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Forex Today: gold, silver and copper rise to new highs

Forex Today: gold, silver and copper rise to new highs

The markets are dominated by new significant highs in the precious metals gold and silver and the industrial metal copper.

➡️ Precious metals rose strongly to reach new highs, although in the last few hours gold and silver  they returned part of their earnings. Gold hit a new all-time high at $2,450, while silver hit a new 11-year high at $32.50. Both will be interesting for traders following trends today on the long side.

➡️ The industrial metal Copper has also reached a new all-time high and trend traders will be interested here too. If copper futures are too big for you, or your broker doesn't offer a copper CFD, there is a copper ETF called Copper.

➡️ Global stock markets are bullish, with the MSCI World Index rising for the seventh consecutive session. In the United States, both the NASDAQ 100 Index and the S&P 500 Index are not far from their recent all-time highs. China's main index, the HSI, continues to rise towards new 9-month highs. Long stocks can be attractive to both trend traders and day traders right now.

➡️ The 10-year yield on Japanese government debt just hit its highest level in 11 years, suggesting markets expect the Bank of Japan to normalize rates in the near future.. This could be bullish for the Japanese yen,

➡️ In the Forex market, since the opening of Tokyo, the strongest major currency is the Euro, while the New Zealand dollar is the weakest.

➡️ Today is a public holiday in Germany, France, Canada and Switzerland.

 

Credit by DailyForex.com

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