Binary Options Analysis – Gold on the Rise

Equities:
The Nikkei 225 is flat in overnight trading, currently ahead just 5 points. The European session saw a sell off yesterday as Greece’s financial difficulties continue to make headlines and without much actionable reassurance from the ECB. The ESTX 50 lost 1.09% to close at 2,942.31 while the FTSE 100 lost .86% to finish at 5,712.70. The Dow Jones Industrial Average got help from better than expected consumer data and gained 29.55 points to close at 10,927.07. Consumer Services and Financials each gained .98% for the day.

Currencies:
Trading was mixed during the day as markets responded to Greece’s fiscal woes, which was later offset in the U.S by ICSC Chain Stores Sales showing an impressive gain. The intraday reversal in sentiment sent the CAD soaring back toward parity as it gained .42%. The DXY still holds above 81 and has so far found support at the 50 day moving average. Since the weak EUR comprises the largest part of the currency basket in the DXY the Dollar has managed to hold above a reading of 80.

daily recap apr09

Commodities:
Gold is soaring once again as it broke 1,150, after picking up a little over $1 on the day. Major Resistance stands at 1,156. A close above that level may give Gold an additional lift. Oil has been trading weaker over the last two sessions losing nearly 50 cents on Thursday. A close below $85, which held as major Resistance for so long may send Oil down further on profit taking.

Economic Outlook:
Yesterday saw the BOE and ECB each keep their respective rates on hold, as expected. ECB president Trichett did very little to reassure investors over Greece’s financial situation. In the U.S yesterday, weekly Jobless Claims surprised the market coming in worse that projected. Today will be a relatively quiet day on the data front. German Trade Balance for February will print today. In the U.K, Producer Price Output for March print. In Canada, Unemployment figures for March will be released.

- Alex Perlmuter

Risk Warning: Please note that Binary Options Trading involves substantial risk of loss.

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