Silver price edged lower at the beginning of the week, despite multiple weekend headlines hinting at panic taking over financial markets at the opening. Fears were indeed present, although to a moderated extent.
Oil is suddenly back in the spotlight, and that matters more than it might initially appear.
There is a medium-term descending price channel which continues to hold the price lower, but the price action is ascending from the low and looks likely to test pivotal resistance.
The EUR/USD pair trades with a positive tone on Monday, having trimmed most of Friday’s losses, despite Iran’s war escalating over the weekend, triggering fresh inflation-related concerns ahead of central banks’ monetary policy decisions.
EUR/USD holds steady above 1.1400 early Monday after losing more than 1.5% in the previous week. An improving risk mood could help the pair edge higher but the technical outlook suggests that the bearish bias stays intact in the near term.
Gold is re-attempting bids above $5,000 in Monday’s Asian trades, fading a brief dip to monthly lows near the $4,970 region. The headlines surrounding the Middle East war continue to impact the US Dollar (USD) and thus the bright metal.