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Watch trader reaction to $1744.10 to $1754.30 early next week. This should tell us if buyers have returned or if sellers are taking control.
The direction of the next major move in crude oil will be determined by trader reaction to the retracement zone at $36.07 to $40.50.
Stocks fell on Friday, extending losses from Thursday’s session as investors eyed renewed tensions between the U.S. and China.
The direction of the June E-mini Dow futures contract into the close on Friday is likely to be determined by trader reaction to 25144 and 24935.
The new minor range is 2903.75 to 3065.50. Its 50% level at 2984.50 is controlling the direction of the index on Friday.
The recent oil price rally appears to have stalled as tensions between the U.S. and China weigh on energy markets and the rebound in global demand appears to slow
The direction of the EUR/USD the rest of the session on Friday is likely to be determined by trader reaction to the main 50% level at 1.1066.
The S&P; 500 rallied towards the 3000 level during the week, but as you can see have given up quite a bit of the gains.
Crude oil markets have gone back and forth during the week, showing signs of noisy trading. The gap above is certainly in focus in both grades that I follow.
Natural gas initially tried to reach above the $2.00 level but then rolled over about $0.25 by the time we got done.
Longer-term, we believe metals could continue to rally for quite a while, yet we understand skilled technical traders want to time entries to limit risks.
Silver markets rallied significantly during the trading session on Friday, as we continue to see a lot of noise in general.
Crude oil markets initially dipped on Friday but then turned around to show signs of strength again.
Gold markets have shot higher during the trading session on Friday, breaking above the top of the shooting star from the previous session.
The US dollar continues to go back and forth overall, as the ¥107 level looks to be a bit of a magnet for price.
The Euro exploded to the upside during the week, breaking above the 1.11 level. However, we are reaching some significant resistance just above.
The Australian dollar has rallied a bit during the week, reaching towards the 50 week EMA, which of course is one indicator reliable over the last years.
Despite production cuts from OPEC+ and North America and slowly improving demand, oil prices are not expected to average much higher than current prices in 2020
The gold futures contract gained 0.09% on Thursday, as it extended its consolidation following bouncing off $1,700 support level on Wednesday. Gold has been trading within a downward correction after reaching new monthly high of $1,775.80 on Monday almost two weeks ago. Gold is 0.6% higher today, as it gets back to yesterday’s high.
Silver breached the resistance at $17.50 and continues to gain upside momentum.
The US dollar fell a bit during the trading session on Friday, reaching towards the ¥107 level, an area that has been supportive as of late.
OPEC oil output hit the lowest in two decades in May as Saudi Arabia and other members started to deliver a record supply cut, a Reuters survey found, although Nigeria and Iraq are laggards in making their share of the reduction. OPEC and its allies last month agreed to an output cut to offset a slump in demand and prices caused by the coronavirus crisis. "OPEC has made a strong start in May with its latest production cut, lowering supply by 5 million bpd versus April," Daniel Gerber, chief executive of Petro-Logistics, which assesses OPEC supply by tracking tanker shipments, told Reuters.
The Australian dollar has initially dropped during the Friday session only to turn around and break towards the highs again.
The British pound has rallied a bit during the trading session against the Japanese yen after initially falling hard.