I thought I should open today’s daily analysis with the ever precious metal Gold. It’s been a few days now that I have not reported much on this commodity, as, unfortunately, the price kept on the low down. With the expected approval on the Greek bailout by the Eurozone, prices hardly budged. However, by the end of yesterday the Gold price fell to an all-time 7 – week low to $1190. Suddenly regaining some momentum and bounced back to a surprising $1200. What brought about this special occasion in the market movement was the speech from Janet Yellen, the Federal Reserve’s chairperson that had spoken on the semi-annual Monetary Policy Report in front of the Senate Banking Committee today that brought about the drop and thereafter a swift incline. While the USD rallied as traders thought a rate hike was imminent, however, Yellen did put these thoughts to rest and announced that it was unlikely as the economic conditions that are currently established in the country was not warranting and would not be implemented for the next two months at least.
As a result of Yellen’s’ consumer confidence report being a total miss, the greenback did slide slightly and lost most of the day’s gains. On the other hand, stocks did see an upward trend and hit new highs, which increased trader confidence instead. There is not telling if Gold will exceed $1200, however, there is a promise that it will hit a major support levels between $1150 and $1188 for this week.
With all the Greek drama seems that today the EUR / USD did not move much, there were high hopes of the Euro taking a step or two up the charts. However this did not happen, I feel that the Euro, due to the Greek bailout approval will not gain much of an upward trend this week. The issues that Greece is facing are over and above any point of return in my opinion. There is little hope at this stage for a great recovery.
Breaking multi-year highs even record-shattering price increases on the markets is the Nikkei. Last week reaching a high of 18300 last seen in 2007. This index then increased further during today’s European session. As I view the performance of this index now I see it maintaining its bullish upward trend till the end of the trading week.
Today’s Binary Trading Tip:
Simply sticking to my safe havens today: PUT on the EUR / USD. And sadly I will still be selling Gold. The Nikkei is my next CALL I feel so good about this indices that I am open to buying today.
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