Gold Weakness Very Much on Focus
Trade of the Day
Gold very bearish this morning
Gold is one of the weakest commodities this morning. Trades are just not in the mood to take risks when it comes to the precious metal this morning. This is largely due to traders being of the view that the metal’s gains being overdone. Therefore, the commodity could slide further in the coming hours of trading. Therefore, you will need to start going short on the gold binary option.
Dollar going nowhere
The dollar is going nowhere at the moment. Traders are unsure of which direction the dollar is going in. This has led it to be mixed versus its main peers today. On the one hand, it is higher versus the loonie. But, it has slumped versus the Aussie. It must be that the rally in Asian stocks earlier in the morning has really lent the Australian dollar a helping hand. USD may gain in value later on this Tuesday.
Euro slides this morning
We are seeing much weakness when speaking of the European single currency in the latest round of trading. Investors just do not feel that it is the time to buy into the EUR as of now. This is due to there being a number of other important trading opportunities. For example, traders have sold the euro and put their money into currencies such as the pound this morning. The euro could pick up later, so do not be surprised if this does actually occur.
Pound building on yesterday’s gains
One of the most popular currencies recently has been the British pound. Traders have been very much in favor of going long on the British currency after it was sold off in previous trading weeks. It has been able to make some impressive inroads into the greenback today. This is as here has been a lot of positive economic data being published from the British economy. Investors are hoping for more of the same as the trading day passes by
Yen dives on weak data
There has been a lot of weakness this morning following the release of a lot of poor economic data. Traders have decided it is time to sell the yen, as the possibility of more easing in the weeks and months ahead is very high. Also, the stock market rally in Asia has given traders the required confidence to go short on the currency.
U.S. trading to be paramount today
There was no U.S. trading yesterday, as investors were focused on other issues yesterday. Also, there were holidays in the U.S. This gave investors time to try and work out which are the best equities to put their money into each trading day. With the news that Microsoft bought Nokia, this will be very much on traders’ minds. They want to trade the markets with care, but they will have a lot of confidence. Therefore, it may be the time to begin going long on the most traded indexes and stocks.
Gold slumps this Tuesday
We are seeing a lot of weakness for the gold binary option at the moment. Traders are simply not in the mood to take risks when it comes to the gold binary option. Traders just do not believe that gold is a worthwhile investment now. With traders starting to take big risks in the markets, it is quite understandable why gold futures are low. More positive data later on will lead to even big losses for the gold binary option.