Forecasts & Analysis, Page

The bear claws are out once more this morning. Failure to move back through early highs could leave the pack deep in the red…

It’s a relatively bullish start to the day. The majors will need to move back through their early highs, however, to avoid a sell-off.

US consumer sentiment rises

Demand rose by LNG exports declined

On Tuesday, I explained how gold has been forming interim highs in the opening days of a new month; prices peaked the next day at $1489.90. The final breakdown is underway, and our work supports a bottom by mid-December. 

The unemployment rate returned to historical lows

The S&P 500 broke down significantly during the week, reaching down towards the 3075 level before bouncing significantly to form a massive hammer. At this point in time, it’s likely that the market will continue to go much higher.

Silver markets initially tried to rally during the week but ran into a significant amount of resistance at the previous uptrend line, showing signs of resistance. This is a horrifically negative sign.

Crude oil markets rally during the week, testing the top of the overall consolidation as OPEC produces more cuts. That being said though, the 500,000 barrel a day cut has essentially been priced into the market, so we have not been able to break out of the consolidation range.

Natural gas markets initially shot towards the $2.50 level during the week but have turned around since then, showing signs of significant weakness as we hug a trend line.

Gold markets initially tried to rally during the week but have turned around to form a very bearish looking candlestick on top of support. It’s obvious that the next couple of weeks are going to determine what happens next in the precious metals markets.

The US dollar fell during the week but did see some positivity on Friday after the stronger than anticipated jobs figure. It makes sense at this point that we continue to see a lot of sideways action, but we are on the verge of some type of break out.

The British pound broke out during the week, breaking above the crucial 1.30 level kicking off a bullish flag. This of course has been helped by a little bit more certainty with the UK elections.

The British pound broke out against the Japanese yen during the week, finally slicing through the resistance barrier that had been keeping it down for quite some time. At this point, it looks as if we are ready to continue going higher as the election looms.

The Euro has shown signs of exhaustion after initially rallying during the week but pulling back yet again. At this point, the 1.10 level is support.

The Australian dollar has broken higher during the trading week, as we continue to see moves to the upside. There is a massive amount of support underneath at the 0.67 level as we have formed a bit of a “double bottom” in that area, and as a result now we

The stock markets when higher during the trading session on Friday after the jobs number was a complete blowout. At this point, the market looks ready to make fresh, new highs.

Silver markets broke down rather significantly during the trading session on Friday as the US jobs number was blockbuster. At this point, we are testing a major support level.

Crude oil markets rallied a bit during the trading session on Friday, reaching towards the top of the overall range. At this point, the market is awaiting what happens with OPEC as well.

The natural gas markets initially tried to rally during the trading session on Friday, but then rolled over to break down below the $2.40 level. That is a very negative sign, but ultimately there is a massive amount of support underneath.