Gold to Sell this Wednesday
Trade of the Day
Gold the commodity to sell
Gold started today’s trading session much lower. Investors have simply been in the mood to ditch the metal today. This comes after it made some very important advances for more than a week. It seems that traders are unfolding their long positions in the yellow metal. This comes on the much stronger economic data from the American economy. As the world’s largest economy improves, traders will take the chance to sell the metal.
Greenback showing its resilience this morning
It is important that you understand there was a rally on Wall Street during yesterday’s trading session. Investors were in the mood to take some very big risks when it came to the financial markets in the past 2 days. This has turned out to lend the greenback a helping hand. It is trading higher versus the Aussie and the loonie in the latest round of trading.
Traders feel like selling the euro
There really has been a lack of direction when it has come to the European single currency in the past few trading days. It seems to be going lower, as the positive economic data has come from America and not Europe. Therefore, it is no surprise that the EUR is going so much lower at the moment. As a result, you may want to start going short on the EUR/USD forex binary option as the trading day passes by.
Mixed behavior for the pound today
On the one hand, the pound has made very big inroads into the euro. This is after it was much weaker several hours ago. This is evidence of the high amount of volatility which we are seeing in the currency market this morning. The bad news is that the pound sterling is making some very big losses versus the greenback. The fact of the matter is that the dollar is by far the strongest currency. Therefore, do not be surprise if the GBP/USD currency pair continues diving.
Yen selloff yet again
We are seeing a yen selloff this morning, as investors have taken the chance to ditch the currency. They just do not feel that the time for them to buy into the yen is now. This is because there are simply so many factors pushing it lower. The yen has made big losses versus the pound and the dollar. The losses for the yen will be extended into late night trading, so be prepared.
Global stocks going through a rally
It is obvious that global stocks are going through a rally this morning. This is because there are so many factors pushing them high. This all resulted after there was a rally in U.S. equities and indexes during yesterday’s trading session. You may want to follow al of the global economic data as it is released from the wires in the hours ahead.
The fact is that the U.S. and Eurozone are leading the wires with data. There will be the beige book release from the U.S. economy later on. Following this closely will be key if you intend on making high returns form the U.S. equities and indices.
Sell gold now
There seems to be a lot of instability in the gold binary option this morning. Investors are of the view that it is not the right time to go long, as the positive global data offers them the right time to go short on the metal. This means you may want to open Put options in gold.