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Good morning Teodor, Looking ahead to next week, there are several markets worth keeping a close eye on.
Oil did exactly what we were hoping for, bouncing around 10% from support before pulling back. So far, that pullback looks healthy. The key level to watch is US$68 to US$70. If buyers step in there, oil could be ready for another move higher.
Gold has also pulled back after its recent rally, but buyers are still stepping in. A move above A$4,150 would be encouraging, while a break above A$4,200 would be an even stronger sign that momentum is building. On the downside, A$4,000 remains the key level to hold.
Silver continues to look constructive. A move above A$60.50 would be positive, while A$63 would strengthen the bullish case. Copper, platinum, palladium and nickel are all holding up well, and uranium is showing early signs of a possible bounce.
The ASX 200 also found support exactly where we were looking, with buyers stepping in around the 8,680 level. As long as the index holds above that area, the outlook remains bullish. The next level to watch is 8,860, while a break above the major 9,000 resistance would be a very strong sign that the bull market is continuing.
Outside commodities, the energy sector is beginning to improve, while Bitcoin is another market worth watching. A move above US$64,700 could be the trigger for a stronger rally. We still need a little more confirmation, but it's definitely one to keep on the radar this week. Have a great week.
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