Oil prices continued their decline at the beginning of the week's trading
The strong performance in mining, energy and banking stocks is helping the FTSE 100 to outperform.
Stock markets in Europe are showing modest losses as the mood has been dampened by the latest quarterly results from Amazon and Apple.
The mood in the markets is upbeat as Evergrande, the struggling Chinese property firm, made a loan repayment, and that alleviated fears that the company might go down the route of a debt spiral.
It is a mixed day for equities, as European markets are in positive territory, while the major indices in the US are showing losses.
Traders are in a bullish mood as they are happy to swoop in and pick up relatively cheap stocks.
Stock markets have been relatively muted today. Yesterday, the disappointing US retail sales sparked fears the country’s rebound is faltering, which led to a fall in stocks, and that is why traders have been cautious today.
Prices are moving inside a descending channel and it is near to the bottom line at 1281$, bouncing higher from these levels would send prices to levels of 1294$ then 1300$. Breaking the channel down would be sending prices to 1267$ then 1250$.
Currently prices are facing a strong resistance at 1295$, exceeding this level would send prices higher targeting 1308$ then 1337$. The failure would push gold much lower to levels of 1270$ and 1248$.
By Reuters : Asian stocks bounced on Monday after three straight losing sessions, tracking a firmer Wall Street, while the dollar was capped by tensions on the Korean peninsula and doubts that the Federal Reserve will hike interest rates again this year.
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