WTI Crude Oil
The last week has seen Light Sweet Crude take off to the upside, which makes a significant amount of sense due to the massive amount of tension in the Middle East that seemingly won't go away.
At this point, it looks very much like a market that is trying to get to the $85 level. Short-term pullbacks will more likely than not continue to be a buying opportunity on shorter-term charts.
Gold
The gold market has fallen below the $4.000 level again during the week, but also still facing a lot of pressure as traders worry about the overall interest rate situation and, of course, whether or not the interest rates continue to make gold less attractive.
The $4,000 level is a crucial area of support.
Silver
Silver has fallen significantly during the week to break down to a fresh new low, but it is trying to save itself on Friday. Short-term rallies at this point in time will more likely than not continue to attract sellers, as it is such an ugly-looking market.
The $50 level is an area that's been important multiple times in the past, and it is very possible that we try to get down there. I don't have any interest in buying silver in this type of situation, as the interest rates being higher continue to weigh upon it.
Top Regulated Brokers
CAC 40
The CAC 40 in Paris has been very choppy during the week, but after the previous red candlestick, this sideways choppiness should be welcomed as a sign of stability. If we can break above the 8,400€ level, it could open up a move to the 8,500€ level.
Clearing that, of course, opens up an even bigger move. If we fall from here, there is plenty of support down at 8,000 euros before I get concerned about the overall uptrend.
Natural Gas
The natural gas market has been slightly negative during the week as we continue to see downward pressure, which makes sense considering this time of year typically does not see a lot of overall demand. In this environment, short-term rallies are more likely than not to end up being fading opportunities for those bearish.
The overall attitude is probably one where traders will sell rallies that have signs of exhaustion, and a breakdown below the bottom of the candlestick for this week could send this market towards the $2.50 level. Generally speaking, as we are trading the August contract, it's very difficult for natural gas to get a huge move to the upside unless a massive heatwave hits the United States.
USD/CAD
The US dollar has gotten crushed against the Canadian dollar during the week, as the 1.40 level offers support on the way into the weekend. Part of this will be the crude oil situation, as higher oil prices tend to help the Canadian dollar in general, although not as much against the US dollar as it will against other currencies.
With that being said, this is an area that could offer a bit of support, and a lot of people will be watching it, so next week could be crucial. A lot of this could be due to the situation in the Middle East, but it could also be due to the fact that CPI and PPI numbers in the United States came out cooler than anticipated this past week, while Canadian employment at the end of the previous week was stronger than anticipated.
NASDAQ 100
The Nasdaq 100 fell to test the 28,500 level again, an area that's been significant support. This area holding up would be an area that a lot of value hunters will be maintaining attention to, and if we can get some type of bounce from here, that will just continue the overall sideways action.
In this environment, I do anticipate that eventually we try to get back to the 30,000 level unless, of course, something comes completely unraveled in the Middle East.
EUR/USD
The EUR/USD pair continues to hang around the crucial 1.14 level, which was a massive support level, and while we did rally a bit in the early part of the week. However, as the rates in the United States continue to weigh on the Euro, the Dollar still has a bit of a bid at this point.
I believe in fading rallies that show signs of exhaustion, and being quick to get in and out of the market.
Ready to trade our Forex weekly forecast? We’ve shortlisted the best forex trading accounts to choose from.