Affiliate Disclosure
Affiliate Disclosure adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.

Forex Today: Gold Makes New Record at $2,288

Spot Gold has continued to rise to new all-time high prices.

  1. A few hours ago, spot Gold again rallied to a new all-time high at $2,288. Gold tends to be positively correlated with risk assets, many of which have been enjoying rallies to new highs in recent days. Trend traders will want to be long here. Other precious metals have also been seeing gains, with Silver now trading at a new 2-year high price.
  2. In public remarks, US Fed Member Daly stated that he expects 3 rate cuts to happen in 2024, in line with more dovish expectations which have been reasserting themselves.
  3. The Japanese Yen continues to be weak, keeping the USD/JPY currency pair near the record high it made very recently just below ¥152. Japanese financial officials will likely threaten intervention if ¥152 is tested again, but it seems likely that the price won’t fall very far in the meantime, giving traders potential opportunities to trade that range. Trend traders will still be interested on being long of the USD/JPY and in being short of the Japanese Yen in general. Analysts speculate that intervention by the Bank of Japan, if it comes, will likely drive the price down temporarily to about ¥147 / ¥147.50.
  4. Crude Oil is looking bullish, with both WTI and Brent hitting new 5-month high prices in recent hours.
  5. The minor commodity Cocoa continues to look very bullish over the long term, although the short-term price action is starting to suggest a deeper bearish retracement. The commodity superfood has almost tripled in value over the last year alone, with many analysts suggesting supply side shortages are at least partly to blame for the meteoric rise. There is more and more demand for Cocoa every year as it is coveted as a key ingredient for chocolate but also as a superfood in its own right. Trend traders will be interested on the long side, although which such high volatility and sharp gains, it could come crashing down at any time, so trend traders must be careful to use a disciplined stop loss if going long. As well as Cocoa futures, there are Cocoa ETNs available which may be more suitable for retail traders and investors.
  6. Yesterday’s release of German Preliminary CPI came in slightly lower than expected, at a month-on-month increase of 0.4% compared to the expected 0.5%.
  7. Yesterday’s release of US JOLTS Job Openings data came in exactly as expected.
  8. There will be releases today of:
    • The ADP Non-Farm Employment Claims Forecast
    • US ISM Services PMI
  9. Fed Chair Jerome Powell will be giving a minor speech later.

Top Forex Brokers

    Adam Lemon
    About 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.


    Most Visited Forex Broker Reviews