As markets fully return from the New Year holiday, Gold, Silver, and the Japanese Yen all rise firmly to new long-term high prices.
- The long-term bullish trend in precious metals continues, with the price of spot Gold earlier reaching as high as $1843, its highest price in 6 months, and the price of spot Silver reaching an 8-month high at $24.46. Both Gold and are attractive to long-term trend traders in the long direction right now, as higher prices here are likely over the coming days.
- In the Forex market, the Japanese Yen remains in focus as it continues to strengthen, acting as the strongest major currency. The USD/JPY currency pair has traded well below €130, reaching a new 7-month low. The EUR/USD currency pair is retracing but remains in a notable long-term bullish trend, and trend traders will be looking to trade both of these major currency pairs.
- The New Year holiday has finally ended, so traders can expect active markets today on the first full business day of 2023.
- Treasury yields are continuing to rise on concerns China’s full reopening could lead to more inflationary pressure.
- Daily new global coronavirus cases fell last week for the first time in two months.
- It is estimated that 69.1% of the world’s population has received at least one dose of a coronavirus vaccination.
- Total confirmed new coronavirus cases worldwide stand at over 665.5 million with an average case fatality rate of 1.01%. The number of new cases has fallen globally over the past 2 weeks.
- The rate of new coronavirus infections appears to now be significantly increased only in China, Peru, and Taiwan.
