The gold market showed positive movement this week, breaking past the $3,500 threshold. This level has acted like a ceiling for some time, so crossing it is bound to attract attention. Still, it’s worth mentioning that Friday’s trading action seems to be somewhat of a retracement, which makes me wonder if there’s enough momentum to maintain above this mark. Overall, it feels like a “buy the dip” environment for now. I’m not keen on taking short positions here, but I wouldn’t be surprised if there’s a slight pullback.
The Nasdaq 100 also made gains this week, exceeding the 23,250 mark. This effectively recaptured nearly 80% of last week’s losses, suggesting we might be set for some consolidation in this area. Or, it could break down from previous levels. I suppose consolidation sounds reasonable for the near term, especially since it’s August. One thing’s clear: I’m not looking to short this market.
The Euro saw repeated trading patterns, although it has felt a bit weaker lately, lingering around the 1.16 mark. We’re still in a phase of integration, so it’s a bit premature to make any bold statements. If it dips below last week’s candlestick low, we might see it hit the 1.14 mark. Conversely, a breakout above 1.18 could lead to a sustained upward trend.
Silver was quite robust this week, crossing the $37.50 barrier again. This level has notably acted as both support and resistance multiple times on the daily chart, making the market incredibly volatile. I’m watching it closely. If given a little more time, I think we could revisit the $40 level. Should we surpass $40, the upward potential becomes significantly brighter, while a drop below $36.50 would be concerning.
The British pound experienced a rally during the week, finding support around the 1.3250 mark. It seems like the market is trying to hit the 1.3550 level, which appears to be a resistance area. If it falls below the 1.3250 threshold, though, we could see it drop to this week’s EMA level, and maybe even down to 1.2850, which aligns with the 200-week EMA.
The US dollar made an attempt against the Mexican peso but met some resistance around the 19 MXN level. As the week closed, it seemed to settle slightly above the 18.50 MXN mark, which might open the door to test the 17.50 MXN level. Generally, this pair has some potential to hit 16.50 MXN eventually, but it’ll take time. The interest rate disparity continues to bolster the peso, and with tariff extensions, I think this could bolster confidence in the Mexican economy as a whole.
The Australian dollar maintained a bullish stance this week, though it still hangs around the 0.6550 level, which has acted somewhat like a magnet all summer. If it drops below last week’s candlestick low, we might head toward the 0.62 mark. Conversely, pushing past the 0.66 level could indicate a strong upward movement. Presently, this market feels quite choppy and mostly sideways.
Bitcoin showed some back-and-forth activity after an initial pullback. The $120,000 level remains a crucial barrier. If we can push through it, I think we might see progress towards $130,000 next, especially since this market seems to want to move in increments of $10,000. Right now, the $110,000 level feels like it could serve as a floor.
