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Forex Today: Gold Reaches New Record High Above $3,018

By Adam Lemon
Adam Lemon
By 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.

The precious metal Gold is in focus today after it rises firmly to exceed its recent record high just above $3,000, trading as high as $3,018 just before the start of today's London session..

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  1. Gold is very much in focus after it continued to rise following last Friday's bullish breakout into record blue sky territory, trading at a new all-time high above $3,018 and threatening to reach even higher prices. Trend and momentum traders will be interested in being long here. Many analysts see Gold acting as a hedge right now against weak stock markets, and the precious metal might be getting a tailwind from the renewed prospect of all-out war in the Middle East, with the US bombing Yemen and Israel bombing Gaza.
  2. Copper futures gained strongly yesterday to close at a new 9-month high price. There is plenty of demand for this industrial metal which is widely used in AI applications, so it could be a good trade or investment on the long side. Copper futures can be relatively expensive, so retail investors will look for CFD or ETF (CPER) alternatives to participate.
  3. Crude Oil has gained for the third consecutive day, likely due to rising tensions in the Middle East. However, it is far from making any meaningful new highs.
  4. US Retail Sales data released yesterday was disappointing, coming in lower than expected, suggesting a cooling economy.
  5. In the Forex market, the New Zealand Dollar has again been the strongest major currency since today's Tokyo open, while the Japanese Yen has been the weakest. The EUR/USD currency pair is in a lot of focus right now as it is continuing to rise to new multi-month highs well above $1.0900. When the 50-day moving average soon crosses above the 100-day moving average, institutional trend traders will be looking to enter new long trades on fresh bullish breakouts.
  6. Canadian CPI (inflation) data will be released today. It is expected to show a month-on-month increase of 0.6%.
  7. The Bank of Japan will be holding a policy meeting tomorrow. It is widely expected that the Bank will leave rates on hold.
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Adam Lemon
By 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.

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