The Gold markets fell rather hard during the trading session on Friday after we get a strong jobs number, suggesting that perhaps people are beginning to worry about whether the Federal Reserve will actually cut interest rates. Having said that, Jerome Powell has suggested that they are still going to do so.
The natural gas markets rally during the Friday session, slicing through the $2.30 level rather handily. Beyond that, we have also broken above the $2.40 level as higher temperatures in the month of August suggest that perhaps there will be more demand.
The crude oil markets have done very little during the trading session as we just went back and forth after the jobs figure on Friday. Ultimately, this is a market that is trying to figure out what to do with itself longer term.
Silver markets broke rather hard to the downside during the day on Friday after the jobs number came out hotter than anticipated. Because of this, people begin to worry about the Federal Reserve and whether or not it would cut interest rates, thereby sending the US dollar higher.
The stock market broke down significantly during the trading session on Friday after the jobs number came out much stronger than anticipated. Overall, this is a market that is bullish, and at this point we are ready starting to see a recovery.
Gold markets rallied initially during the week but failed again just below the $1450 level. This of course is a negative turn of events, so therefore it looks like we may get a bit of a pullback again.
Based on the early upside momentum and the current price at 108.537, the direction of the USD/JPY into the close is likely to be determined by trader reaction to the downtrending Gann angle at 108.615.
Natural gas markets initially pulled back during the week, breaking below the $2.30 level again. At this point, the market looks as if it is trying to rally a bit higher and possibly turn things around, at least for the short term.
Crude oil markets fell a bit during the trading sessions that made up the previous week, as we continue to see a lot of volatility. Ultimately, this is a market that continues to show the massive confusion.
Silver markets tried to rally to the $15.50 level, but then turned around to break down to the $15.00 level. That is a pretty significant move, but we are sitting on support as well.
The S&P 500 continues to show strength over the course of the week, even though we sold off rather drastically during the trading session on Friday. We are starting to recover there, so it does show that the weekly candle is going to be green.
Inventories continue to rise at a steady pace