The week was good for risk on trade. Lets obeserve Gold and Silver first.
After positing the possibility of gold forming a double bottom here, Gold has done that. $1490-1500 levels are the good support/ demand zones for gold now. In the short term on daily though gold looks likely to take a breather. So it may consolidate or correct a few percentage points after the run up from $1500 levels. Similar thoughts are for Silver.
Both DJIA and SP500 look likely to move higher now given the postive bias of price as well as the overbought conditions have been corrected now by the cooling off of stocs. Now we may push higher as well.
This positive action is also substantiated by the COT report for crude where large specs have been increasing their longs since past 5 weeks now.
So in summary risk on trade is likely to continue for the time being.
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