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It doesn’t mean that it will be the easiest move in the world, I believe that there will be quite a bit of volatility in this market as the US dollar is all over the place right now, and ultimately the US dollar looks very soft. Over the longer term, that is good for the silver markets, and once we can break above the $18 level it will have completed the complete round-trip from the grind lower over the last year and more. https://1investing.in/ Looking at the chart, you can see that the 0.74 level is a bit of a fulcrum when it comes to price and of course pressure in this particular currency pair. With that, I think that it’s going to be easier to trade this off of short-term charts until we get the aforementioned break out of this range. The AUD/USD pair went back and forth during the course of the week, as we had quite a bit of volatility in general.

The GBP/USD pair initially tried to rally during the course of the week, testing the 1.52 level for resistive action. It did in fact find it in that area, and as a result we turned back around and fell all the way back down towards the 1.50 level. The 1.50 level should be supportive based upon the fact that it is a large, round, psychologically significant number, and of course the fact that was previously support and resistance back during the end of last year.

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With this, we think that a bounce could be coming, but quite frankly we think that you need to sell rallies more than anything else. On the other hand, if you break down below the $40 level, you could see the players come back into this market and start selling again. Ultimately though, this is a freefall that has all the hallmarks of a market that is over exuberant in one particular direction.

With this information, we believe that short-term trading is about the only thing that you can do at the moment. Silver markets initially tried to fall during the course the week but then turned back around and broke above the $16 handle. Because of this, it appears that there is significant bullish pressure Learn About Bonds in a Stock Bear Market below to push this market higher. However, we are reentering a massive consolidation area from previous, so it is very likely that we will struggle going forward. That’s not to say that we won’t go higher, just that it is probably going to be easier to trade off of short-term charts at this point in time.

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It might be a bit difficult from a longer-term perspective, because we are in an area of consolidation. With this being the case, we fully anticipate seen this market drop down to the $25 level given enough time. The EUR/JPY pair initially rallied during the course of the week to turn right back around to form a shooting star. The shooting star of course is a very negative sign, but now looks as if the 120 level is trying to offer support. If we can break down below the bottom of the range for the week, at that point in time this market could fall apart.

The EUR/USD pair initially fell during the course of the week but found enough support at the 1.10 level to turn things back around and form an extremely positive candle. This is the beginning of major resistance that could change the entire trend of this currency pair. If we can break above the 1.15 level, we not only are buyers at that point in time, but we are essentially in a “buy-and-hold” type of situation in our opinion. EUR/JPY pair initially tried to fall during the course of the week, but as you can see struggled and turned back around to let the buyers have their way with this market. We believe that this market is probably more suited towards short-term traders and anything else though, so having said that we are very interested in buying this pair, but not from a longer-term perspective. If we pullback from here, we would be convinced to buy at lower levels on signs of support.

I believe at this point in time that the $3 level is a massive barrier, but if we break above there the natural gas market should then reach to the $3.40 handle. However, that’s a pretty massive barrier that we have to get over so we need to at least see a daily close above there before I start buying. In the meantime, you have to assume that we are still simply consolidating. After the initial fall in prices, Turmeric staged a moderate recovery by end of the week as some rise in demand supported the prices. Further downtrend may be limited as demand is expected to pick up further in coming weeks.

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While most market observers see the zinc market already in deficit, the dwindling price says otherwise and Glencore’s move should bring forward the crunch point with a resulting positive impact on the metal price. Glencore has announced that it will be shutting 500ktpa of zinc capacity – this is a sizeable amount representing around a third of its total capacity or about 3.5% of global demand. China’s central government is targeting growth of around 7 per cent for the full year and has indicated it will intervene if the economy begins to slow sharply. The GDP figure is the slowest since the 6.1 per cent recorded in the first quarter of 2009, when China was battling the Global Financial Crisis.

We believe the pullbacks offer buying opportunities as well, and we have absolutely no interest in selling this market until we get well below the 1.10 level, something that doesn’t look very likely at the moment. We believe that the breakout is coming, it’s only a matter of time, and then as a result we will continue to buy going forward. The AUD/USD pair went back and forth during the course of the week, and as a result the market looks very choppy. We have no interest in placing longer-term trades in this marketplace, and as a result we are on the sidelines.

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Brent markets initially tried to rally as well, but found enough resistance of the $35 level to turn things back around and form a shooting star. Because of this, the market looks as if it is ready to continue going back and forth, but it is a somewhat choppy consolidation area that is probably best traded based upon the short-term charts or even the daily charts. It’s difficult to trade the market from all weekly chart at the moment, simply because we don’t have a lot of room to move. However, a move below the $30 level would send this market much lower going forward. The USD/CAD pair initially fell during the course of the week, but found enough support below the 1.30 level to form a hammer. The hammer of course is a very bullish sign at this point in time, if we can break above that hammer I believe that the market will continue to go higher.

This could trigger an acceleration to the downside with the first target an uptrending angle at $44.85. This is followed by the short-term 50% level at $42.79, the short-term Fib level at $40.44 and an uptrending angle at $38.85. However, momentum has been to the upside since the January bottom at $32.85. A move through $52.73 will negate the reversal top and signal a resumption of the rally.

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We essentially think that is a “floor” in this market place, and a break down below that level would be very negative, probably opening the door to reach towards the $44 level given enough time. Having said that though, we still favor the upside given enough momentum. Longer-term traders will probably continue to favor the upside as there is much more value to be had.

• Saudi is expected to deliver full contracted volumes of crude oil to at least two Asian term buyer in July, Reuters said quoting industry sources.
• Chana futures posted new highs last week amid steady off take in cash markets and firm trend in Kharif pulses like Tur and Urad.
• We believe in buying Silver at the moment, but recognize that $16 above will be very difficult to get through.
• As of today servers B and D offer up-to-date data, while server C and E offer old data .

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They are more concerned about the UK referendum, which is likely to help increase demand for gold. If the Fed refrains from raising rates in June and strongly hints that a July rate hike is off the table too, then that should support gold, also because the dollar would weaken. An attempt to stabilize the EUR/GBP the last week in June proved to be futile as the Forex pair continued to nudge higher, setting up for a possible extension of the rally in July.

This hammer of course suggests that the buyers are involved, and as a result we feel that a break above the 0.74 level is coming. If we can break above there, this market should continue to go to the 0.75 handle, and then perhaps much higher than that. With that being the case, we are bullish and not interested in selling at this moment in time. Crude oil ended the week near the top of its trading range bouncing around all week.