Gold continues its incredible bull run to trade at a new record high, above $4,242.

1. The major even driving market sentiment today is a combination of optimism over the outlook for the US tech sector and fear of a trade war after President Trump states “we’re in a trade war” and is still on scehdule to impose a new 100% tariff on Chinese imports on 1st November. However, markets believe the “trade war” will get resolved well quite quickly, so this factor is enough to mute the recent rise in US stock markets, but a weakly bullish rise is there nevertheless.
2. Risky assets are generally higher on the US stock market rebound. Both the S&P 500 Index and the NASDAQ 100 Index are showing bullish price action with the tech-based NASDAQ 100 looking a little more bullish.
3. Precious metals are in strong focus as they all continue to rise with firn bullish momentum. Notable highlights:
   1. Gold just made a new record high at $4,242 during the Asian session. It is trading in blue sky and there is no telling how high it might rise – it might also be a bullish sign that there was little resistance at $4,000 to the continued advance.
   2. Silver rose to trade above the round number at $53, well beyond the 1980 “Hunt Brothers” high, but the price is still short of its all-time high made two days ago. Like Gold, it can keep going to any level, and it broke the big round number at $50 quite easily.
   3. Platinum is rising, but it has not yet tested its high made last week. Although Platinum futures are too large for most retail traders to safely trade, exposure to the price of Platinum can be obtained via the PPLT ETF which is affordable.
   4. Palladium has risen to make a new 2-year high today, and its price action is looking bullish. Although Platinum futures are too large for most retail traders to safely trade, exposure to the price of Platinum can be obtained via the PALL ETF which is affordable.
   5. Trend and momentum traders will be interested in being long of Gold and Silver, and probably Platinum and Palladium also.
4. In the Forex market, the New Zealand Dollar has been the strongest major currency since today’s Tokyo open, while the Japanese Yen has been the weakest. The USD/JPY currency pair is in some focus after triggering a long trade entry at most trend-following funds a few days ago.
5. Australian unemployment data released yesterday showed a surprise rise to 4.5%, the highest level seen in four years.
6. There will be one potentially high-impact data releases today: UK GDP.