Forex Today: Gold Hits New 6-Month High

Despite a minor risk-off feel as markets open the week quietly, Gold is trading at a new 6-month high price above $2,010 not far from its record high around $2,070.

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  1. Gold has made a bullish breakout to a new 6-month high above $2,010 per ounce and is threatening to reach its all-time high at about $2,070, despite a risk-off feel in the market today.
  2. Stock markets are a bit weaker today. The NASDAQ 100 Index stood out after reaching a new 22-month high price last week. Trend traders and day traders will be interested in being involved on the long side, with bulls getting a tailwind from lower-than-expected US inflation data recently.
  3. In the Forex market, the New Zealand Dollar is the weakest major currency over the short term, while the Japanese Yen is the strongest, putting the NZD/JPY currency cross in focus. The US Dollar is continuing its bearish trend.
  4. Crude Oil is trading lower still as OPEC was forced to delay its next meeting from last weekend to 30 November, while US crude inventories increased last week to their highest level since July.
  5. It is likely to be a relatively quiet day in the market today as it is a Monday and there are no high-impact data releases scheduled.
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.