Forex Today: Gold Makes New Record High Price at $1981

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on July 28, 2020

Volatile climax suggests short-term low reached for USD

  • The price of Gold hit an all-time new record high during the Asian session, briefly trading as high as $1,981 an ounce before pulling back sharply.
  • Silver rose by more than 6% against the U.S. Dollar during the Asian session, hitting over $26 an ounce for the first time in 6 years before pulling back sharply.
  • Gold and silver made a very strong “climax” move, falling back sharply during the late Asian session, suggesting we will not see higher prices for a while.
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  • Significantly strong movement continues to be felt in the Forex market after several weeks of low activity. The EUR/USD currency pair reached a new 18-month high above 1.1750 yesterday and is likely to rise higher. Even the Japanese Yen has made a serious advance against the Dollar.
  • The U.S. Dollar has recovered over recent hours against most currencies after selling off strongly during recent days. The U.S. Dollar is in a confirmed long-term downwards trend after making a technical “death cross” two weeks ago, so this may be a temporary retracement and not a major trend change.
  • The EUR/USD currency pair 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.
  • Bitcoin has made a near 1-year high price above $11,000.
  • Republicans in the U.S. have proposed a new $1 trillion coronavirus stimulus package, which would include another $1,200 payment to every adult American.
  • 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. (16%) and Europe (approx. 6%) 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.
  • Total confirmed new coronavirus cases stand at over 16.4 million with an average case fatality rate of 3.97%. Last 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 close behind.
  • The rate of new coronavirus infections appears to now be increasing most quickly in the United States, Albania, Algeria, Argentina, Armenia, Australia, Bahamas, Belgium, Brazil, Costa Rica, Croatia, Ivory Coast, Croatia, Dominican Republic, El Salvador, Ethiopia, Georgia, India, Indonesia, Iran, Iraq, Israel, Japan, Kenya, Lebanon, Luxembourg, Mexico, Morocco, Panama, Paraguay, Philippines, Poland, Romania, Senegal, Serbia, Singapore, South Africa, Ukraine, Uruguay, Uzbekistan, and Venezuela.  

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