Gold Trades at All-Time High Above $4,029; Silver Nears New 14-Year High; Precious Metals Platinum, Palladium Reach Multi-Year Highs; Reserve Bank of New Zealand Surprises With 0.50% Rate Cut; USD/JPY Breaks to New 50-Day High; Fed to Release FOMC Minutes Today; Global Stock Markets Mostly Bullish, US Indices Near Record Highs

Summary: Precious metals, notably Gold, continue to rise strongly, as Gold reaches a new record high well above $4,000.

1. Precious metals are in strong focus as they all continue to rise with strong bullish momentum. Notable highlights:
   1. Gold reached a new record high above the big round number at $4,000 trading as high as $4,029 during the Tokyo session. It lis trading in blue sky and there is no telling how high it might rise – it might be a bullish sign that there was little resistance at $4,000 to the continued advance.
   2. Silver rebounded strongly from its recent retracement to reach close to its 14-year high above $48.77, putting the all-time record high price just below $50 in sight. There is much speculation that Silver will soon test this high, given the momentum generated by its recent meteoric rise.
   3. Platinum is advancing firmly to reach a new 12-year high price in recent hours. 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 just broken out to a new multi-year high price. 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 maybe Platinum and Palladium also.
2. New Zealand is in focus today as the RBNZ central bank at its earlier policy meeting made a surprise rate cut of 0.50% as a rate cut of only 0.25% was widely expected. The decision sent the New Zealand Dollar tumbling, falling against all major currencies. On the day, the NZD/USD is down by approximately 1%, while the Kiwi has lost about 0.50% against most other major currencies. The bearish momentum might last as there is no clear sign of a bottom, so day traders today could consider shorting the NZD.
3. In the Forex market, the US Dollar has strengthened today. The British Pound has been the strongest major currency since today’s Tokyo open, with the New Zealand Dollar the weakest. There is also some residual focus on the EUR/USD currency pair, which made a substantial bullish breakout two weeks ago by closing at a new 4-year high price, but has since made a deep bearish retracement. However, the price here is falling, putting $1.1600 in sight again. The USD/JPY currency pair is also in focus as it ended yesterday at a new 50-day high price within a longer-term bullish trend, which will trigger long positions at most trend-following funds.
4. US stock market indices are rising and are currently trading off-hours close to their all-time highs which were made last week. Global stock markets are generally bullish. Trend traders will probably want to be long of the S&P 500 and the NASDAQ 100 indices.
5. There will be a release later today of the minutes of the most recent meeting of the FOMC at the US Federal Reserve.

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