Oil prices in consolidation /Gold market doubtful /Cable under political pressures

Dec 17,2019

Regain Capital

Overnight Reviews:

Gold: 0.03%

Silver: 0.58%

US Index: -0.04%

WTI Oil: 0.57%

NDX: 0.04%

Oil prices in consolidation

Oil price did not make a new high yesterday, although it was able to close above the 60 handle, as confirmation of cautiousness in the market. The market euphoria on global trade agreements is fading as not much clarity yet has been confirmed by either side involved.

Gold market doubtful

The precious metal ended a trading session with marginal results. Market hesitation can be read by the Doji candle formed at a critical level of around 1,475, holding grounds and closing above the 50 EMA. The market remains under pressure on both sides; buyers and sellers are trying to find clear signals to place their bets.

Cable under political pressures

GBP/USD pair is under correction after the strong bullish rally reaction as the market anticipated the Conservative’s election victory, breaking the deadlock finally in Parliament over Brexit. The cable can continue higher as a smooth transition, and forthcoming trade negotiations with the European Union will carry on.

Main Events Today GMT +8

08:00 NZD ANZ Business Confidence

08:30 AUD Monetary Policy Meeting Minutes

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Oil prices in consolidation /Gold market doubtful /Cable under political pressures

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