ActivTrades’ Market Analysts have prepared for LeapRate their daily commentary on traditional markets for January 7, 2020. This is not a trading advice. See details below:
FOREX
The dollar is on the front foot against traditional safe-haven currencies, gaining approximately 0.1% against both the yen and the Swiss franc. The greenback’s strength points at improving market sentiment in relation to the ongoing dispute between the US and Iran. The dollar’s consistent gains illustrate a growing optimism that there will be no immediate military reaction from Iran, which would inevitably lead to an escalation and potentially to a new war in the Middle East.
Ricardo Evangelista – Senior Analyst, ActivTrades
GOLD
Stock markets are trying to rebound but face a challenge while international tensions remain high. Meanwhile the gold price is now consolidating around $1,565 after a long rally. For the time being the trend remains bullish and we can consider today’s moves as a stabilization phase after the massive jump of the last two weeks. Technically the area $1,550-$1,555 represents a first support level and as long as prices remain above this mark, the bullish momentum will persist.
Carlo Alberto De Casa – Chief analyst, ActivTrades