Oil market event supporting bulls/Gold collapsed by unexpected dollar demand/Greenback recovering grounds

Dec 09,2019

Regain Capital

Overnight Reviews:

Gold: -1.09%

Silver: -2.33%

US Index: 0.31%

WTI Oil: 1.36%

NDX: 0.20%

Oil market event supporting bulls

Last Friday, the market experienced the needed support expected by the bulls. Where the much-awaited overly-hyped OPEC+ meeting helped the crude oil price to rose 59.81 level to finally close at the 59 handle. However, the latest report on the trade dispute where the US is scheduled to impose the tariffs on China this coming 15 could affect the global economy.

Gold collapsed by unexpected dollar demand

The yellow metal had a sudden reversal after a renewed dollar demand by investors. This drop to fresh multi-day lows was caused by an unprecedented NFP (Non-Farm Payroll) report that showed that the US economy added 266K jobs in November, shifting the sentiment towards the greenback.

Greenback recovering grounds

The US dollar index (DXY) was able to regain some grounds and close back above the 200 SMA, after a stellar under the spotlight report by the NFP where 266K new jobs were added last November, providing the substantial boost to the US dollars, smashing all expectation bringing down the EUR/USD pair, and safe-havens where JPY hold tight.

Main Events Today GMT +8

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Oil market event supporting bulls/Gold collapsed by unexpected dollar demand/Greenback recovering grounds

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