Forex Signals Brief for May 4: Metals on the Move
Rowan Crosby • 2 min read
US equity markets were relatively mixed yesterday, but we did start to see precious metals start to move.
As data was thin, it was an interesting day for both GOLD and SILVER to jump higher, but it has been a move a while in the making. We must note that there is a massive demand for physical metal at the moment, while the spot markets continue to be held down. Quite a strange equation if you think about it, so for those new to trading metals it is well worth your time doing some digging and finding out why there is a disconnect.
Silver managed to jump to $27, while Gold is knocking on the door of $1800. A fall in the USD helped the cause, but we should point out that the dollar has been falling for a while, and hasn’t impacted either metal recently.
The Data Agenda
Data is light today, but we do get the latest RBA update late in the Asian session. We expect no change here as has been the case and just comments about the outlook will be of most interest.
In the European session, we will get manufacturing PMI from the UK, on an otherwise quiet day.
Forex Signal Update
The FX Leaders Team hit 2 winners from 2 trades, while we have multiple signals open at the moment.
XRP – Active Signal
XRP was really look strong yesterday, only to fall away in the short and sharp sell-off that occurred. In reality, price was struggling to get above the $1.65 mark and we know there is resistance ahead. We remain bullish here and will be holding on.
LTC – Active Signal
LTC rallied hard before tagging $300 and then dumping. We are staying in this long position although it is getting busy.
BTC was up near the $59,000 level before selling down hard and dragging the market with it.
Price remains above $55,000 but the entire sector is seeing some volume this morning in Asian trade so it will be one to watch in the coming hours.