Core
Bullish medium-term with structural central bank support intact and Fed maintaining accommodative bias creating constructive backdrop for continuation toward $5500-5626 despite January profit-taking consolidation
Extended
Neutral to mildly bearish consolidation expected with defensive positioning ahead of March 19 BoE meeting as declining UK inflation to 3.0% supports easing expectations but 17-month persistence above target creates uncertainty
Extended
USD/JPY consolidation with slight bearish JPY bias on persistent rate differentials; Takaichi election victory seen constraining BOJ normalization through political pressure
Extended
Copper rallied to record highs on supply concerns with elevated prices expected into 2026 but near-term consolidation likely as market digests extraordinary gains, China Q4 demand declining 8% YoY, and seven-week range-bound action above $6.00
Extended
Most analysts targeting $85-100 consolidation near-term with longer-term forecasts extending to $100-150 by mid-2026 if supply deficit and China restrictions persist though CME intervention creates uncertainty and regulatory overhang
Extended
Small-caps positioned to extend outperformance following historic January breakout with superior 18-22% earnings growth and Fed easing supporting continued rotation despite near-term seasonal consolidation
Full Desk
Treasury bonds experiencing technical relief rally after December panic exhaustion but fundamentals remain challenged with Fed terminal rate near 3% and sticky inflation limiting sustained duration rally potential
Full Desk
Shifting from bearish expecting RBA cuts toward cautiously bullish recognizing inflation-driven hawkish floor creates support but acknowledging 10% rally extension and China concerns tempering aggressive conviction
Full Desk
Bearish on Supreme Court ruling undermining China deal enforceability combined with elevated US-Brazil price spreads creating execution obstacles overwhelming tight US supply fundamentals
Full Desk
Cautiously bullish on February-March rally from extreme October oversold levels with Arctic blast and early dormancy break providing genuine supply catalyst yet skeptical about sustainability above 600 given structural oversupply fundamentals
Full Desk
Constructive consolidation within structural bull market as extraordinary 2025 gains digest against 2026 balanced forecast, with March consolidation providing healthy base before next directional move
Weekly Review
Fourteen from fifteen, silver does it again, and the desk finally stops fighting the crude oil tape.