Weekly Outlook: 2015, January 18 - 25

The silver markets as you can see broke higher during the course of the week, breaking well above the $17.50 level. If we can get above the $18 level, we feel it silver will now breakout and head to the $19 level. Ultimately, we do believe that the silver market is trying to form a bit of a bomb, and we should now continue to buy on dips. Ultimately, we think that silver will probably head towards the $22 level. We have no interest in selling as there is so much in the way of support.



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The gold markets broke higher during the course of the week, clearing the $1250 level as resistance. Because of this, we feel that the market should then head to the $1350 level given enough time, and we believe the gold is starting to try to break out. With this, we are buyers every time the market dips, but quite frankly would not be surprised at all to see this market test the $1400 level now. It does appear finally the gold is taking off to the upside. With that being said, we have no interest in selling.



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The USD/CAD pair broke higher during the course of the week, testing the 1.20 level. However, that area offered enough resistance to keep the market underneath it, so pullbacks could be what we see next. Nonetheless, we do think that this market will eventually break above that barrier, and we look at pullbacks as potential value in the USD, and as a result will be looking to buy on dips. We believe that the 1.18 area should offer support, so therefore we think that the market won’t dip too far. Even if it does, 1.15 below is even more supportive.



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The NZD/USD pair initially fell during the course of the week but found enough support below to turn things back around and form a hammer. The hammer of course is a supportive candle, but there is a significant amount resistance between here and the 0.80 handle. It is not until we break above there that we are comfortable buying for the longer term, so at this point time we are essentially on the sidelines as the market has been consolidating for some time now. With that, we are just simply observing.



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The GBP/USD pair went back and forth during the course of the week as you can see, but the one thing that it did in fact show was that the 1.50 level continues to be very supportive. With that being said, we anticipate that this market will then head to the 1.55 level given enough time, and as a result we believe that short-term buyers will probably move this market. We have no interest in selling, so therefore we do see the ability to buy this pair, but longer-term players may have issues with the lack of space.



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The EUR/USD pair fell during the course of the week, slicing through the massive support at the 1.18 handle. We fell all the way below the 1.15 handle at one time during the week, but found enough support to bounce back over it. With that being said, we could bounce a little bit to test the area near the 1.18 handle for resistance, and as a result we could look for selling opportunities there. As far as buying is concerned, we would need to see this market break back above the 1.20 level in order to start buying long-term.



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