Silver markets have rallied rather significantly during the trading session on Monday to kick off the year, as the US dollar continues to struggle overall.
Traders remain optimistic ahead of the first trading session of the year.
One new concern for OPEC+ is the change in the balance of risks to oil demand due to the surge in global coronavirus cases.
Japans factory activity ended a record 19-month run of declines in December as output stabilized for the first time in two years.
AUD/USD gained strong upside momentum and is trying to settle above the nearest resistance level at 0.7730.
GBP/USD settled above the resistance at 1.3665 and is trying to get to the test of the next resistance level at 1.3710.
The direction of the AUD/USD is likely to be determined by trader reaction to the first pivot at .7697.
In 2021, the Aussie and Kiwi are most likely to be supported by a number of factors but most hinge on control of the coronavirus.
The focus will be on the two January 5 Georgia runoff races that will determine whether Democrats or Republicans control the U.S. Senate this year.
As the world progresses in its fight against the pandemic, energy markets will get more support.
It was a bullish final week of the year for the European majors. Vaccine updates and Brexit delivered support.
The minor range is 102.886 to 103.899. Its 50% level at 103.393 is controlling the near-term direction of the Dollar/Yen.
Taking out .7742 will signal a resumption of the uptrend. If this creates enough upside momentum then the main top at .7812 becomes the next target.
The crude oil markets have gone back and forth during the last couple of weeks, as we are trying to break out to the upside and make a bigger move.
Silver markets have printed a green candlestick for the week, as we have clear the $26 level and it looks like we are going to challenge significant resistance.
The US dollar initially tried to rally during the week but gave back the gains to show signs of weakness against the Japanese yen.
Silver markets gapped higher to kick off the trading session on Thursday, but then fell to fill that gap before finding buyers again. Not much has changed.
The US dollar has done very little during the trading session on Thursday, as most traders will be paying more attention to New Years Eve than anything else.
The Euro will come into 2021 with a bullish head of steam, but its gains could be limited if ECB officials express concerns over its high value.
The near-term direction of the February natural gas market will be determined by trader reaction to the retracement zone at $2.519 to $2.579.
WikiFX | Industry 2021/1/16 22:22:12
WikiFX | Industry 2021/1/16 21:17:07
The Database of WikiFX comes from the official regulatory authorities , such as the FCA, ASIC, etc. The published content is also based on fairness, objectivity and fact. WikiFX doesn't ask for PR fees, advertising fees, ranking fees, data cleaning fees and other illogical fees. WikiFX will do its utmost to maintain the consistency and synchronization of database with authoritative data sources such as regulatory authorities, but does not guarantee the data to be up to date consistently.
Given the complexity of forex industry, some brokers are issued legal licenses by cheating regulation institutes. If the data published by WikiFX are not in accordance with the fact, please click "Complaints "and "Correction" to inform us. We will check immediately and release the results.
Foreign exchange, precious metals and over-the-counter (OTC) contracts are leveraged products, which have high risks and may lead to losses of your investment principal. Please invest rationally.
Special Note, the content of the Wikifx site is for information purposes only and should not be construed as investment advice. The Forex broker is chosen by the client. The client understands and takes into account all risks arising with Forex trading is not relevant with WikiFX, the client should bear full responsibility for their consequences.