Forex Today: Metals Start the Week Strong

All types of metals performed well yesterday as an asset class, with several making long-term highs or close to doing so.

1. The standout asset class is metals - both precious and industrial, with all rising. The 2025 rally was about precious metals, but industrial methods are coming into greater focus. Here is the picture metal by metal:
   1. Gold - trading above $4,450 and within sight of its record high above $4,500.
   2. Silver - trading near $79 and close to a record high closing price, which would trigger a new long trade for most trend-following institutions.
   3. Platinum - rising firmly above $2,300 but still some distance away from its recent record high price.
   4. Palladium - continuing its relatively modest recovery, but still far from its recent record high price.
   5. Copper - futures broke to close at record high prices yesterday, so trend traders will want to be long here. CME micro futures in copper are available, sized at about $15,000. If that is too big for you, the CPER ETF could be an alternative, or your broker may offer a smaller spot contract.
   6. Aluminum - futures broke yesterday to a 3-year high price, so trend traders will want to be long here. Futures contracts are large in size, but the ALUM ETF could be an alternative, or your broker may offer a smaller spot contract.
2. Stock markets are trading higher almost everywhere, with the S&P 500 Index back within sight of its record high. Global stocks are seen led higher by Asian markets (partly due to their relatively low price to earnings ratio), with the MSCI Asia Pacific Index rising to close at a new all-time high. The Nikkei 225 Index and the KOSPI were both trading at record highs shortly before their closes for the day.
3. In the Forex market, since today's Tokyo open, the strongest major currency has been the Australian Dollar, and the weakest has been the Swiss Franc, which is in line with the risk-on sentiment currently dominating the market. The USD/JPY currency pair has been in a technical long-term trend for quite a while, but now seems to be suffering a bearish retracement.
4. There will be a release of Australian inflation data very early tomorrow morning. A slowing in the annualized rate from 3.8% to 3.6% is expected.
5. Yesterday's release of ISM Manufacturing PMI data in the USA came in slightly below expectations, suggesting a slowing manufacturing section.
6. It is a public holiday in Italy today.