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Gold and silver trade higher ahead of the European open

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(Kitco News) - Gold and silver have moved higher heading into the European open this morning. Gold is now trading at $1765 after a 2.62% fall on Thursday with this morning's move looking like a retracement at the moment. Silver looks like it could be testing the previous wave low support on the daily chart. In the rest of the commodities complex, copper has moved 0.27% higher and spot WTI has dropped a minor 0.48%.

Looking at the risk sentiment in the Asia Pac area, the (-0.76%) ASX dropped while the Shanghai Composite (0.17%) and Nikkei 225 (0.58%) traded well. Futures in Europe are pointing towards a positive open.

In FX markets, after a good performance on Thursday, the dollar index is 0.03% lower. The biggest mover overnight is AUD/USD which rose 0.23%. In the crypto space, BTC/USD is 0.40% in the black trading at $47,925.

Major news stories from overnight:

Global Times' editor-in-chief, Hu Xijin gave a warning to Evergrande that a bailout won't be a given. It was also said that Evergrande's potential downfall is unlikely to trigger a systemic risk akin to that of Lehman Brothers.

UK August retail sales -0.9% vs +0.5% m/m expected.

Biden, Pelosi, and Schumer all agree Trump tax cuts must be repealed.

US President Biden looks to get the USA back into the Pacific trade pact.

China says it’s fully vaccinated more than 1 billion people against Covid-19, over 70% of its total population.

NZ manufacturing PMI for August 40.1 (prior 62%).

U.S. and Australia issue a joint statement that they will strengthen ties with Taiwan. 

The ECB has stated that reports of a rate hike in British financial media were not correct. 

Looking ahead to the rest of the session highlights include quadruple witching, University of Michigan data, and the ECB survey of monetary analysts.

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