Forex Today - 25/09: Gold Reaches New Record High Of $2,670
Date
9/25/2024 3:08:03 PM
(MENAFN- Daily Forex) The strong bullish trend in Gold continues with the precious metal making a new record high earlier today.
The price of
gold has continued to advance to new all-time high prices, reaching as much as $2,670 during the Tokyo session. Trend and momentum traders will be interested in being long of this precious metal. Note how Gold tends to rally in times of risk-on sentiment, far from its false reputation as a haven or hedge.
Risk-on sentiment continues to dominate markets. Stock markets are declining a bit right now, but the
S&P 500 index closed yesterday at a new record high price.
Many commodities, notably Crude Oil but also some softs, are looking much stronger with the improvement in risk sentiment over the past few days.
In the Forex market, the Euro has been the strongest major currency since the Tokyo open today, while the Australian Dollar has been the weakest. However, the numbers are low and not likely to be significant. What is significant in Forex right now is the strength of the British Pound since last week's hot UK CPI data release, which has pushed the GBP/USD currency pair to a new 2.5 year high above $1.3400. Trend and momentum traders will be interested to be long of this currency pair. The EUR/USD currency pair is also threatening to rise and potentially close today at a new long-term high, which could also be a good long trade entry signal.
Australian CPI data released earlier today fell as expected from 3.5% to 2.7%.
US Consumer Confidence data released yesterday showed its strongest decline in 3 years, increasing the feeling that the US economy is really cooling off.
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