work off some of the excess froth that it had seen previously.

On the other hand, if the market were to break above the $52 level, silver could then go much higher. If it were to break down below the $46 level, then the gray metal would likely fall rather significantly, perhaps even to the $40 level. I believe the silver space will only continue to be very noisy and perhaps very dangerous.

GBP/USD
 

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Traders of the British pound witnessed quite a bit of negativity during the course of the week, as the market has not yet sorted out whether or not the longer-term uptrend can be maintained.

The pound broke through a major uptrend line, and it has seemingly been trying to reach the 50-week EMA, near the 1.32 level. Short-term rallies in the market will likely continue to serve as selling opportunities. It’s probably worth noting that the high was seen during the FOMC Press Conference, and that the US dollar mainly rallied for the most part since then.

EUR/USD
 

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The US dollar continued to strengthen against the euro, although it looks to be in a consolidation phase at the moment. The 1.16 level continued to witness a large amount of price action, but if the currency pair can break down below the 1.1550 level, then I would keep an eye out for the pair to drop to the 1.14 level. Anything below there would spark a move much lower. 

I believe that, at this point in time, rallies will likely continue to serve as selling opportunities in a market that has been somewhat stagnant as of late.

DAX
 

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The German index rallied during the week, but it has continued to struggle with the EUR24,500 level. This is an area that’s been a bit of a headache for traders, but if it can finally clear that area, I anticipate that the DAX will continue to go much higher, perhaps even to the EUR25,000 level.

Short-term pullbacks in the index would likely end up being buying opportunities, with the EUR24,000 level offering a short-term floor in this market. If it can break down below there, then the EUR23,000 level would end up being tested as major support. It’s worth noting that the 50-week EMA has been racing toward that area as well.

USD/JPY
 

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The US dollar rallied quite nicely against the Japanese yen over the course of the previous week, and it seems to be threatening the potential of a breakout yet again.

The interest rate differential will likely continue to push the US dollar higher over the longer-term in my estimation, but it is worth noting that most of this is due to the potential loose monetary policy that’s coming out of Japan after the latest elections. I remain a buyer and a holder of this pair.

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