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Gold has moved slightly higher heading into the European open

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(Kitco News) - After the drop in gold yesterday the price has retraced 0.21% this morning but it could be just a dead cat bounce. Silver is -0.38% lower this morning trading at $24/oz. In the rest of the commodities complex, copper is trading -0.15% lower and spot WTI is down -0.79%.

Overnight risk sentiment was positive. The Nikkei 225 (0.09%), ASX (0.78%) and Shanghai Composite (0.20%) traded higher overnight. Futures in Europe are pointing towards a negative open. 

In FX markets, EUR/USD traded well overnight rising 0.20% but the biggest mover was USD/CHF which dropped 0.27%. In the crypto space, Bitcoin is down another -0.57% trading at $55,978.

Main headlines from overnight:

Fed's Bostic says Powell's reappointment takes some uncertainty out of the Federal Reserve

Overnight there was still speculation that PBOC interest rate / RRR cut speculation was coming sometime soon.

Bloomberg reported that the European Central Bank is “serious” about ending its emergency bond-buying program in March and may not need to expand regular asset purchases to cover the shortfall, according to Governing Council member Francois Villeroy de Galhau.

US Treasury Secretary Yellen says again that the US will have a recession if the debt ceiling is not raised.

There was a source report that the U.S. Department of Energy will release some oil from the SPR on Tuesday.

RBA's Koehler says Bank is monitoring asset price valuations.

ECB's Knot says he sees no indication that inflation will keep exceeding expectations.

The U.S. is said to be mulling sending advisers and weapons to Ukraine where Russian soldiers are congregating around the border. 

Australia weekly ANZ-Roy Morgan Consumer Confidence: 107.4 (vs. prior 106.00).

Australia flash PMIs for November: Manufacturing 58.5 (expected 60.7) Services 55.0 (expected 52.7).

NZ Q3 retail sales -8.1% q/q (vs. expected -10.5%)

Looking ahead to the rest of the session highlights include EZ, U.K. & U.S. flash PMI's, comments from BoE's Haskel, Bailey, and ECB's de Guindos. U.S. President Biden is speaking on Tuesday about the economy and lowering prices for the American people.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.