Oil sour by fundamentals/Gold under a relentless rally/DXY oh lord

24 July 2020 Friday Morning Market Release

Overnight Reviews:

Gold: 0.75%

Silver: -1.66%

US Index: -0.22%

WTI Oil: -2.02%

NDX: -2.42% 

Oil sour by fundamentals       

Crude oil market stepped back -2% yesterday,
closing in red due to the fundamentals side’s bearish pressure. With the lower
demand caused by trade wars, virus spread, global recession, and buildup of
inventories have brought the commodity’s sourness sentiment. Trading in green
with the Asian session’s opening will remain flat until further catalyst
arises.

Gold under a relentless rally

Gold continues its rally recording a new high
yesterday at 1,898.35 $ per troy ounce, to close later at the 1,886 handle.
This relentless rally, a zero-yield inflation hedge, could be associated with
the negative real yield on the government bonds in the US and across the globe.
The yellow metal has been able to gain 30% from its low around March when the
virus hit the western hemisphere.          

DXY oh lord

The sell-off on the DXY continues for five
consecutive trading sessions. The price’s quote broke the support from the
previous low in March when coronavirus hit the fan. Currently is free falling
to the next support level last seen in September 2018, this has brought
exciting movement within the main pairs where the EURUSD has printed new high
for this year under skeptical market conditions.

Main Events Today GMT +8

15:10 EUR French Flash Services PMI

15:30 EUR German Flash Manufacturing PM

15:30 EUR German Flash Services PMI