MNI China Daily Summary: Tuesday, December 10

MNI BRIEF: China Nov Exports Slows, Imports Slide

MNI BRIEF: China Crude Oil Imports Accelerate In November

MNI BRIEF: Brazil Annual Inflation Rises To 4.87% In November

CHINA NOV EXPORTS +6.7% Y/Y VS MEDIAN +8.9% Y/Y: CUSTOMS

MNI: CHINA YTD EXPORTS +6.7% Y/Y IN YUAN TERM: CUSTOMS

US NFIB NOV SMALL BUSINESS INDEX 101.7

MNI: GERMAN NOV CPI +2.2 % Y/Y

MNI: NORWAY NOV CORE CPI +0.1% M/M, +3% Y/Y

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Spot Gold, Crude Eases Back

COMMODITIES
  • Spot gold is down 2.7% at $2,327/oz early on Monday, bringing the yellow metal to its lowest level in a week, as geopolitical tensions in the Middle East eased.
  • The move was not isolated to gold, with silver also now off by 5.2% on the day at $27.2/oz, leaving it 8.7% off the April high.
  • As a result, the gold/silver ratio is back above the 200-dma, after dipping below earlier in the month.
  • The trend condition in gold is unchanged and the outlook remains bullish, with sights on $2452.5, a Fibonacci projection, on the upside. Initial firm support is at $2310.2, the 20-day EMA.
  • Meanwhile, crude has eased back on the day, although it has moderated some of its earlier losses. While the geopolitical risk premium linked to Middle East supply concerns is easing, conflict remains a concern for the market.
  • WTI Jun 24 is down 0.5% at $81.8/bbl.
  • Further sanctions against Iran’s oil sector were included in the foreign aid bill passed by the US House at the weekend.
  • From a technical perspective, a bull theme in WTI futures remains intact, although last week’s move lower highlights the start of a short-term bearish corrective cycle.
  • The contract has traded through the 20-day EMA and this signals scope for an extension towards the 50-day EMA, at $80.70. On the upside, key resistance and the bull trigger has been defined at $86.97, the Apr 12 high.
EM BulletHomepageBulletMarketsFixed Income BulletsForeign Exchange BulletsEmerging Market News

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.