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Forex Today: Gold near all-time high

Forex Today: Gold near all-time high

Today gold reached a new 6-month high above $2,050, not far from its all-time high of around $2,070.

➡️ They  made a bullish breakout to a new 6-month high above $2,050 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. However, in the last few hours the previous metal has made a bearish retracement.

➡️ US dollar index hits new 3-month low, with  the EUR/USD currency pair  traded above 1.1000 dollars and  GBP/USD  traded above 1.2700 dollars. The long-term bearish trend of the US dollar is the 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. Since Tokyo opened, the New Zealand dollar has been the strongest major currency, while the US dollar has been the weakest, putting you at the center of attention the NZD/USD currency pair.

➡️ The Reserve Bank of New Zealand, during the policy meeting a few hours ago, decided to leave interest rates unchanged at 5.50%. However, the Bank has suggested that it may need to continue raising rates in the bearish period, and this is giving the Kiwi a boost.

➡️ Australian inflation data came in lower than expected, falling to an annualized rate of just 4.9% versus the widely expected 5.2%. This caused the Australian dollar to weaken somewhat.

➡️ 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.

➡️ 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.

➡️ Preliminary US GDP data and Chinese manufacturing PMI numbers will be released later today.

 

Credit by DailyForex.com

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