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Gold and silver trade higher ahead of the European open

Kitco Media
By Rajan Dhall
Published
Updated
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(Kitco News) - Gold (0.19%) and silver (0.11%) are trading higher ahead of the European open. In the rest of the commodities complex, copper is 0.31% lower and spot WTI is 0.15% in the red. 

Indices traded lower overnight as the Nikkei 225 (-0.74%) and ASX (0.64%) both fell but the Shanghai Composite closed flat. Futures in Europe are flat ahead of the cash open.

In FX markets, the biggest mover was AUD/USD which rose 0.63%. In the crypto space, BTC/USD fell below $20k. 

News from the weekend:

Fed's Waller backs another 75 bps in an 'all-in' fight to lower inflation.

Japanese government keeps the overall economic assessment unchanged in June.

PBOC leaves the one-year loan prime rate unchanged at 3.70%, as expected.

Macau reports 34 positive covid cases.

French President Macron failed to win a majority in parliament.

New Zealand May Business NZ PSI 55.2 vs 49.2 prior

Germany May PPI +1.6% vs +1.5% m/m expected.

UK June Rightmove house price index +9.7% y/y vs +10.2% prior.

Looking ahead to the rest of the session the U.S. are closed for a public holiday and there is not too much on the data slate. There could be comments from ECB's Lagarde, Panetta, Lane Kazaks, Fed's Bullard, and BoE's Mann.

Kitco Media

Rajan Dhall

Rajan Dhall is a financial analyst that has been in the trading industry since 2009. From working in Canary Wharf (London) as a head trader to becoming a journalist on a real-time news desk, Rajan has worked his way through many positions in the financial sector. The main area of Raj's expertise lies in technical and statistical analysis. Rajan currently lectures technical analysis with the Society of Technical Analysts (STA) at the London School of Economics. One of the main areas Rajan has based his analysis on is probability. Raj completed his certification (probability) with Harvard and regularly uses probability theories in his analysis as he feels it helps him add value to his clients and customers.

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