Market Recap - Gold Continues To Lose Its Shine
Equities in Asia fail to capitalise on the gains in the US
US bourses closed positive last night with the Nasdaq outperforming up 0.65%. No such joy in the Asia Pac area as only the ASX traded well closing higher by 0.47%, Nikkei closed 0.66% lower and the Shanghai Comp. 1.78% lower. The market is still looking out for any developments between Turkey and the US as yesterday Turkey raised Tariffs against the US. Despite this financial bookmakers are calling the FTSE to open higher this morning.
In commodities markets, oil is recovering this morning from dropping yesterday night following the release of API inventory data. The data showed a build of 3.660M bbl vs prev -6.000M. We are currently trading 0.26% higher at $66.79/bbl.
As the US dollar index keep strengthening gold is felling the pain. The precious metal now trades at $1187.80/oz well below the pivotal $1200/oz level. The next major support stands at $1176.55 on the weekly chart.
After threatening yesterday copper has now broken the previous wave low on the daily charts to trade at $2.63/lb. This is the lowest level since June last year and even reports of a robust Chinese housing market could not help the industrial metal as trade wars continue....