Commodities outlook: oil and gold
What are the projections for the oil and gold prices? Let's discover that in the review for commodities.
EUR/USD: consolidates above key pivot point area
Information is not investment advice
Ichimoku Kinko Hyo
CHF/JPY: The pair is trading below the cloud. A downward pressure would lead the pair to exit further the cloud, confirming a bearish outlook.
Fibonacci Levels
XAG/USD: Silver faces a remarkable buying pressure after a significant breakout. Further upside move is most probably ahead.
EU Market View
A positive tone was observed in the Asia-Pac region and US equity futures recovered from the early stumble seen at the reopening. Italia Viva’s Renzi is pushing for Finance Minister Gualtieri to be replaced in discussions to forge a new coalition government led by PM Conte. This positive start to the European day comes despite two PMI releases from China showing economic activity slowed in January as restrictions took a toll in some regions.
Manufacturing PMI data is scheduled for release in Europe later Monday, and this should detail a similar loss in economic momentum for this region as coronavirus lockdowns bite. German retail sales slumped 9.6% on the month in December.
Looking ahead, highlights from the macroeconomic calendar include EZ, UK, US final manufacturing PMIs, US construction spending, ISM manufacturing, Fed's Bostic, Rosgengren speeches.
EU Key Point
- US bullion broker APMEX says surging silver demand prompts transaction delays.
- Silver closes in on $29 again to start European trading.
- Germany December retail sales comes at -9.6% vs -2.0% m/m than expected.
- US President Biden will meet with 10 Republican senators Monday package to discuss the COVID-19 relief.
Gerasimos Papagiannis
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Commodities outlook: oil and gold
What are the projections for the oil and gold prices? Let's discover that in the review for commodities.
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