Market Roundup 2021-05-17

  • 17 May, 2021
  • 1:47 pm EEST

With ElonMusk bouncing Bitcoin and the broader Crypto market around, Gold is suddenly looking like a much more stable store of value. It’s up $20 to $1863. That’s the best level since Feb 1 and extends a big pop from the March double bottom.

Silver continued with its struggle to capitalize on the move beyond the 61.8% Fibonacci level of the $30.07-$23.78 downfall The commodity was last seen trading around the $27.60-65 region, still up nearly 1.0% for the day

World Economic Forum to cancel August Singapore meeting 

US stock trading gets underway: Spot Gold is up $7.80 or 0.42% at $1851.40 Spot Silver is up $0.14 or 0.54% at $27.56 WTI crude oil futures are up $0.27 or 0.41% at $65.64 and Bitcoin is up $600 or 1.35% of $44,647 

Major Indices open lower: S&P index -9.3 points or -0.22% at 4164.54 NASDAQ index -80.59 points or -0.60% at 13349.28 DowJones industrial average -20 points or -0.07% at 3436

As OPEC+ cuts ease by 350 kb/d in May, OPEC exports are up 1 mb/d so far in May.

GBPUSD is starting the week off with a very slow start. The high below trading range is only 42 pips. 

The EUR/GBP cross maintained its bid tone through the mid-European session and shot to one-week tops, around the 0.8630 region in the last hour, albeit retreated few pips thereafter.

In the European equity markets, the major indices are lower: German DAX, -0.27% France’s CAC, -0.4% UK’s FTSE 100, -0.6% Spain’s Ibex, -0.4% Italy’s FTSE MIB unchanged

Oil futures slipped lower after weaker data from China. WTI crude for June delivery were down 0.4%, at $65.09 a barrel on the New York Mercantile Exchange July Brent crude, the global benchmark, was off 0.5%, at $68.39 a barrel on ICE Futures Europe 

The USDCAD pair extended its sideways consolidative price action through the mid-European session and remained confined in a narrow trading band above the 1.2100 mark. The pair was last seen hovering around the 1.2120-25 region, up over 0.20% for the day.

US 10 year yields stayed around the key 1.60% level for the session. The Dollar index traded mostly sideways under key resistance and the vix wavered in the 20-21 region.

Stay tuned and follow us on Twitter XGLOBALMarkets for more news

Reliable Trading since 2012