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By: Adam Stone
November 10th, 2016 07:45am GMT, London UK

Market Recap & Outlook:

Gold prices soar as the Dollar recovers following Donald Trump’s Presidential win.

Wednesday saw the Dollar turn higher against the other major currencies, as the US currency continued to recover from the sharp losses posted following the news Donald Trump had won the Presidential election. The Dollar initially fell dramatically after Trump was declared the 45th US President. A Trump victory is largely viewed as negative for financial markets as his policies are a source of uncertainty for the US economy. Following the announcement, European Central Bank Governing Council member Ewald Nowotny said the ECB is ready to intervene in markets in the case of an emergency. Elsewhere, Japan reiterated its readiness to intervene in currency markets is need be.

The US dollar index, which measures the USD’s strength against a trade-weighted basket of six major currencies, was up 0.55 percent at 98.41, the highest since October 31 and off a one month low of 95.91, reached overnight.

EUR/USD fell 0.83 percent to 1.0935, off a two month high of 1.1300, struck overnight. USD/JPY fell 0.64 percent to 104.51. GBP/USD gained 0.32 percent to trade at 1.2424.

Oil prices recovered on Wednesday November 09th from sharp losses following Donald Trump’s surprise win. Initially oil plunged along with other risk sensitive assets overnight as the win shocked financial markets, but sentiment recovered following Trump’s victory speech in which he said he would seek common ground rather than hostility, contrasting the heated words he used during the campaign.

Meanwhile, oil traders continued to watch for sign the now mythical OPEC oil production cut deal. The possibility that producers may bow out of the upcoming November meeting seems likely, after Iran, Iraq, Nigeria and Libya all signaled they might not take part in any such deal. Russia’s unclear stance continues to fuel uncertainty.

Oil prices edged lower on Wednesday, after data showed that crude supplies rose for the second week in a row. The US Energy Information Administration said in its weekly report that crude oil inventories rose by 2.4 million barrels in the week ended November 4. US crude was down 5 cents/0.11 percent at $44.91, off an intra day low of $43.10.

Brent crude for January delivery was down 0.35 percent at $45.88 after falling as low as $44.41 earlier in the day.

Gold prices soared almost 5 percent following the news of Donald Trump’s win. Gold for December deliver on the Comex division of the New York Mercantile Exchange Jumped $41.00/3.22 percent to $1,315.75 a troy ounce.

EUR/USD: A binary Put option coincides with the trend, seen below.
eurusd Binary Options Insights for November 10th 2016

USD/JPY: A binary Call option coincides with the trend, seen below.
usdjpy Binary Options Insights for November 10th 2016

GBP/USD: A binary Call option coincides with the trend, seen below.
gbpusd Binary Options Insights for November 10th 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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