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Daily market commentary: European stocks edge higher


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ActivTrades’ Market Analysts have prepared for LeapRate their daily commentary on traditional markets for November 22, 2019. This is not a trading advice. See details below:


GOLD

The strengthening of the US dollar curbed gold’s attempted recovery in yesterday’s trading session. This morning, despite stock markets in green, bullion is rebounding with the price now testing the resistance area of $1,470. It seems that investors are waiting for a clear signal on direction and particularly any news coming from the trade war.

We have now a few key levels with $1,450 as the first support area, while a solid recovery to $1,470 will increase the chances of the price bouncing back to $1,500 in the near future. Guidance from the Fed at its upcoming meeting is definitely another element to be considered.

Carlo Alberto De Casa – Chief analyst, ActivTrades

EUROPEAN SHARES

European stocks edged higher in the last trading session of the week after Xi Jinping managed to revive market sentiment overnight. Although the Chinese leader said his nation wasn’t afraid of a trade war and “won’t flinch from such a fight”, he also managed to reassure investors by confirming his desire to work out a phase one agreement with the US on the basis of respect and equality. While these words will help stock markets finish the week higher in Europe, ECB President Lagarde added to the bullish momentum by confirming this morning that the bank’s monetary policy will keep on supporting the EU economy. Today’s risk-on mood can be clearly seen on the charts with the Stoxx-50 Index trading well above 3,700pts after breaking through 3,685pts. Today’s next resistance is around 3,730pts.

Pierre Veyret– Technical analyst, ActivTrades

DAX-30

Shares listed on the DAX-30 index are one of the best Eurozone performers this morning with the country’s growth outlook improving. Investors witnessed an acceleration of growth in both government and household expenditure as well as a solid rebound in exports. Bayer, Wirecard, Deutsche Bank, Allianz and BMW were among the top movers this morning. The DAX-30 Index shows a similar configuration to Eurostoxx-50 with clear space now the price has overcome a significant technical zone (13,150pts). Prices are heading back to their last top at 13,370pts.

Pierre Veyret– Technical analyst, ActivTrades

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Daily market commentary: European stocks edge higher

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