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Gold and silver are mixed at the EU open

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(Kitco News) - Gold and silver are once again mixed leading into the EU session. Gold has moved to $1819/oz falling 0.34%, while silver trades 0.15% higher at $27.00/oz. On the daily chart, it looks like gold as made another lower high and the previous wave low at $1785.13/oz, if that level breaks the consolidation low could be the target for the bears. 

Indices fell in the Asia-Pac area as they took on the negative lead from Wall Street. The Japanese Nikkei 225 dropped 0.14% and the Australian ASX fell 0.63%. Many other nations in Asia remain closed due to Chinese new year.

In the FX market, some dollar strength kicked in overnight. USD/CAD rose 0.20% and NZD/USD fell by the same amount as commodities currencies underperformed. Most of the base metals and major commodities underperformed with copper trading 0.11% in the red.

Earlier this morning, UK Q4 preliminary GDP printed at +1.0% vs +0.5% q/q expected. The Bank of England had stated that the economic growth may surprise to the upside and this is a good result for the UK economy.

On the COVID-19 front, AstraZeneca plans to double Covid-19 vaccine output. This comes after the company had been under pressure from some nations who feel they did not receive their agreed quotas. 

Sticking with the coronavirus pandemic in Australia, a five-day lockdown for the state of Victoria has been confirmed. The Australian's have handled the pandemic well and they may be acting fast once again.

There have been some comments from central bankers overnight with Fed's Harker saying the US economy will be 'choppy' until people are vaccinated. Fed's Barkin then slightly contradicted this and stated the US economy does not need herd immunity to rebound. In the UK, BoE's Haldane is bullish on the UK economy once restrictions are lifted.

In Italy we are one step closer to a new government as 5SM members voted in favour of supporting a Draghi government. 

Looking ahead to the rest of the session highlights include the Russian interest rate decision, Canadian wholesale data, Michigan data and comments from Fed's Williams and some G7 finance ministers. 

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