Last Updated on 09/11/2026
Copper
Copper tried to push higher early in the week but couldn’t hold gains above $6.50. Demand is still strong, but growing doubts around the artificial intelligence trade are a problem for buyers.
There is still plenty of support below, and $6 could become an important floor. If prices turn around and move back above $6.50, a much bigger rally could follow.
S&P 500
The S&P 500 swung back and forth this week, which isn’t surprising given the U.S. elections. The bigger issue, though, is interest rates. If they keep causing trouble, higher real rates give investors a reason to hold bonds instead of stocks.
A move above 7,600 would be a bullish sign for the index. A drop below the 50-week EMA, now near 7,259, would be bearish.
Silver
Silver rose for most of the week but pulled back before reaching $55. That large, round number has worked as both resistance and support in the past.
For now, $55 is acting as resistance. Rising real rates are still a major obstacle for silver, so a breakout may take time.
Gold
Gold also had a positive week but stayed below $4,200. A break above that level could set off a strong rally. However, gold faces the same real-rate pressure as silver and looks somewhat heavy.
If prices fall below this week’s low, gold could slide toward $3,500.
USD/CAD
The U.S. dollar rose against the Canadian dollar this week, with most of the gains coming in the second half after the two countries released very different jobs reports. The U.S. added 165,000 jobs, well above the 65,000 forecast, beating expectations by 100,000.
Canada, by contrast, lost 4,700 jobs when a gain of 14,600 had been expected. The interest rate gap, policy direction and economic momentum all look likely to keep favoring the U.S. dollar.
GBP/USD
The British pound gained ground during the week but gave it back after the U.S. jobs data came out. It is struggling to hold its gains, but there is strong support around 1.32.
This pair is likely to keep trading back and forth. The pound has slipped, but the bigger picture doesn’t seem to have changed much.
EUR/USD
The euro rose early in the week and tested the 200-week EMA, then gave back its gains. The U.S. dollar still looks like the stronger side. Europe faces worries about energy supplies this winter, and the ECB has shown little sign of tightening.
The Federal Reserve, meanwhile, is expected to raise rates in December, so further weakness in the euro looks likely.
USD/MXN
The Mexican peso is the one currency the U.S. dollar is struggling against. That makes sense, since interest rates favor Mexico. MXN 19 remains a key level. If the pair falls below the 200-week EMA, it could head toward MXN 18.
A stronger U.S. economy, which the latest jobs report points to, usually helps Mexico’s economy too. That could push the dollar lower against the peso, and a pullback looks close.
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