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Silver’s short-covering rally has covered an impressive 15% rise over the past 17 session, suggesting it may be time to mean revert.

Whilst Wall Street only posted mild gains by Friday’s close, it is more impressive if we consider they fell over 2% at the start of the week.

The risk-on environment saw dollars quickly offloaded yesterday, which pushed the dollar index down to a key support level at 93.0.

Technically and fundamentally a bullish case has continued to build for both the US dollar and oil prices.

Markets will likely remain in holding patterns ahead of today’s FOMC meeting. Although gold and WTI have retained our attention with their potential bullish structures.

Commodities were broadly lower during risk-off trade, with metals leading the declines. Yet gold managed to buck this trend and close higher during risk-off trade.

The FTSE 100 broke below 7000 on Friday during its most bearish session in two months, bringing 6900 within easy reach for its next target.

Despite weakness across Wall Street, the Nasdaq 100 has held up relatively well which makes it an outperformer of late.

A battle between bulls and bears continues on the S&P 500 at trend support, which suggests we could be fast approaching a directional move.

It may have only been a minor gain for the S&P 500 yesterday, but it was enough to break a 5-day losing streak at an important support level.

In today’s video we look at potential swing trades on the US dollar index (DXY) and silver, then highlight two bullish targets on copper futures.