Gold Bearishness Continues Today
Trade of the Day
Gold slumps this morning
There is a lot of weakness when it comes to the gold binary option this morning. Gold futures have slumped $19.50 to the $1,311.10 price level. A pattern which we have seen during the current trading week is gold dive into the abyss. As there is very little chance of a war with Syria, traders find very little reason to buy into the gold binary option. This is as gold is known as a haven asset. Further declines may be on the cards.
Dollar very bullish
There is a lot of strength for the dollar in the latest round of trading. Investors are of the view that it is the right time to go bullish on the greenback. This is after the release of positive employment data from the U.S. economy. It seems that the dollar is showing the most strength in a month in the past few trading days. The EUR/USD forex pair is trading lower this Friday morning by 0.22% at the $1.3270 price level.
Euro lower on all fronts
There is a lot of weakness for the European single current this morning. Some of its biggest losses have been made versus the pound and the dollar. Traders just feel that some of the euro’s gains in recent weeks have been overdone. As a result, investors have decided to unfold their long euro positions. Instead, they are putting their money in currencies which they feel can offer them some very high returns.
Pound mixed today
On one hand, the pound has been able to make inroads into the euro. On the other hand, it is trading much lower versus the greenback. Traders do have confidence today, but they are thinking about the Fed possibly putting an end to their stimulus program next week. This will likely stay on their minds while they trade the financial markets in the coming hour of trading. It is very much possible that the GBP/USD forex binary option will make an upward surge later.
JPY weaker for once
The yen has slid versus its main currency counterparts this morning. Investors are of the view that now may not be the time to buy into the yen, as it is very little. This has turned a lot of traders off. This is especially as there are simply so many risks in the financial markets at the moment. This is why you will need to trader wisely.
Weakness on Wall Street yesterday
We saw a lot of weakness when it came to the most traded stocks during yesterday’s trading session. Investors feel that it is the right time go long on stocks. This is as there are a number of other trading opportunities at the moment. This is why you need to be aware of all the economic events at the moment.
Traders will want to follow the consumer confidence data from the U.S. economy if they want the chance to make some very high returns later on.
Gold slides on stronger dollar
The gold binary option has fallen this morning on the much stronger dollar. Traders are of the view that gold is just too risky to put their money into this morning. This shows a lot of how traders feel. Investors are trying to work out which commodities to put their money into. One this is for sure: they have sold off the gold binary option on all fronts. Expect gold futures to slide further as the trading day passes by.