Gold the Commodity to Buy into this Friday
There seems to be a lot of movement for the U.S. dollar this morning. It is trading higher versus the majority of its peers after the rally which we saw for American stocks during yesterday’s trading session. This was a relief as there has been so much volatility for the American currency as of late. The EUR/USD forex pair is lower this morning by 0.09 percent at the $1.3707 level.
We are seeing a lack of demand for the euro this morning, as traders are of the view that there are alternative currencies to profit from this morning. This has been the mentality of traders since the beginning of today’s trading session. The facts on the ground show that the Eurozone economy is not strong, while a number of other global economies are in much better shape. Look for the euro to continue selling in the hours ahead.
When speaking of weak currencies today, the loonie seems to come to mind. Among its biggest losses have been made versus the greenback. The USD/CAD pair are trading higher this Friday morning by 0.46 percent at C$.1.1151. The Canadian dollar has also made some big losses versus a number of it’s the peers today. Therefore, one of the best moves may be to open Call options in the USD/CAD pair as the trading day gets underway.
U.S. stocks climbed on improving manufacturing data. This allowed American equities to make up for the losses which they made during Wednesday’s trading session. This shows just how quickly the situation can change with regards to the leading stocks and indices each trading day. Therefore, you will need to be very aware of the happenings in the financial markets.
The S&P 500 Index advanced 0.6 percent to 1,839.78. The Dow Jones Industrial Average jumped 92.67 points, or 0.6 percent, to 16,133.23.
Facebook made gains of 2.3 percent to $69.93. Apple tumbled 1.2 percent to the $531.15 level.
It is like that there will be another stock market rally on Wall Street today.
Crude oil futures are heading for weekly gains. In fact, the commodity is headed for its sixth week of gains, as there is a lot of confidence in commodities at the moment. The crude oil binary option is headed for its longest rally in a year. This comes on the continuation of the cold weather which we are seeing in America. However, the commodity is down slightly this Friday, but traders are of the view that there may be a bullish comeback in the later hours of trading.
The gold binary option is trading higher today by $2.40 at the $1,319.30 price level. It is important to take into account the commodity is trading at its highest level in three months. There are fears though that this could decrease demand for the commodity in the medium-term, which means you will need to be cautious while trading gold in the coming days and weeks. For Friday, we may actually see gold build on its current gains.
There is a lot of volatility when speaking of the most traded commodity as of now. It is the case that crude oil is trading lower. Traders are a bit worried that the gains which we have seen for the black gold as of late have been overdone. Moreover, with fears over the state of the Eurozone and China’s economy, a number of traders are sitting on the sidelines. The black gold could actually rise this afternoon.