The SP500 rallied for the week, as we have seen a lot of noise right around the 3600 level: Forex Trading Forecast
Bitcoin will continue to do very little, as there’s almost no reason for it to rally. After all, the risk appetite is horrible right now, and bitcoin is about as far out on the spectrum as you can get. With that being the case, pay close attention to the $18,000 level, because we finally break down below there, then we can open up a move down to the $15,000 level.
As long as the Federal Reserve continues to keep its monetary policy tight, it’s difficult to imagine a scenario where the gold market truly takes off. The US dollar will continue to be a major headwind for gold markets going forward.The Euro has rallied significantly during the week, but at this point were still so far depressed that is difficult to get bullish anytime soon.
That being said, the 3800 level above offers resistance, so I think at this point in time it’s like we continue to bounce around in a 200-point range. I do think at this point we are sitting on a major consolidation area from mid-2021 that could cause a little bit of support, but as we are in the midst of earnings season, this still remains more likely than not going to be a “fade the rally” market.
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