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Fore Today: Gold hits new 6-month high

Fore Today: Gold hits new 6-month high

Gold continues to inch towards new 6-month highs above $2,010, not far from its record high of around $2,070.

➡️ They made a bullish breakout to a new 6-month high above $2,010 an ounce and threatens to reach its all-time high at around $2,070, attracting trend traders to the long side. Its volatility is relatively low.

➡️ The NASDAQ 100 Index and the other major stock indexes are mostly consolidating. Last week the NASDAQ 100 index reached a new 22-month high. Trend traders and day traders will be interested in getting involved on the Long side, with bulls getting a tailwind from lower-than-expected US inflation data recently.

➡️ In the Forex market, the US dollar is the weakest major currency in the short term, while the Japanese yen is the strongest, focusing the USD/JPY currency pair. The US dollar continues its long-term bearish trend.

➡️ Crude oil is trading slightly lower as OPEC was forced to postpone its next meeting from last weekend to November 30, while U.S. crude inventories rose last week to the highest level since July.

➡️ RBA governor Bullock says the Bank needs to be “a bit careful” in using rates to reduce inflation without increasing unemployment. This could be interpreted as a much smaller accommodative bias.

➡️ US CB consumer confidence data and Australian CPI (inflation) data will be released later today.

 

Credit by DailyForex.com

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