Can Gold Break an All Time Record Once Again?
October 12th, 2009 Posted in Daily Forex News
Last week was a relatively peaceful trading week. There were only two significant trends last week; the first one was the rising Euro, and as a result many commodities have soared as well. The one which was mostly notable was gold. Gold saw an all time record last week, reaching over $1,060 an ounce. However ever since gold dropped a bit and is currently traded around $1,047 an ounce. It seems that many investors are making profits on their gold positions, and thus the depreciation of gold may continue today as well. Regarding the Euro, despite the rising trend against most of the major currencies, the EUR/USD pair failed to breach the 1.4820 level, and traders can mark it as the most significant resistant level at the moment. If the pair will manage to breach it, we might see the EUR/USD test the 1.50 level again. If not, a sharp bearish correction may take place. Either way, you should be there to take advantage of this situation.
These are the leading publications expected later on today:
• New Zealand Retail Sales (21:45 GMT) – This report measures the change in the total value of sales at the retail level. It is the earliest and broadest look at vital consumer spending data, and thus tend to have an impact over the NZD. If the actual result will beat forecasts for a 0.6%, the NZD is likely to rise as a result.
• U.K. House Price Balance (23:01 GMT) – This report is a leading indicator of housing inflation in the U.K, and thus has a large impact on the GBP. If the end result will reach expectations for a 15.1% rise, it is likely to have a positive impact on the Pound.
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Tags: EUR/USD, forex Daily Tips, Gold trading
