Oil prices seesawing/Gold consolidating in key resistance/Potentially hazardous market condition – UK

Dec 12,2019

Regain Capital

Overnight Reviews:

Gold: 0.70%

Silver: 1.20%

US Index: -0.46%

WTI Oil: -0.46%

NDX: -0.62%

Oil prices seesawing

The crude oil market has been trading sideways since last Thursday trading session, as trade headlines keep flashing mixed signals. After last week’s OPEC+ meeting, the market has kept its eyes on the trade deal front and the uncertainties hovering around the coming 15th of December.

Gold consolidating in key resistance

The Federal Reserve’s interest rate decision and Powell’s dovish statement helped the yellow metal to spike yesterday, the price reached a critical resistance level around 1,474 level, currently trading and fighting the 50 EMA. The safe-haven market will maintain cautious as the risk in Brexit and tariff wars still linger in the market.

Potentially hazardous market condition – UK

December the 12th, UK Parliamentary Election is here. The increased risk in volatility would keep a high-risk sentiment. The election results will be crucial to the future of Brexit. With the Cable heading in a firm direction around the multi-month top is catching a breath around 1.3222 handle.

Main Events Today GMT +8

16:30 CHF SNB Press Conference

20:45 EUR Main Refinancing Rate

20:45 EUR Monetary Policy Statement

21:30 EUR ECB Press Conference

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Oil prices seesawing/Gold consolidating in key resistance/Potentially hazardous market condition – UK

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