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Forex Today: Gold remains strong near $2,000

Forex Today: Gold remains strong near $2,000

Gold has been the best performing market player in recent weeks, having closed above $2,000 last week and remaining strong this week.

➡️ Gold has rallied sharply over the past three and a half weeks on risk-off sentiment, breaking its usual positive correlation with stock markets, which have mostly weakened significantly over the same period. The price closed above the big round number of $2,000 last Friday, marking a new 5-month high, but it is the all-time high of $2,070 that appears to be the most technically significant level. I will try to get involved on the long side if we get a firmly bullish daily close above $ 2,070. The price of crude oil is weakening as it appears that despite Israel's ground invasion of Gaza, the war has yet to widen, triggering more optimism that this war could be contained.

➡️ This will be an important week for the Forex market and other markets as well, with policy meetings scheduled at the US Federal Reserve, the Bank of Japan and the Bank of England.

➡️ Stock markets are generally down, after that the NASDAQ 100 index it closed Friday at its lowest level since May.

➡️ In the Forex market since the opening of Tokyo, the strongest major currency has been the Australian dollar, while the Swiss franc has been the weakest, suggesting that risk appetite is improving so far today.

➡️ The prices of some soft commodities continued to rise significantly, with futures of cocoa And some sugar that have reached or approached new long-term highs.

Credit by DailyForex.com

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