Forex Trade Setups Commentary: Silver and Gold continue to rise, 14th April 2011

Forex Commentary:

The U.S. dollar weakened across the board on Thursday, reaching a record low against the Swiss franc, with more losses likely as long as U.S. Federal Reserve and European Central Bank policies continue to diverge.

The dollar also weakened today as a result of a government report showing that unemployment benefits in the U.S. rose unexpectedly.

The euro has gained 8.3 percent on the dollar in 2011 even with events that would typically be negative for the currency, such as uprisings in the Middle East and Japan’s earthquake.

In other trading, the British pound rose to $1.6353 from $1.6274. The dollar fell to 83.54 Japanese yen from 83.82 yen, and fell to 0.8925 Swiss franc from 0.8963 Swiss franc.

Trading Setups / Chart in Focus:

Silver

The silver market continued to flex its muscle today as an inside bar setup from yesterday fired off to the upside.

We discussed this inside bar trading strategy yesterday in our member’s commentary, and some of our member’s have been riding this silver trend for a quite a while now, taking advantage of the price action strategies that have been forming.

Both silver and gold have been very strong recently as the U.S. dollar continues to weaken and global demand for the precious metals continues to rise.

For a more in-depth analysis of the major forex currency pairs and price action analysis, please check out my forex trading course.

Other Markets:

On Wall Street today stocks eked out small gains as concerns about faltering growth and inflation caused investors to hesitate on taking bigger risks.

The Dow added 14.16 points, or 0.12 percent, the S&P 500 gained 0.11 of a point, or 0.01 percent, and the Nasdaq lost 1.30 points, or 0.05 percent.

Upcoming important economic announcements: 4/15/2011

8:30am EST: United States – Core CPI m/m
9:00am EST: United States – TIC Long-Term Purchases
9:55am EST: United States – Prelim UoM Consumer Sentiment