Daily Market Analysis 3rd February, 2015

Reading Time: 2 minutes

Binary Options Tips WhyoptionsGood morning traders,

Seems the Euro (EUR) may be readying to make an upward turn against the greenback (USD) after gains were noted in the early hours of this morning. Short-term, this is looking great. I feel however, after hearing the Greek finance minister confessing to saying “Greece has no life outside of Europe”, that the EUR will not drop much further but it will not gain much over the month ahead. Finally, the Euro sees some of the light at the end of the tunnel. Well, more doom and gloom as Germany’s 10-year bond with Japan will also weigh heavy on the Euro where the Yen (JPY) is concerned.

The United Kingdom’s low inflation rate is deliberating heavily on the GBP/USD, this may be outperformed by the soon to be upsurge in the Great British Pound (GPB) against the Euro (EUR), due to the increase budgets for the UK election. This could mean lower risk and a safe-haven for the GBP, in turn a much slower depreciation for GBP/USD.

Spot Gold has slightly retreated down and slid even further by 0.1% in the early hours of the morning. Same for the U.S Gold, it decreased by 0.2%. There are predictions in the marketplace today that are saying one could even Call on Gold today for more long term trades, look at opening the CALL for a two or three day period. Others recommend to PUT gold around $1280 today.

With Brent crude making a comeback on Friday, Monday saw more positive potential in that oil. These hopes were later crushed, as by midnight news came in of a $1.07 drop of Brent crude yet again after a six-year low a further decline created huge unsettling of over covering for U.S oil drilling.

After seeing the Silver acting on the positive side of gains for a low of $16.72 gains were not massive, however, the commodity did well and reached $17.40 on Monday. The turn is for the worst and seems that a decline in this precious metal is going to happen today.

Today’s binary trading tip:

The best bet today is to stick to your Put on Gold, Silver and Crude for the remainder of today.

Happy Trading!

 

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Jason B. Kruger is a Professional Trader & Chief Editor for WhyOptions.com, who is considered ‘The Authority’ on Binary Options Trading Strategies, Reviewing Brokers,Providers and their Products.
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