The Greenback has continued its decline this week and the main beneficiaries have been the key commodities of Gold and Silver. Last night’s FOMC minutes added to the negative sentiment for the USD this week. The Doves on the committee were suggesting that weak inflation may not be transitory and caution in raising rates. However, the December rate hike is now “baked in” to expectations and only a significant weakening of the data stream and some major shocks from the current Earnings round would be required to stall the move. GOLD and Silver both triggered LONG positions on the DAILY timeframe on Monday and Gold hit T1 yesterday for a net gain of $10.40 or 1040 pips. I discussed both positions with our live audience at our latest Seminar in Johannesburg on Tuesday evening. More Live seminars next week in South Africa in Durban and Cape Town, join us if you can.
Click here to access the HotForex Economic calendar.
Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! The next webinar will start in:
Senior Market Analyst
Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.