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Forex Today: Gold Hits New All-Time High of $ 2,670

Forex Today: Gold Hits New All-Time High of $ 2,670

Gold's strong uptrend continues as the precious metal hit a new all-time high this morning.

➡️ The price of gold continued to advance towards new all-time highs, even reaching $ 2.670 during the Tokyo session. Trend and momentum traders will be interested in being long on this precious metal. Note how gold tends to rally in periods of risk appetite, far from its false reputation as a refuge or cover.

➡️ Risk sentiment continues to dominate marketsStock markets are down a bit right now, but the S&P 500 index closed yesterday at a new record price.

➡️ Many raw materials, in particular Crude oil but also some soft stocks, look much stronger thanks to the improvement in risk sentiment recorded in recent days.

➡️ In the Forex market, the euro was the strongest major currency since the Tokyo open today, while the Australian dollar was the weakest. However, the numbers are low and are unlikely to be significant. What is significant in Forex right now is the strength of the British pound since last week's UK CPI data, which has pushed the GBP/USD currency pair to a new 2.5-year high above $ 1.3400. Trend and momentum traders will be interested in going long on this currency pair. Also the EUR/USD currency pair threatens to rise and potentially close at a new long-term high today, which could also be a good signal to enter a long position.

➡️ Australian consumer price index data released today fell as expected from 3.5% to 2.7%.

➡️ US consumer confidence data released yesterday showed the sharpest decline in three years, reinforcing the sense that the US economy is indeed cooling.

 

Credit by DailyForex.com

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