(Kitco News) - After a decent session yesterday, in which gold rose 1.36% the yellow metal is flat this morning leading into the European open. Silver is trading 0.09% higher overnight at $23.60/oz but has a resistance level at $23.78/oz to contend with. In the rest of the commodities complex copper (0.10%) and spot WTI (0.77%) are both trading higher.
In terms of risk sentiment, indices in the Asia Pac area traded well overnight. The Nikkei 225 (0.87%), ASX (0.17%) and Shanghai Composite (1.02%) all moved higher once again. Futures in Europe are pointing towards a positive cash open.
In the FX markets, the antipodeans moved higher overnight. AUD/USD moved up 0.33% but the biggest mover was NZD/USD which jumped 0.48%. In the crypto space, bitcoin is once again hovering around the $50K market after briefly trading above the psychological area on Monday.
In terms of news, Chinese President Xi may not be attending the G20 summit in Rome. This would delay a meeting with him and U.S. president Biden.
Sticking with the two biggest economic powerhouses, Kamala Harris said China’s actions in the South Sea continue to undermine rules-based order and sovereignty of nations.
In Germany, the latest polls put Angela Merkel’s conservative party head to head with the SPD’s (23%).
Germany Q2 final GDP +1.6% vs +1.5% q/q prelim.
Australia weekly consumer sentiment survey: 101.6 (previous week 101.1).
New Zealand Retail sales excl. inflation for Q2: +3.3% q/q (prior 2.5%).
The NZ finance Minister Robertson says the nation entered the lockdown with a strong economic position.
Looking ahead to the rest of the session highlights include U.S. new home sales, weekly oil API data and comments from ECB’s Schnabel.