Oil prices struggling /Gold price consolidating/US-France tariff truce

Jan 21,2020

Regain Capital

Overnight Reviews:

Gold: 0.25%

Silver: 0.24%

US Index: 0.06%

WTI Oil: -0.03%

DOW 30: 0.09%

Oil prices struggling

The black commodity closed its gap up on Monday, with lack of clear sentiment in the market causing a thin trading session. Market sentiment is currently struggling between positive Phase One signing and concerns of oversupply in the market, with oil prices still in an uptrend while investors wait for this week’s inventory reports.

Gold price consolidating

Precious gold is still trading in a tight range, consolidating near its $1,560 handle while investors wait for further signals in the market. Previous signing of Phase One failed to drag gold lower, with support found near the 18EMA. Market remains sceptical as concerns of re-escalating Middle East tensions continues to haunt the market.

US-France tariff truce

Discussion between the US and France Presidents on digital tax led to a truce on tariffs until the end of 2020, as both sides work together towards an agreement to avoid escalation of tariffs. Monday’s progress spiraled hopes that US will continue to work its way in negotiations with EU counterparts to avoid further trade tensions.

Main Events Today GMT +8

11:00 JPY BOJ Outlook Report
11:00 JPY Monetary Policy Statement
17:30 GBP Average Earnings Index 3m/y
18:00 EUR German ZEW Economic Sentiment

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Oil prices struggling /Gold price consolidating/US-France tariff truce

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