Oils price recorded modest gains/Gold edging lower/US Retail Sales report

Jan 17,2020

Regain Capital

Overnight Reviews:

Gold: -0.24%

Silver: -0.18%

US Index: 0.13%

WTI Oil: 0.84%

DOW 30: 1.37%

Oils price recorded modest gains

The crude oil market was able to register the largest gain in 11 days, catching a breath after six days losing streaks. The optimism from the phase-one deal, strong US dollar, latest OPEC comments, and receding geopolitical tension has brought hope to the buyers’ side.

Gold edging lower

The yellow metal seems to consolidate, forming a descending wedged, registering gains only last Wednesday, driven by a decline of the US dollar. Currently trading just above 1,550 handle, the gold market if struggling with the latest optimistic report from US Retail Sales that triggered a strong dollar demand from the investors into the currency.

US Retail Sales report

The weakness in the American currency changed after the release of the US Retail Sales report matching the expectations of the market of 0,3%, along with a thriving and solid Core Retails Sales report exceeding the expectation from 0.5% to an actual 0.7% triggered the renewed dollar appetite from the investors.

Main Events Today GMT +8

17:30 GBP Retail Sales m/m

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Oils price recorded modest gains/Gold edging lower/US Retail Sales report

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