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Bitcoin rose firmly yesterday, breaking above resistance levels to reach the round number at $110,000 before pulling back during the Asian session.

1. Bitcoin is in focus again after making a new record high at $112,000 only two weeks ago. It went on to make a deep retracement, shaking out many trend traders, but yesterday finally made a notably strong rise, overcoming three key resistance levels. The price has made a natural retracement but is still trading around $110,000 easily within sight of the all-time high at $112,000. If the price closes above that level at the end of the New York session today, a lot of trend traders will get back in with long positions. The best way to invest in Bitcoin over the long-term is either by buying Bitcoin directly, buying a Bitcoin future (micro futures of only 0.1 Bitcoin are available on the CME), or a Bitcoin ETF (there are several, for example BITO).
2. Silver rose again yesterday to reach another new 13-year high yesterday, although it sold off a bit during the Asian session. Trend traders will be interested in being long of Silver right now.
3. The precious metal Palladium again rose to a new 6-month high yesterday. Trend traders will be interested in going long of this lesser-known precious metal if it makes another long-term high as a New York close today. Palladium futures are expensive, but a Palladium ETF (PALL) is available as a suitable vehicle for many.
4. WTI Crude Oil is rising quite strongly to a new 2-month high following Iran’s formal rejection yesterday of proposed US terms for a nuclear deal. Iran has instead proposed it will limit enrichment on its own soil to 3.67% if Israel dismantles its own alleged nuclear weapons program. It also seems the Iranian regime has stolen IAEA documents purporting to its inspections of an Israeli nuclear facility which it may use to embarrass Israel and western nations. The Iranians are claiming that the documentation will allow it precisely target all of Israel’s alleged secret nuclear facilities in the event of an attack on Iran’s nuclear facilities. More sophisticated traders might want to look into the possibility of buying highly out of the money options on crude oil as in the event of a full-scale war with Iran, crude oil prices are bound to rise dramatically,
5. In the Forex market, one of the most notable developments has been the decline in the US Dollar since the market opened a few years ago. The price is now approaching the multi-year supportive floor at 97.67. If we see a breakdown below that level, this could trigger a much stronger fall in the greenback. Currency pairs to watch in this case are the GBP/USD and to a lesser extent EUR/USD. Since today’s Tokyo open, the Forex market has been quiet, which makes sense as markets will be awaiting tomorrow’s release of US CPI (inflation) data.
6. There are no data releases of high importance scheduled today, so it might be a quiet day in the markets.