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 $2,354

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 above $2,354. 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 rising strongly to a new 2.5-year high price. Some non-precious metals such as Copper are also breaking to new long-term highs.
  2. In the Forex market, market bets against the Japanese Yen have reached a 17-year high, suggesting that the Yen’s historic lows will soon be retested despite a clear risk of intervention at that area by the Bank of Japan. The USD/JPY currency pair is not far from its 34-year low price just below ¥152, and trend traders will become excited if we see a sustained bullish breakout above ¥152 later. Since today’s Tokyo open, the strongest major currency has been the New Zealand Dollar, and the weakest major currency has been the Swiss Franc. The Swiss Franc may be relatively weak because Swiss CPI data released last week was unexpectedly low, with no month-on-month change at all when an increase of 0.3% was expected.
  3. Crude Oil is making a bearish retracement after WTI and Brent both hit new 5-month high prices on Friday. Traders will get a series of data releases concerning supply and demand throughout this week.
  4. The minor commodity Cocoa continues to look very bullish over the long term, although the short-term price action is showing 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 if the price breaks to a new high later. As well as Cocoa futures, there are Cocoa ETNs available which may be more suitable for retail traders and investors.

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