Equities Weaker Amid A Short Trading Session

The US markets opened on Friday following the Thanksgiving bank holiday the day before. But trading was subdued as Friday was a short trading session. Investors were concerned about the impact of the US supporting the Hong Kong protests. This is likely to anger China and could become an impediment to the trade talks. All equity indices, from Asia to the US closed in the red.

Eurozone Flash Inflation Estimates Higher

Flash inflation estimates for November surprised to the upside. Headline CPI rose 1.0%, beating forecasts of a 0.8% increase. It was also higher from October’s 0.7% increase. Core inflation rose to 1.3%, up from 1.1% previously.

Will the EURUSD Breakout Higher?

The currency pair has been consolidating near the psychological level of 1.1000 support over the past week. On a weekly basis, price closed with a Doji at the support. This potentially indicates a move to the upside. The upside resistance at 1.1062 could cap the gains in case of a rally. EURUSD needs to close above 1.1020 to confirm the move to 1.1062.

EURUSD

Oil Falls Ahead of OPEC Meeting this Week

Crude oil prices fell over 5% on Friday. The declines came ahead of the OPEC meeting due this week. Speculation is rife that OPEC and Russia will vote to continue the current production cuts into March 2020.

WTI to Test Lower Support

Oil prices are back in the range of the 58.00 and 54.00 regions. This comes following the gains that pushed oil prices above the 58.00 handle. Failure to hold on to the gains saw oil prices crashing lower. The support area at 54.00 is on track to be tested once again. We expect that price action will later consolidate sideways within the said levels.

WTI

Gold Posts Modest Gains on Risk-Off Sentiment

The precious metal posted meager gains on Friday amid risk-off sentiment. Investors remain concerned with the US and China trade talks. This led to the equity markets falling on a shortened trading day in the US The safe-haven asset closed on Friday with 0.59% gains on the day.

XAUUSD Back at Resistance

XAUUSD saw gains that sent the prices to test the resistance level near 1462. The rebound comes as the bearish momentum is fading. But a further continuation is required for gold to maintain the current trend. If there is a strong close above 1462, we expect prices to rebound back to the 1480 region.

XAUUSD

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About the Author
“John Benjamin Resident Analyst at Orbex. John has over 8 years of experience specializing in the currency markets, tracking the macroeconomic and geopolitical developments shaping the financial markets. John applies a mix of fundamental and technical analysis and has a special interest in inter-market analysis and global politics.” [space height="10"] At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading. Please Director at Visit our site for more details.

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