Oil prices tested new high/Gold market keep struggling market adversities/US-China trade deal under the spotlight

Overnight Reviews:

Gold: 0.42%

Silver: 0.18%

US Index: 0.41%

WTI Oil: 0.79%

NDX: 0.62% 

Oil prices tested new high 

The WTI benchmark was able to test new highs last Friday trading session for a late retreat closing at 59.76 level. As expected, the US-China agreement offered support and bull sentiments in the market where the price rose to 60.45, the highest level since 16 September, forthcoming details over the deal could extend the appetite for the rally.

Gold market keep struggling market adversities

The yellow metal has kept fighting market difficulties, where since last September it hasn’t been able to form a new higher high, price action has built three months falling wedge. However, the bullish sentiment is still present as the latest Fed dovish report from Powell’s comments could boost the safe-haven market.

US-China trade deal under the spotlight

The unexpected greenback wins last Friday were supported by clarity in the Phase-One trade deal front, with China announcement in suspending additional tariffs on the US and the US doing the same. US Treasury Secretary Mnuchin will release more details hopefully this week that might improve risk sentiment on the commodity, stock, and DXY front.

Main Events Today GMT +8

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22:45 USD Flash Manufacturing PMI