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By: Adam Stone
July 6th, 2016 07:45am GMT, London UK

Market Recap & Outlook:

Gold on the rise as investors seek safe haven assets.

Tuesday saw GBP/USD fall below 1.30 for the first time in over 30 years, as banking stocks in Britain and the Euro area continued to tumble, adding to existing concerns of an impending recession following last months Brexit vote. At session lows, the British Pound dropped to 1.2997 against the Dollar, extending its losses from the immediate aftermath of the Brexit inspired market shock and dropping to its lowest level since 1985.

At the close of US trading, the currency pair traded at 1.3028, down 1.89 percent on the session. EUR/USD dropped 0.18 percent to 1.1135, while EUR/GBP rallied 1.56 percent to trade at a 21 month high of 0.8523.

Gold rose more than 1 percent on Tuesday July 5th despite the broadly stronger Dollar, as investors continued to pile into the safe haven asset amid widespread concern of a global economic slowdown. On the New York Stock Exchange, Gold for August delivery closed at $1358.35, up $19.45 on the session. Gold has hovered near 27 month highs since rising almost $100 an ounce in a single session in June last year, following the decision by the UK to approve the Brexit referendum.

Silver for August delivery gained 0.389/1.97 percent to $19.977 an ounce, on Monday Silver futures surged above 21.20 an ounce to reach fresh two year highs.

Oil prices fell almost 5 percent on Tuesday as investors feared that Britain’s exit from the EU would slow the global economy, making it unlikely energy demand will grow enough to absorb the supply glut. Traders also pointed to data from market intelligence firm Genscape showing a build of 230,025 barrels at the Cushing, Oklahoma storage hub for US crude futures during the week to July 1.

Brent futures settled down $2.14 at $47.96 a barrel while US crude fell $2.39 to end at $46.60. Oil prices are up almost 80 percent from 12 year lows of approximately $27 for Brent and $26 for US crude in the first quarter. The rebound was ignited by supply outages ranging from Canada to Nigeria that created the perception that a two year long glut might be easing.

GBP/USD: A binary Put option coincides with the trend, seen below.
GBPUSD Binary Options Insights for July 6th 2016

EUR/USD: A binary Put option coincides with the trend, seen below.
EURUSD Binary Options Insights for July 6th 2016

EUR/GBP: A binary Call option coincides with the trend, seen below.
EURGBP Binary Options Insights for July 6th 2016

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Adam Stone
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Adam Stone

As COO of GOptions, my first and foremost goal is to provide traders with the most up to date info from the markets. I have been trading the markets since 2004 and have been involved with stocks, binary options, and forex trading since then. I have had no formal market education and pride myself on a self taught approach to everything related to trading. I try to focus though on both the technical and fundamental aspects related to each trading day and bring forward the most important aspects of risk/reward in the market.
Adam Stone
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