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Global stocks rally, gold retreats further

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Home » Global stocks rally, gold retreats further

Global stocks rally, gold retreats further

by Stephen Soo
August 11, 2020 10:24
in Fundamental analysis
0
Global stocks rally, gold retreats further

Gold prices continue to retreat and dipped under the $2,000/oz in recent trading

Wall Street stocks finished mixed on Monday, with the Nasdaq lagging behind its counterparts as tech stocks remained on the defensive amid investor worries about potential tit-for-tat steps from China. The tech-heavy Nasdaq 100 lost 0.5% while the S&P 500 approached its all-time high during the session, as investors continued to cheer the reports that President Donald Trump signed four executive orders to maintain some assistance, including for unemployment benefits, a temporary payroll tax deferral, eviction protections, and student-loan relief.

In Asia, stocks were mostly higher on Tuesday despite the ongoing US-China trade tensions. MSCI’s broadest index of Asia-Pacific shares outside Japan was up nearly 1% as investors are awaiting a meeting between top U.S. and Chinese trade officials due on Saturday. 

European stocks rallied early on Tuesday, digesting signs of slowing spread of the coronavirus and lingering hopes for a new round of U.S. stimulus. New cases have fallen 18% over the last 14 days and new deaths have dropped 6%. The Stoxx Europe 600 rose 1.7%. On the data front, the U.K. unemployment rate stayed flat at 3.9% in the second quarter. The FTSE 100 index rallied 2.20% since the start of the session.

Meanwhile, the dollar turned mixed today, with the euro and sterling seeing a mild bullish intraday bias while USDJPY keeps recovering but still struggling to break the 20-DMA that continues to act as the immediate strong resistance. The fact that the pair made another failed attempt to break this hurdle points to a lack of upside impetus and the possibility of another sell-off should risk sentiment deteriorate in the short term. 

Elsewhere, gold prices continue to retreat and dipped under the $2,000/oz in recent trading, having accelerated its bearish correction amid a stronger dollar in combination with risk-on tone in the global markets. Now, the next support arrives at $1,975 while the mentioned psychological level has turned into resistance. 

Tags: FTSE 100GoldNasdaqStoxx 600USDJPY
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Stephen Soo

Stephen Soo

Stephen's specialty is fundamental analysis. He graduated from the Booth School of Business, the University of Chicago. Stephen currently cooperates with several news agencies, and on FWNews he publishes macroeconomic news and reviews on brokerage companies.

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