Forex Today: Gold Makes New Record High Price at $1944 – 27 July 2020

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on July 27, 2020

USD selling off strongly

  • The price of Gold hit an all-time new record high during the Asian session, briefly trading as high as $1,944 an ounce. It looks likely to continue to rise.
  • Silver rose by more than 6% against the U.S. Dollar during the Asian session, hitting over $24 an ounce for the first time in 6 years. It may still rise higher this week.
  • A significantly strong movement has been felt in the Forex market after several weeks of low activity. The AUD/USD currency pair reached a new 1-year high and the EUR/USD reached a new 18-month high above 1.1700 and is likely to rise higher. Even the Japanese Yen has made a serious advance against the Dollar.
  • The U.S. Dollar’s sell-off has accelerated, while the Euro and the Australian Dollar again look like the strongest major currencies today. The U.S. Dollar is in a co firmed long-term downwards trend after making a technical “death cross” two weeks ago.
  • The EUR/USD currency has been boosted by signs that the Eurozone economy is beginning to recover from the coronavirus slow down more quickly than the U.S. economy will.
  • Stock markets are mixed.
  • Coronavirus global deaths tolls have begun to rise in a steady trend again, with deaths in Latin America and the Caribbean at 45% of the global daily total, well exceeding those in both the U.S.A. (15%) and Europe (approx. 7%) which shows that the epicenter of the pandemic is well established in Latin America. Deaths in the U.S.A. have been rising for three weeks, with states in the south and west seeing high rates of new infections.
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  • Total confirmed new coronavirus cases stand at over 16.2 million with an average case fatality rate of 3.99%. Friday saw the highest level of new confirmed cases worldwide yet.
  • Brazil continues to see more daily deaths from coronavirus than any other country in the world. The U.S.A. is catching up.
  • The rate of new coronavirus infections appears to now be increasing most quickly in the United States, Algeria, Argentina, Armenia, Australia, Bahamas, Brazil, Bulgaria, Colombia, Costa Rica, Ivory Coast, Croatia, Czech Republic, Dominican Republic, Ecuador, El Salvador, Georgia, India, Indonesia, Iran, Iraq, Israel, Japan, Kenya, Kosovo, Kuwait, Lebanon, Luxembourg, Mexico, Moldova, Morocco, Paraguay, Philippines, Poland, Romania, Senegal, Singapore, Ukraine, Uruguay, Uzbekistan, and Venezuela.

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