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Gold and silver are trading flat leading into the European open but both have rejected lower levels. The yellow metal hit a low of $1792/oz in yesterday's session (around 9 am London time) and has since moved to retake $1800/oz to trade at $1807.52/oz. Silver has been making some higher lows and higher highs on the hourly chart since the Asian session on 21st July. In the rest of the commodities complex, copper has risen 0.25% and looks like it might test the consolidation high at $4.39/lb. Spot WTI has fallen a very minor -0.14%.
After a moderately positive close in the U.S., indices in the Aisa Pac area were mixed. ASX (0.11%) pushed higher while the Shanghai Composite fell -0.82%. Futures in the Asia Pac area are pointing toward a positive cash open. Japanese markets were closed for a public holiday.
In FX markets the biggest mover overnight was USD/JPY (0.12%). It was a pretty lackluster session due to Japanese markets being off. Bitcoin is trading 1% higher but in the grand scheme of things, it is not too much of a move.
Looking at some of the news from overnight, following the ECB meeting Villeroy said the bank is totally justified to keep an accommodative policy stance for now.
According to sources Weidmann and Wunsch are opposed to the new ECB guidance.
UK June retail sales +0.5% vs +0.4% m/m expected.
Vítor Constâncio (ex ECB VP) says he is worried about the future mix of policy instruments.
Australia Markit preliminary Manufacturing PMI (July)56.8 (prior 58.6) Services 44.2 (prior 56.8).
GOP Senator Collins said the bipartisan infrastructure deal release is to be Monday at the earliest.
China is set to review anti-dumping measures for steel imports from Japan, the EU, and South Korea.
Looking ahead to the rest of the session highlights include flash PMI's from the major nations, Canadian retail sales and the Russian central bank rate decision.
By Rajan Dhall
For Kitco News
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