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Silver

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Silver initially tried to rally during the course of the trading week, but it collapsed on increased concerns in regards to the Federal Reserve and whether or not it will keep its monetary policy tight, or if they will start cutting.

It certainly looks as though silver was trying to find buyers at the end of the week, and I think it will, sooner or later. I’d be very cognizant of what happens near the $20.50 level, because I believe that is going to be a significant floor. If silver can recapture the $30 level, that would also be a very bullish sign.

AUD/USD

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The Australian dollar initially tried to rally during the week as well, but it continued to see the top of the overall triangle offer resistance, spanning back to the beginning of the previous year.

This is a market that has continued to experience a lot of choppy and noisy behavior. However, if it continues to see downward pressure, it could drop as low as 0.6450 and still be in the same noisy consolidation region. On the other hand, the Australian dollar could break above the 0.6750 level, then it could go looking to the 200-week EMA, which is closer to the 0.69 level.

Bitcoin

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Bitcoin markets rallied significantly during the course of the trading week, as traders continued to pay close attention to the $73,000 level. That level has served as significant resistance multiple times before, so I think that if we were to see a break above that point, Bitcoin would likely take off to the upside and attract more buyers going forward. In the case of pullbacks, I believe Bitcoin would find support at the $67,000 level, and then again at the $60,000 level.

Nasdaq 100

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As per usual, the Nasdaq 100 witnessed plenty of buying pressure throughout the week. At this point, it seems obvious that this is a momentum-driven market, and anytime it pulls back, you have to be looking at it through the prism of a potential buying opportunity.

Despite the fact that traders have been worried about the Federal Reserve, Wall Street will always find a way to sell stock, and that most certainly is what we have been seeing here. It looks like we are in the midst of some type of potential melt up, possibly even reaching the $20,000 level. Underneath, I see plenty of support near the 18,500 level.

EUR/USD

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The euro initially rallied during the trading week, but it eventually gave up its gains as well. Ultimately, this is a market that I think will continue to see a lot of noisy behavior, and I believe that the euro will remain in a larger consolidation region.

The 1.08 level seems to be a rather supportive area, but if the euro could break down below there, it could open up the possibility of a move down to the 1.07 level. On the other hand, if it rallies from here, then I think the 1.09 level would offer resistance, and blowing through there could open up the possibility of a move to the 1.10 level after that.

Gold

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Gold markets initially tried to rally during the week, but they got absolutely crushed as focus moved to the question of whether or not the Federal Reserve will cut rates.

The $2300 level is an area that a lot of people will be paying attention to, as it has been supported multiple times. If gold could break down below the $2280 level, then it’s possible that the yellow metal could drop to the $2150 level.

This is a market that I like overall, because I believe that geopolitical concerns, along with the fact that central banks around the world are cutting, could continue to help gold going forward.

DAX

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The German DAX moved back and forth during the week, as it continued to consolidate near the EUR18,500 level. I think this is a market that will continue to offer short-term pullbacks as buying opportunities, with the EUR18,250 level underneath offering support, followed very closely by the EUR18,000 level.

On the upside, the EUR19,000 level could serve as a barrier, and I do think it is the initial target. After that, then there is the possibility of a run toward the EUR20,000 level over the longer-term.

USD/CAD

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The US dollar rallied significantly against the Canadian dollar, as the jobs report in America shocked everyone. It appeared to be breaking above the top of a couple of inverted hammers on the weekly timeframe, so that does suggest that it will continue to see upward pressure.

At this point, I think that there is the possibility of a move to the 1.39 level, an area that has been important multiple times in the past as significant resistance. If it can break above there, then the market could start to take off to the upside.

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