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Silver moved higher ahead of the European open

Kitco Media
By Rajan Dhall
Published
Updated
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(Kitco News) - Gold is trading flat this morning while silver has moved 0.43% higher. In the rest of the commodities complex, copper (0.74%) and spot WTI (1.72%) have moved higher overnight. 

Risk sentiment was mixed in the Asia Pac area. The Nikkei 225 (-0.09%) and Shanghai Composite (-0.06%) were subdued but the ASX rose 0.34%. Futures in Europe are indicating a weak cash open. 

In FX markets the U.S. dollar index rose 0.48%. The biggest loser was EUR/USD which fell just over half a percent. In the crypto space, BTC/USD is back under $20k. 

News from the weekend and overnight:

German energy price subsidies as Russia cuts NordStream gas exports to Europe indefinitely.

Biden is considering moves to restrict US investment in Chinese technology companies.

New U.K. Prime Minister to be announced at 1130 GMT on 05 September 2022.

China Caixin services PMI for August 55.0 (expected 54.0).

Japan August Services PMI 49.5 (prior 50.3).

Australian Services PMI August: 50.2 (prior 50.9).

Australian Construction PMI for August 47.9 (from July 45.3).

Australian Q3 Business Inventories +0.3% q/q (expected +1.6%).

New Zealand ANZ commodity price index -3.3% in August (vs. prior -2.2%).

Looking ahead to the rest of the session highlights include EZ and U.K. services PMIs, U.K. Tory leadership announcement, OPEC meeting, comments from BoE's Mann and U.S. markets are closed for Labor Day.

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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