Technically, the key support zone is $2.552 to $2.485. The major resistance zone is $2.794 to $2.918.
Theres a chance that markets will have to pay for this in the form or sharply higher interest rates or tax hikes that could cap equity valuations.
Given the current downside momentum, we think the gold market is headed for a retest of the long-term retracement zone at $1780.50 to $1705.20.
Production is expected to decline in 2021
The crude oil markets initially rallied during the course of the week, but then gave back the gains to form shooting stars in both grades that I follow.
Silver markets have gone back and forth during the course of the week, showing signs of confusion in choppiness as we do not quite know what to do next.
USD/CAD failed to settle below 1.2625 and rebounded back above 1.2700.
The silver markets have broken down a bit on Friday, as the $26 level has offered resistance again. That being said, we have not completely broken down yet.
The US dollar has rallied initially during the week, to break above the ¥104 level. However, the market has turned around to show signs of exhaustion.
Silver is testing the support level at $25.00.
We‘re looking for today’s early weakness to continue as long as the EUR/USD remains on the bearish side of the 50% level at 1.2187.
Meanwhile, Retail Sales declined by 0.7% in December.
Rangebound due to mixed weather signals.
The US dollar has been somewhat interesting to pay attention to against the Japanese yen, because it does look like it is trying to change the overall trajectory.
AUD/USD is trying to get back above the resistance at 0.7760.
EUR/USD declined below the support at 1.2155 and is trying to settle below the next support level at 1.2130.
The Aussie is currently straddling the midpoint of its range for the year at .7743 while the Kiwi is trading just below its same mid-point at .7232.
With gains capped by a weak Polar Vortex and strong LNG demand expected to underpin prices, look for a rangebound trade over the near-term.
U.S. Yields retrace
Trader reaction to 1.2187 will set the tone into the close.
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