Top Forex Brokers
The precious metals Gold and Silver have made bullish breakouts to new all-time highs, attracting significant speculative interest.
- The standout story as the new week and month begins is the strong gain seen in both Gold and Silver with each precious metal making a new all-time high. Gold's breakout is especially significant, as the price has traded above the really major round number confluent with the old high at $3,500. Trend and momentum traders will likely be interested to be long here.
- Other precious metals such as Platinum and Palladium are also rising today, with Platinum looking especially bullish as it trades near its strong daily high and threatens to breakout to a new 1-year high price. It seems that precious metals are doing well today as an asset class at least partly because of developments in the USA regarding President Trump's new tariffs.
- The Forex market is heating up a little with the US holiday over, with the strongest major currency today the Canadian Dollar and the day's weakest major currency so far, the Japanese Yen. The US Dollar has been rising quite firmly for several hours, so we seem to have some short-term momentum in the market, with day traders likely to focus on these currencies right now. WTI Crude Oil, like the Loonie, is also moving up with some momentum.
- Most stock markets are seeing some short-term selling, but nothing serious.
- There will be a release of ISM Manufacturing PMI data today in the USA