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Forex Today: Gold breaks record levels

Forex Today: Gold breaks record levels

The price of gold rose sharply to reach a new all-time high a few hours ago.

➑️ They rallied sharply during the Asian session, reaching a new record price of $2,135, before quickly giving up some of the gain. Last Friday the price fell to an all-time high, but barely. The move is strong and impressive and is likely driven by a weak US dollar, a more accommodative Fed and the return of strong risk appetite, with which gold is generally positively correlated. This breakout is attracting trend traders to the Long side.

➑️ Bitcoin rose strongly in recent days to hit a new 18-month high above the big round number of $ 40,000. This will be an exciting time for Bitcoin bulls and trend traders on the Long side. Again, Bitcoin tends to be positively correlated with risk appetite, so the risk appetite atmosphere will likely help push its price significantly higher.

➑️ The long-term bearish trend of the US dollar is a key factor in the Forex market, driven by a growing sense that the Federal Reserve has finished its current tightening cycle and will begin cutting rates. Markets are now pricing in a 60% probability of a rate cut by February by March 2024. However, since this week's open, the US dollar has gained some ground. Since Tokyo opened, the Japanese yen has been the strongest major currency, while the New Zealand dollar has been the weakest.

➑️ Cocoa futures they continue to rise strongly and yesterday closed at a new multi-year high. This commodity will be very interesting for traders who follow bullish trends.

➑️ There are no major data releases expected today, and it's a typically quiet Monday, so with the exceptions of Bitcoin and Gold, it could be a quiet and boring day on the market.

 

Credit by DailyForex.com

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