Forecasts & Analysis, Page

It’s a mixed start to the day. Recovery from early losses, however, could see another day go to the bulls…

European and U.S stats to drive the majors today, assuming that there are no negative comments from the U.S on trade…

Jobless claims fall more than expected

Inventories declined less than expected

Gold prices edged higher but were unable to pierce through resistance levels despite a weaker dollar, as stronger yields weighed on the price of the yellow metal. As Expected Japan announced a large stimulus package to boost growth as monetary policy has not been able to spur on economic expansion.

Silver futures in the March contract is currently trading higher by 12 cents at 17.03 an ounce reversing some of the steep losses that we witnessed in yesterday’s trade as this market continues to flip flop on a daily basis still stuck in a 4 week tight consolidation pattern.

Soybean prices continue their uptrend, Coffee prices are going up due to dry weather in Brazil.

The Canadian dollar is steady on Thursday, after an optimistic Bank of Canada rate statement boosted the currency. Higher oil prices have also contributed to the Canadian dollar gaining ground.

The S&P 500 has gone back and forth during the trading session on Thursday, as we await the jobs figure. At this point though, the last couple of days looks as if it has formed a bit of a base.

Silver markets were slightly positive during trading on Thursday, as we continue the overall consolidation. As we await the jobs figure, a lot of traders will of course be paid attention to what happens next, but at this point things look dicey at best.

Crude oil markets rallied a bit during the trading session on Thursday again, as we await the results of the OPEC meeting. That being said, the market is also approaching the top of an important range.

Natural gas markets rally during the trading session on Thursday again, using the $2.40 level as a bit of a base. Beyond that, we are bouncing from a significant trendline.

Gold markets bounced just a bit during the day on Thursday, but not enough to get traders excited. At this point it’s obvious that the markets are continuing to measure the global economy and of course the Federal Reserve.

The US dollar was relatively quiet against the Japanese yen during the trading session on Thursday, as we await the jobs figure on Friday. This is not much of a surprise.

The British pound rallied again during the trading session on Thursday, breaking above the 1.31 level yet again. At this point, there is a lot of bullish pressure underneath and it should be obvious that we are broken out.

The British pound rallied again during the trading session on Thursday, reaching above the ¥143 level. At this point, the market has clearly broken out and it looks like we will continue to go much higher.

The Euro rallied early during the trading session on Thursday, as we continue to see a bit of bullish pressure recently. That being said, we are still in a very tight consolidation area and of course have a lot of resistance as shown from the previous session.

The Australian dollar pulled back just a bit during the trading session on Thursday, as retail sales came out flat. That being said though, this still looks to be support underneath.

Both WTI and Brent crude oil hit new highs for the week and are in a position to breakout to the upside if there is a big wave of buying volume. Currently, it looks like traders are probing the highs, which is a clear indication they are anticipating bullish news.

Crude has climbed 5.5% this week, as crude inventory reports and a key OPEC meeting have boosted crude prices.