- Precious metals are looking much more bullish after rising last week, led upwards by Silver, which briefly traded at a new all-time high last Friday above $59.25. Trend and momentum traders will want to be long of Silver and might be thinking about getting long of Gold too, although this is some way off its recent record high price.
- Stock markets have continued to edge higher, although the moves are mostly relatively small and remain below recent all-time highs, although the price is action is starting to look more decisively bullish as I write. The S&P 500 Index is now within sight of its record high which was made a few weeks ago.
- In the Forex market, since the Tokyo open the Australian Dollar has been the strongest major currency while the Euro has been the weakest, although the numbers are relatively small to pretty meaningless. The USD/MXN currency pair is testing very long-term lows. Many Forex brokers pay positive swap on short positions, which could make this an attractive carry trade.
- Bitcoin is looking more bullish after making another higher low at the support level of $88,487. It will look more attractive to traders wanting to go long above the resistance level at $93,808.
- Japan is attracting some attention as its economic data continue to look increasingly supportive of a rate hike by the Bank of Japan at its policy meeting later this month. However, the USD/JPY currency pair has printed supportive price action over recent days, calling a bullish move for the Yen into question.
- ECB Member Schnabel has made comments suggesting that the Bank is more likely to hike than cut its interest rate when it next makes a change. This is a small hawkish tilt for the Euro, which is a little higher against most currencies as the London open approaches.
- It is a public holiday in Italy today.
Forex Today: Precious Metals, Stocks Continue to Rise
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 with...
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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.