During the course of the session on Monday, we have very little in the way of economic announcements to move the markets, so having said that it’s very likely that we will have a reasonably quiet session on Monday.
Silver markets pullback
Silver markets broke out during the course of the day on Friday, but turned back around to form a bit of a shooting star. Because of this, we believe that the market is not ready to break out fully. If we break down below the bottom of the shooting star for the Friday session, we would be buyers of puts for short-term moves. Ultimately though, we do think that silver rallies and breaks out to the upside. With that being the case, if we broke above the top of the candle for the Friday session, that would of course be a call buying opportunity.
FTSE struggles
During the course of the session on Friday, the FTSE rose during the day but struggled a little bit towards the end. Because of this, it looks like we are getting ready to break out and retire, but it’s going to be very slow move. Expect steady yet quiet positivity.
GBP/USD ready to break out to the upside
The 1.45 level is a significant level on the longer-term charts, and the fact that we ended up forming a hammer during the course of the session on Friday, but we still need to get above the 1.45 level in order to go higher. Call buyers are going to be pushing this market given enough time, and with that it’s only a matter of time before the British pound strengthens.
