• This morning, the US dollar is on the back foot after the dollar index closed at its highest levels for over two months last night. The USD/JPY is following suit and tucking back so far this morning.
• Gold was one of the biggest movers yesterday, erasing all the gains since the end of April. Some analysts have been predicting that the decline could well stretch down to $100.
• There were big moves afoot yesterday for the pound and euro, with the EUR/GBP suffering large falls. Large gains for the ‘remain’ camp in the Brexit referendum polls appear to have lifted the pound, while poor German economic sentiment figures and another Greek bailout deal have hit the euro.
Coming up today:
• Coming up today we have German Ifo business climate at 09.00.
• Following this we have the Canadian BOC rate statement at 15.00 with no change expected.
• Crude oil inventories follow at 15.30.
Trade Idea:
• Gold declines such as this have often been reversed in the short term, especially on the back of a single day drop. There may well be further down side from here, but in the short term there’s an upside angle.
Disclaimer: This financial market report is intended for educational and information purposes only. It should not be construed as investment or financial advice and you should not rely on any of its content to make or refrain from making any investment decisions. The views expressed in this report are those of the author and do not necessarily reflect the views or position of Binary.com accepts no liability whatsoever for any losses incurred by users in their trading. Binary options trading may incur losses as well as gains.
Gold to hit $100?
Morning Report: 06.30 London
• This morning, the US dollar is on the back foot after the dollar index closed at its highest levels for over two months last night. The USD/JPY is following suit and tucking back so far this morning.
• Gold was one of the biggest movers yesterday, erasing all the gains since the end of April. Some analysts have been predicting that the decline could well stretch down to $100.
• There were big moves afoot yesterday for the pound and euro, with the EUR/GBP suffering large falls. Large gains for the ‘remain’ camp in the Brexit referendum polls appear to have lifted the pound, while poor German economic sentiment figures and another Greek bailout deal have hit the euro.
Coming up today:
• Coming up today we have German Ifo business climate at 09.00.
• Following this we have the Canadian BOC rate statement at 15.00 with no change expected.
• Crude oil inventories follow at 15.30.
Trade Idea:
• Gold declines such as this have often been reversed in the short term, especially on the back of a single day drop. There may well be further down side from here, but in the short term there’s an upside angle.
A good way to play this is a HIGHER trade predicting that gold closes above $1235 in 14 days for a potential return of 149%.
Disclaimer: This financial market report is intended for educational and information purposes only. It should not be construed as investment or financial advice and you should not rely on any of its content to make or refrain from making any investment decisions. The views expressed in this report are those of the author and do not necessarily reflect the views or position of Binary.com accepts no liability whatsoever for any losses incurred by users in their trading. Binary options trading may incur losses as well as gains.
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