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Forex Today: Gold sets a new record at $2,354

Forex Today: Gold sets a new record at $2,354

Spot gold continued to rise reaching new all-time highs.

➡️ A few hours ago, gold spot once again reached a new all-time high above $2,354. Gold tends to be positively correlated with risk assets, many of which have rallied to new highs in recent days. Trend traders they will want to stay in Long here. Other precious metals also posted gains, with  silver  rising sharply to a new high of the last 2.5 years. Even some non-precious metals like copper are reaching new long-term highs.

➡️ In the Forex market , market bets against the Japanese Yen have reached a 17-year high, suggesting that the Yen's historic lows will soon be tested again despite the clear risk of intervention in that area by the Bank of Japan.  The USD/JPY currency pair  is not far from its 34-year low price, just below ¥152, and trend traders will get excited if we next see a breakout rialzista extended above ¥152. Since Tokyo opened today, the strongest major currency has been the New Zealand dollar, while the weakest major currency has been the Swiss franc. The Swiss franc may be relatively weak because CPI data Swiss rates released last week were unexpectedly low, with no month-over-month change when a rise of 0.3% was expected.

➡️ Crude oil  is making a bearish retracement after WTI and Brent both hit new 5-month high prices on Friday. Traders will receive a variety of supply and demand data this week.

➡️ The minor raw material  Cocoa continues to appear very bullish in the long term, albeit short term price action is showing a deeper bearish retracement. The value of the superfood has nearly tripled in the last year alone, and many analysts suggest that supply-side shortages are at least partly responsible for the meteoric rise. Every year there is more and more demand for cocoa as it is coveted as a key ingredient for chocolate but also as a superfood in its own right. Trend traders will be interested in the Long side if the price reaches a new high later. In addition to cocoa futures, cocoa ETNs are available which may be more suitable for traders and retail investors.

 

Credit by DailyForex.com

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