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Gold trades flat ahead of the European open

Kitco Media
By Rajan Dhall
Published
Updated
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(Kitco News) - Gold is trading pretty much flat ahead of the European open this morning. Silver is looking more subdued and is nearly half a percent in the red. In the rest of the commodities complex, both copper (-2.11%) and spot WTI (-1.64%) have moved lower overnight.

Equities were mostly lower overnight but the Nikkei 225 closed 1.11% higher. The ASX (-1.14%) and Shanghai Composite (-1.21%) both struggled. Futures markets are indicating negative cash open for the indices in Europe. 

In FX markets, the dollar index climbed half a percent overnight. AUD and JPY were the biggest casualties. In the crypto space, BTC/USD is trading 2.10% lower at $20,418.

News from the weekend:

Shanghai COVID-19 cases continued to climb over the weekend.

U.S. Blinken expressed concern about China's support for Russia invading Ukraine.

China Evergrande bondholders have rejected the payment delay proposal.

Fire at Medford (U.S. Oklahoma) natural gas plant after an (unconfirmed) explosion.

U.S.' Raimondo: "I don't see any reason to think that we will have a serious recession,".

Chinese State (financial) media says June CPI won't stand in the way of more stimulus.

Norway CPI YoY (Jun) Act: 6.3% Prev: 5.7% Prev: 5.9%

China June CPI 0.0% m/m vs -0.1% expected.

Looking ahead to the rest of the session highlights include U.S. employment trends, Italian retail sales, Riksbank minutes, EZ finance ministers meeting, and comments from Fed's Williams. 

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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