Forex Signals Brief for Feb 2: Silver in Focus
US Wrap
US markets jumped higher to open the new trading week, with plenty of things going on.
I can’t recall a time in my life when we’ve seen so many unusual things happening – if you’re paying attention.
Of course, last week Gamestop rallied as the Reddit short squeeze pushed the price to record levels, before easing off. The same thing happened in SILVER to start the new week.
At the same time, we heard that the Myanmar Government has been arrested by the military for election fraud. Interestingly, they also use the same technology for voting that we saw in the US. Coincidence? There have been a number of Governments that have come down in recent weeks, to little fanfare from the media including Italy and the Netherlands. While we are also hearing that there is a huge military buildup in the South China Sea.
Then in the background, Congress is trying to impeach US President Donald Trump – a move that is unconstitutional if he is not the President?
All the while these things are going on and the markets keep on grinding higher. We are also seeing the USD really pushing back up now and it appears it has put in a base for now. That will likely put pressure on the majors going forward.
The Data Agenda
The data agenda is thin today, with the main events being FOMC speakers.
Forex Signal Update
The FX Leaders Team finished with 1 win from 3 trades as markets opened up for the week.
Gold – Pending Signal
The GOLD trade is on the radar now thanks to the SILVER jumping in the past few session.
USD/JPY – Active Signal
The [[USD/JPY] looking strong thanks to the Greenback and we remain long here.
Cryptocurrency Update
BTC was quiet to open the week, with the action elsewhere in the cryptos with the likes of XRP seeing incredible volatility.
ETH meanwhile is looking very bullish.
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