Forex Today: Gold, Silver Weaken - 21 May 2024

After reaching new record highs, the precious metals Gold and Silver experienced selling pressure and sold off.

  1. Precious metals have fallen back from their recent new highs, with the past few hours seeing declines in Gold and Silver give back some of their gains. However, trend traders will still be looking to be involved on the long side.
  2. The industrial metal Copper has also declined after reaching a new record high, and trend traders will remain 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 broadly bullish, but have mostly weakened over recent hours, driven partly by bad news in the Chinese market. In the USA, both the NASDAQ 100 Index and the S&P 500 Index advanced to trade at new all-time record highs. The Dow Jones 30 Index exceeded 40000 for the first time ever. Long stocks can be interesting to trend traders and day traders alike right now.
  4. There will be a release of Canadian CPI (inflation) data today. A fall in the monthly increase from 0.6% to 0.5% is expected, which would also produce a decline in the annualised inflation rate.
  5. In the Forex market, since the Tokyo open, the strongest major currency is the British Pound, while the Australian Dollar is the weakest. However, the moves are so small that this is probably not significant, just showing a quiet Forex market right now.
  6. The Governor of the Bank of England will be giving a minor speech tonight.
  7. Tomorrow the Reserve Bank of New Zealand will be holding its regular periodic policy meeting. It is expected to maintain its Official Cash Rate at 5.50%.

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