The precious metal Gold is in focus today after it rises firmly to exceed its recent record high just above $3,000, trading as high as $3,018 just before the start of today’s London session..
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Gold is very much in focus after it continued to rise following last Friday’s bullish breakout into record blue sky territory, trading at a new all-time high above $3,018 and threatening to reach even higher prices. Trend and momentum traders will be interested in being long here. Many analysts see Gold acting as a hedge right now against weak stock markets, and the precious metal might be getting a tailwind from the renewed prospect of all-out war in the Middle East, with the US bombing Yemen and Israel bombing Gaza.
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Copper futures gained strongly yesterday to close at a new 9-month high price. There is plenty of demand for this industrial metal which is widely used in AI applications, so it could be a good trade or investment on the long side. Copper futures can be relatively expensive, so retail investors will look for CFD or ETF (CPER) alternatives to participate.
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Crude Oil has gained for the third consecutive day, likely due to rising tensions in the Middle East. However, it is far from making any meaningful new highs.
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US Retail Sales data released yesterday was disappointing, coming in lower than expected, suggesting a cooling economy.
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In the Forex market, the New Zealand Dollar has again been the strongest major currency since today’s Tokyo open, while the Japanese Yen has been the weakest. The EUR/USD currency pair is in a lot of focus right now as it is continuing to rise to new multi-month highs well above $1.0900. When the 50-day moving average soon crosses above the 100-day moving average, institutional trend traders will be looking to enter new long trades on fresh bullish breakouts.
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Canadian CPI (inflation) data will be released today. It is expected to show a month-on-month increase of 0.6%.
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The Bank of Japan will be holding a policy meeting tomorrow. It is widely expected that the Bank will leave rates on hold.