Forex Today: Gold, Silver, Yen Reach 6-Month Highs

As markets fully return from the New Year holiday, Gold, Silver, and the Japanese Yen all rise firmly to new long-term high prices.


  1. 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.
  2. 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.
  3. The New Year holiday has finally ended, so traders can expect active markets today on the first full business day of 2023.
  4. Treasury yields are continuing to rise on concerns China’s full reopening could lead to more inflationary pressure.
  5. Daily new global coronavirus cases fell last week for the first time in two months.  
  6. It is estimated that 69.1% of the world’s population has received at least one dose of a coronavirus vaccination.
  7. 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.
  8. The rate of new coronavirus infections appears to now be significantly increased only in China, Peru, and Taiwan 
Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.