- Precious metals are in strong focus as they all continue to rise although the bullish momentum has slowed. Notable highlights:
- Gold reached a new record high a little below the round number at $3,900. It looks quite likely to eventually continue to the really big round number at $4,000 which would likely trigger some profit-taking by long trade holders.
- Silver also rose strongly to reach a new 14-year high above $47.50, 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 weaker and failed to make a new 12-year high price yesterday. 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 Gold and Silver.
- In the Forex market, the US Dollar has weakened a bit as a US government shutdown began at midnight. The Euro has been the strongest major currency since today's Tokyo open, with the Australian Dollar the weakest. There is also some 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 has since made a deep bearish retracement. However, the price here is moving upwards now on Euro strength, putting $1.1800 in sight again.
- US stock market indices dipped yesterday but have bounced back somewhat in the past few hours of off-hours trading.
- Yesterday's US JOLTS Job Openings data was a little better than expected, which may have led markets to see the US economy as slightly stronger than believed earlier.
- here will be two high-impact data releases today, both in the USA:
- ADP Non-Farm Employment forecast
- US ISM Manufacturing PMI
Forex Today: Gold, Silver Make New Highs During Asian Session
Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked with...
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Precious metals, notably Gold, continue to rise strongly, as Gold gains to reach a record high price close to $3,900.
Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.