Gold price: Relatively quiet trading at the beginning of the week
With quiet trading, the gold crisis protection shows little change after the Christmas holidays.
by Jörg Bernhard
While slightly declining US yields speak in favor of the yellow precious metal, the rising dollar compensates for this advantage. In the coming trading days, trading is likely to be relatively illiquid and therefore prone to breakouts in one direction or the other. The Commitments of Traders Report by the US regulatory authority CFTC (9:30 p.m.) should now attract a lot of attention. This year, both large and small futures speculators have massively reduced their net long positions (optimistic market expectation) and were therefore partly responsible for the negative performance of the gold price. After two extraordinarily good vintages, there is a risk of a minus again for the first time in 2022. This is currently 4.6 percent.
On Monday morning the gold price was stable. By around 8:05 a.m. (CET), the most actively traded future on gold (February) decreased by $ 0.90 to $ 1,810.80 per troy ounce.
Crude oil: red signs at the start of the week
Because thousands of flights in the USA have been canceled due to corona-related sickness reports by flight staff, market players are currently relatively worried about the short-term demand for oil. The meeting of the OPECplus producing countries, which takes place at the beginning of January, at which a decision is made on the further development of the oil supply, also generates a high level of tension. Today’s view of the economic calendar is relatively poor in highlights. According to a survey of analysts published by Trading Economics, the Dallas Fed’s economic index (2.30 p.m.) is expected to decline from 11.8 to 9.5 points.
On Monday morning, the oil price presented itself with falling prices. By around 8:05 a.m. (CET), the next due WTI future fell by 0.93 to 72.86 dollars, while its counterpart on Brent fell by 0.22 to 75.57 dollars.
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