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Daily market commentary: Gold price drops


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ActivTrades’ Market Analysts have prepared for LeapRate their daily commentary on traditional markets for November 18, 2019. This is not a trading advice. See details below:


GOLD

Gold price has started the week by falling to $1,460, as investors’ appetite remains focused on riskier assets. The scenario is now getting more complicated for bullion, as a new fall below $1,445 would mean much more pressure from bears, creating space for further declines. Only a solid recovery to $1,470 can halt bullion’s current weakness.

Carlo Alberto De Casa – Chief analyst, ActivTrades

OIL

In the last few weeks the oil price has been supported by a general risk on scenario in markets, which has seen the price recover from the bottom of $51.50 reached in early October to almost $58. Investors’ eyes are now looking to the next OPEC and OPEC+ meetings, which are going to be on the 5th and 6th of December in Vienna. Markets will be looking to see if OPEC+ will be able to contain supply while demand is on a slow but constant decline. The WTI price has faced and surpassed the resistance level of $57.70, while the next key levels are at $59.40 and $61 with the trend still supportive for oil.

Carlo Alberto De Casa – Chief analyst, ActivTrades

EUROPEAN SHARES

Stock indices had a mixed opening in Europe on Monday, with the German DAX-30 and the French CAC-40 offsetting gains registered in Madrid. Today’s trading mood seems to be slightly uncertain as many investors still wait for fresh global trade news following “constructive discussions” between Washington and China addressing concerns about a “phase one” deal that took place via phone call over the weekend. The recent rally on stocks was built on speculation an agreement (even an interim deal) would come relatively quickly in November. However, the discussions have progressed slower than expected and traders may slow down their exposure to stocks as they fear a market disruption will become a real risk if no agreement is reached before the next round of tariff hikes on December 15.

Pierre Veyret– Technical analyst, ActivTrades

DAX-30

The main German index continues to trade inside its the 13,140pts-13,300pts zone today with little volatility. Today’s top movers are in health care (Fresenius), financial (Deutsche Bank) as well as the consumer sector with Adidas. The German manufacturer’s stock price went up this morning after Société General’s switched from a “Hold” to a “Buy” recommendation. The market is trading significantly higher, nearing 272 EUR today having cleared the 270 EUR resistance level. The next upward targets can be found near 273 EUR and 275.70 EUR on a short-term basis.

Pierre Veyret– Technical analyst, ActivTrades

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Daily market commentary: Gold price drops

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