Good morning traders,
Yesterday saw celebrations of Luther King day, and the US markets were closed with the exception of Gold and Brent Crude that were traded electronically, floor trading was however still closed for the memorial. This left the Gold price slightly lower than expected, after this was the best week for precious metals in over a year. When trading resumes today focus will be on the financial performance of USD and certainly Brent Crude and Gold will make the headlines.
The focus is on Gold’s status as being a ‘safe haven’ and price increases. Gold is struggling now more than ever against weaker market equities. I suspect this is due to lower earnings on this metal as well as the European Central Bank stimulus measures.
Crude oil fell once again against the European markets yesterday- due to another investment bank cutting its price amid a negative forecast. I suggest that you brace yourselves for yet another week of a decrease in this precious commodity.
In the meantime, all eyes and ears are waiting with bated breath what the European Central Bank Press Conference will announce on Thursday 22 January 2015. This will have an enormous influence on all assets and markets alike without a doubt.
This rapid decline in oil prices is hitting oil companies on a global scale. Oil and gas majors over the next few days will announce their quarterly earnings, and market participants will probably expect more job losses and spending cuts.
It seems that the Swiss Franc (CHF) is taking a break from its market breakthrough over the weekend and Monday, however it is still on a positive high over its past performance. Yet again this will be influenced by the ECB’s announcement scheduled later this week.
Trading Tip For Today:
I have a strong feeling the Yen (JPY) will make a comeback against the USD this week. I would not hold my breath on crude oil, so best to set a PUT option against this commodity.
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