Mondays are typically thin days, but today is extra light because United States and Canada are celebrating their respective holidays. US will be celebrating Veterans Day, while Canada will be holding Remembrance Day.
Recently, China has baffled some analysts when it released its Trade Balance data which showed the Dragon nation has amassed a 32 billion Yuan monthly trade balance, its largest this year and only its second this year to attain the $30 billion mark. This was better than analysts’ consensus of a $27.1 billion gain.
The latest preliminary University of Michigan Consumer Sentiment data from the US also fared well. It came in at 84.9 compared to a forecast of 82.4. This was its fifth consecutive gain and its best level since August 2007.
Gold printed a very tight $12 range on Friday, after making an impressive move the entire week and practically erasing the quick plunge from the prior week. Gold is now $63 off last week’s low and is currently at $1735. Any move towards $1700 is a potential buying opportunity.
Oil has finally breathed new life and somehow averted a collapse towards $80, at least temporarily. The $84 level has continually attracted buyers last week, and price finally jolted $2 higher to as high as $86.75 on Friday. Price is currently at $85.90, and traders seem to be in a ‘wait-and-see’ mode. A move above $86 towards $89 is needed to inject fresh bullish momentum.