- The prices of spot Gold and Bitcoin are rising again after both made fairly strong bearish retracements, especially Bitcoin. Their respective prices are not far from making new all-time highs. Trend traders will be interested here on the long side, and investors will likely be looking to ensure they have some Gold in their portfolios.
- The Japanese Yen is notably higher, as the major Japanese stock market index the Nikkei 225 sells off. The cause is increased speculation that the Bank of Japan will soon make its first rate hike since 2007 and abandon the ultra-loose monetary policy which it has pursued for several years. This has been given a further tailwind by the release of Japanese GDP data which showed economic growth of 0.4% in the 4th quarter of 2023.
- In the Forex market, the Euro has been the strongest major currency since the Tokyo open today. The Australian Dollar has been the weakest.
- Note that the USA and Canada put their clocks forward by one hour over the weekend, earlier than most other countries that implement daylight savings time changes.
- It is likely to be a quiet day in the markets as it is a Monday with no high-impact data releases scheduled.
Forex Today: Gold, Bitcoin Looking Bullish Near Friday’s Record Highs
Adam Lemon
Gold and Bitcoin dipped after making new record high prices last Friday but are now advancing bullishly again.