Gold
The gold market declined this week amid persistent U.S. interest rate pressure. With yields continuing to climb, bullish momentum remains constrained. Price action is currently testing a major uptrend line atop a significant demand zone, creating a key technical confluence. Market direction will likely hinge on the interest rate trajectory; a decline in yields could present viable long opportunities.
GBP/USD
A weaker-than-expected U.S. jobs report pressured the British pound, which now sits at the lower bound of a range established in February. Support converges at the 1.3150 level and the 200-week EMA, while major resistance looms near 1.37. A neutral candlestick formation at the range bottom suggests potential for a reversal, particularly if falling rates provide a catalyst.
EUR/USD
The euro declined for the week, testing the 200-week EMA. Unlike the pound, the euro faces additional headwinds from escalating French fiscal concerns. While a reversal is possible, the pair carries higher downside risk. Traders may prefer shorting EUR/GBP as an alternative expression. Any near-term bounce will likely encounter resistance around the 1.14 level.
Copper
Copper prices retreated during the week but found support at the critical $6.50 level. Fundamental supply-demand dynamics remain bullish, driven by global electrification trends and AI data center demand. Buying dips remains the preferred strategy.
Silver
Silver experienced sharp volatility but is finding support near the $60 level, a former support zone. The weak U.S. jobs data and subsequent rate decline offer a bullish backdrop, though sustainability is uncertain given geopolitical risks in the Middle East that could spike oil prices.
Crude Oil (WTI)
WTI crude is testing an uptrend line in a zone attracting buyer interest, driven by volatile Middle East headlines. The geopolitical backdrop remains noisy and unpredictable, creating a challenging trading environment. However, the market retains significant upside potential from supply disruption risks.
USD/MXN
The U.S. dollar rallied against the Mexican peso, pulling back from the 18.41 level (200-week EMA) as U.S. rates eased. While the interest rate differential still favors the peso, the spread is narrowing. A short bias is warranted if U.S. rates continue falling. A break above 18.50 would signal a trend change, though negative swap costs deter long positions.
NASDAQ 100
The Nasdaq 100 recovered from early weekly losses to break higher, supported by declining rate expectations, the AI investment theme, and strong upward momentum. Pullbacks represent buying opportunities; there is no technical justification for short positions from a longer-term perspective.