Precious metals are rising strongly to reach new record highs, with Gold reaching a new all-time high above $3,800.
- Markets have opened for the week, and prices are rising again in line with familiar trends of recent weeks, notably in precious metals and US equities, both of which are making gains, in the case of some precious metals, very significant gains:
- Gold is trading at a new record high well above the round number at $3,800.
- Silver is also rising strongly to reach a new 14-year high above $47, putting the 2011 record high price just below $50 in sight. There is much speculation that Silver will soon test this high, given the momentum generated by its recent meteoric rise.
- Platinum is also rising very strongly and closed last week at a new 12-year high prices. Although Platinum futures are too large for most retail traders to safely trade, exposure to the price of Platinum can be obtained via the PPLT ETF which is affordable.
- Trend and momentum traders will be interested in being long of these precious metals.
- After last week's minor bearish retracement, US equity indices trading off-hours were showing firm gains as the end of the Tokyo session neared. Indices such as the broad S&P 500 Index and the tech-focused NASDAQ 100 Index have made big gains over recent weeks, so again, trend and momentum traders, as well as investors, will want to be long here.
- In the Forex market, the Australian Dollar has been the strongest major currency since today's Tokyo open, with the US Dollar the weakest, putting the AUD/USD currency pair in focus. There is focus on the EUR/USD currency pair, which made a substantial bullish breakout two weeks ago by closing at a new 4-year high price, but is now trading considerably lower. It is rising again, like most of the USD pairs.
- There are no high-impact data releases scheduled for today so it might be a quiet day in many markets.
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