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Gold is trading flat ahead of the European open

Kitco Media
By Rajan Dhall
Published
Updated
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(Kitco News) - After bouncing back through $1700/oz on Thursday gold is trading flat ahead of the European open. Silver is -0.17% lower trading at $18.81/oz. Elsewhere in the commodities complex, copper (0.68%) and spot WTI (1.03%) have pushed higher overnight. 

Risk sentiment was very mixed overnight. The Nikkei 225 (0.40%) traded well but the ASX and the Shanghai Composite flat-lined. Futures are looking slightly soft ahead of the European cash open. 

The dollar index moved 0.21% higher in FX markets. The biggest moving major pair was NZD/USD which lost 0.32%. In the crypto space, BTC/USD is trading at $23,155.

News from overnight:

Chinese commercial banks bought USD 5.9bn of FX in June vs. 1.5bn in May.

Japan finance minister Suzuki says we need to watch the risks of rising inflation on the economy.

Japan's headline CPI is 2.4% y/y (expected 2.4%).

U.K. June retail sales -0.1% vs -0.3% m/m expected.

Japan Jibun Markit preliminary manufacturing PMI July 52.2 (prior 52.7).

Australia July flash Manufacturing PMI 55.7 (prior 56.2) & Services 50.4 (prior 52.6).

South Korean PPI was +0.5% m/m in June (from +0.7% in May).

Looking ahead to the rest of the session highlights include flash PMIs from the major nations, ECB SPF, and earnings continue. 

 

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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