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#Gold Prices are Holding Above the $1,660 Level

European Shares Share markets fluctuated in Europe on Monday, following the mixed trading session registered overnight in Asia, as traders start their…

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The bearish sentiment remains towards riskier assets as #investors are weighed down by lingering #inflation fears and tightening monetary conditions ahead of another busy week on the macro front. However, today’s volatility seems to be mostly due to the prospect of a record oil output cut from OPEC+ countries this week, with indication that more than 1 million barrels a day could be slashed. This news is already boosting oil prices as well as oil-related shares, preventing stock indices from registering new lows following last week’s sell-off extension.

That said, investors remain very cautious with equities so far, especially ahead of another batch of major macro news this week (PMIs, PPIs, OPEC meeting, speeches from Central banks’ officials and US NFP) while corporates earnings loom next week.

The DAX-40 index still trades inside its bearish mid-term channel, while the RSI doesn’t show any early signs of a bullish break-out to come and the DMI indicates an environment still under bearish pressure.

Pierre Veyret– Technical analyst, ActivTrades


Disclaimer: opinions are personal to the authors and do not reflect the opinions of LeapRate. This is not a trading advice.

The post Daily market commentary: Gold prices are holding above the $1,660 level appeared first on LeapRate.

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