Oil market loses momentum/Gold still hovering but holding/Forex today

Dec 23,2019

Regain Capital

Overnight Reviews:

Gold: -0.06%

Silver: 0.81%

US Index: 0.29%

WTI Oil: -1.19%

NDX: 0.57%

Oil market loses momentum

Last Friday, the oil market experienced a correction in prices, erasing 1.19% on a day trading session. Despite the decline in the US active rigs, the last session almost trim half of the weekly gains. The oil market remains in the positive territory, and this correction can be attributed to some profit-taking as Christmas is coming.

Gold still hovering but holding

The precious metal was able to close the week trading above the 50 EMA, seesawing the whole week around 1,475 and 1,480, fighting market adversities but unable to capture the investors’ attention. Holding grounds amid mixed geopolitical headlines where the US, China, North Korea, and the Middle East are the principal players.

Forex today

The market is likely to stay sluggish during this holiday-shortened week where main drivers are: Resents comments from President Trump about the “very shortly” signage of Phase One deal. The UK parliament passing the PM Johnson’s Brexit bill. Let’s see how the week finally evolve.

Main Events Today GMT +8

21:30 CAD GDP m/m

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Oil market loses momentum/Gold still hovering but holding/Forex today

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