July 31th: Mid-level announcements
During the Friday session, we anticipate seeing quite a few of mid-level announcements moving the markets. The European Union releases its Unemployment numbers, as the EU also is releasing Flash PMI. The Canadians released the GDP number, as the Americans really Chicago PMI.
Silver finding a bit of support
It appears that the markets are getting silver a bit of a break, as the $14.50 level has offered a significant amount of support. In fact, we ended up forming a hammer for the day on Thursday, which is a bullish sign. However, we recognize that there is going to be a bit of resistance at the $15 level so what we will do is look for supportive candles on very short-term charts, and take very short-term calls towards the $15 handle.
GBP/USD struggles to hang onto gains
During the session on Thursday, we tried to rally again in this market but failed. Because of this, we believe that a break down below the bottom of the candle for the session is a put buying opportunity as the market should probably head down to the 1.55 handle. On the other hand, we believe that we can break above the 1.57 level, buyers will come back into this market and give us a call buying opportunity.
DAX falls slightly
The DAX went back and forth during the course of the session on Thursday, showing a bit of negativity. However, at the end of the day we recognize that the market needs to break above the top of the range for the session in order to offer a call buying opportunity. We do believe that the DAX will continue to go much higher though.
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