The US dollar is approaching the ¥105 level yet again as we continue to see upward pressure in this pair.
Silver appears to be the next GameStop (GME), and prices could explode higher over the coming days/weeks.
Meanwhile, retail traders push silver towards the $30 level.
Gold has been essentially rangebound for weeks as investors waited for developments around a U.S. stimulus package.
Its a busy week ahead on the economic calendar. While the stats are on the heavier side, expect COVID-19 and U.S stimulus news to continue to influence.
Mortgage applications fell for a 2nd week, with COVID-19 news and the FED weighing on riskier assets in the week.
The US dollar has had a good week against the Japanese yen, as people are starting to price and more risk appetite overall, leaving the Japanese yen behind.
If the buying is strong enough, we could see a breakout over $1878.10 and into $1894.10 to $1911.20.
Meanwhile, better-than-expected Personal Income and Personal Spending reports may provide some support to the market.
Wall Street will open on Friday with more concerns over a coordinated assault by small traders organizing over online forums.
Extended lockdown measures in the 1st quarter mute the impact of better than expected stats from France and Germany on the EUR and the majors.
AUD/USD faced resistance at 0.7675 and declined closer to the nearest support level at 0.7635.
EUR/USD failed to settle above the 50 EMA and is moving towards the nearest support level at 1.2080.
GBP/USD is trading near the resistance level at 1.3710.
Silver gained strong momentum and is trying to settle above the resistance at $26.70.
Meanwhile, oil managed to show strength as crude inventories declined by 9.9 million barrels.
The crude oil markets have been all over the place on Wednesday, as we are trying to go back and forth between the “reflation trade”, and the lack of demand.
The surprising decline of Germanys Business Confidence put additional pressure on the world markets.
Consumer takes a bigger hit than expected in Germany, with extended lockdown measures weighing on the propensity to buy and income expectations.
Silver markets rallied a bit on Tuesday, bouncing from the 50 day EMA. at the end of the day the market looks as if it is simply waiting on the FOMC.
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