Forex Today: Gold, Silver, Copper Rise To Fresh Highs - 20 May 2024

Markets are dominated by significant new highs in the precious metals Gold and Silver, and in the industrial metal Copper.

  1. Precious metals have risen strongly to new highs, although the past few hours have seen Gold and Silver give back some of their gains. Gold has reached a new record high at $2450 while Silver has reached a new 11-year high at $32.50. Both will be interesting to trend traders today on the long side.
  2. The industrial metal Copper has also reached a new record high, and trend traders will be interested here too. If Copper futures are too big for you, or your broker does not offer a Copper CFD, there is a Copper ETF called Copper.
  3. Global stock markets are bullish, with the MSCI World Index rising for a seventh consecutive session. In the USA, both the NASDAQ 100 Index and the S&P 500 Index are not far from their recent record highs. The major Chinese Index the HSI is continuing to climb to new 9-month highs. Long stocks can be interesting to trend traders and day traders alike right now.
  4. The 10-year yield on Japanese Government debt just reached its highest level in 11 years, suggesting that markets are expecting a normalisation of rates by the Bank of Japan in the foreseeable future. This could be bullish for the Japanese Yen,
  5. In the Forex market, since the Tokyo open, the strongest major currency is the Euro, while the New Zealand Dollar is the weakest.
  6. Today is a public holiday in Germany, France, Canada, and Switzerland.

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