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.
IndustryThe direction of the EUR/USD into the close is likely to be determined by trader reaction to 1.2122.
IndustrySilver remains stuck in the range between the 50 EMA and the 20 EMA.
IndustryNatGasWeather called it “a messy” pattern this week as numerous weather systems track across the country with rain and snow.
IndustryMeanwhile, reports about a blast in Saudi Arabias capital Riyadh push WTI oil above the $53 level.
IndustryGeneral Electric, Verizon and Johnson & Johnson are slated to report results before the bell, while tech giant Microsoft will announce after the bell.
IndustryUSD/JPY looks ready for a bullish reversal after a long-term downtrend. Why? Price action completed a bearish 5 wave pattern at the recent low (purple).
IndustryAs of 3:30 PM EST, both gold and silver are trading lower on the day. A stronger U.S. dollar is a major component of todays decline in pricing.
IndustryExisting home sales surge
IndustryThe US dollar has gone back and forth during the course of the week, as we continue to dance around the ¥104 level.
IndustryThe British pound rallied during the course of the week after going back and forth rather violently as traders are trying to figure out where to go next.
IndustryEUR/USD did not manage to settle above the resistance at 1.2175.
IndustryThe US dollar went back and forth on Thursday against the Japanese yen, as we are continuing to figure out what to do longer term.
IndustryThe Australian dollar did rally a bit during the trading session on Thursday but as you can see, we continue to struggle to get above.
IndustryAustralias employment data was solid news. Its economy has now recovered 90% of the number of jobs lost during the pandemic.
IndustryThe Bank of Japan kept monetary policy unchanged on Thursday while revising up its economic forecast for next fiscal year.
IndustryGBP/USD managed to settle above the resistance at 1.3665 and is trying to get above the next resistance level at 1.3710.
IndustrySupply declined in the latest week
IndustryThe huge rally on Wednesday is impressive, but it may just be a reaction to the inauguration of President Biden.
IndustryTraders believe a surge in debt-funded spending would be a positive for the global economy, demand for crude oil and commodity prices in general.
Industry
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