Forex Today: Silver and Gold Rocket to Multi-Year Highs – 22 July 2020

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on July 22, 2020

Gold closes to new all-time high price in USD

  • Silver is up by more than 11% over the past 24 hours against the U.S. Dollar and is now trading at over $22 an ounce for the first time in 6 years. It may still rise further, but price action suggests a climax may already have been made.
  • Gold has risen to a new 8-year high price in U.S. Dollar terms and is only $70 off its all-time high price made in 2011. It may still rise higher over the coming days.

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  • Stock markets are mixed, but the first significantly strong movement has been felt in the Forex market after several weeks of low activity.
  • The U.S. Dollar’s sell-off has accelerated, while the Euro and the Australian Dollar look like the strongest major currencies today. The U.S. Dollar is in a confirmed long-term downwards trend after making a technical “death cross” two weeks ago.
  • WTI Crude Oil hit a new 4-month high just under $42.50 per barrel yesterday.
  • The EUR/USD currency pair has reached significant new multi-month high prices above 1.1500 and will likely rise higher still over the coming days. The Euro has been boosted by the European Central Bank’s drive to expand stimulus.
  • The AUD/USD currency pair has reached a significant new yearly high price above 0.7100 and will likely rise higher still over the coming days.
  • President Trump gave a news conference yesterday about the coronavirus, in which he adopted a more cautious tone, warning the situation would likely worsen before improving, and urging Americans to be patriotic and wear masks when necessary.
  • Coronavirus global deaths tolls have begun to rise in a steady trend again, with deaths in Latin America and the Caribbean at 46% of the global daily total, well exceeding those in both the U.S.A. (14%) and Europe (approx. 7%) which shows that the epicenter of the pandemic is well established in Latin America. The head of the Pan-American Health Organization said the virus shows “no signs of slowing down” in the Americas. Deaths in the U.S.A. have been rising for two weeks, with states in the south and west seeing high rates of new infections.
  • Total confirmed new coronavirus cases stand at over 14.9 million with an average case fatality rate of 4.12%.
  • The number of new coronavirus cases is rising very strongly in India, which has now overtaken Russia to stand at third place globally with over 1 million total confirmed cases. South Africa now has more confirmed cases than all other countries except the U.S.A., Brazil, India, and Russia.
  • Brazil continues to see more daily deaths from coronavirus than any other country in the world.
  • The rate of new coronavirus infections appears to be now increasing most quickly in the United States, Algeria, Argentina, Bolivia, Canada, Colombia, Costa Rica, Dominican Republic, El Salvador, Ethiopia, Guatemala, Honduras, India, Indonesia, Israel, Japan, Kenya, Kosovo, Kyrgyzstan, Lebanon, Luxembourg, Mexico, Montenegro, Morocco, North Macedonia, Philippines, Poland, Romania, Senegal, Serbia, South Africa, Sudan, Uzbekistan, and Venezuela.

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