As a result of the anticipation of US traders, the Asian markets have gained modestly today. The European markets will pick up after Monday.

Forex has been stable, but the U.S Dollar maintains its strength. Manufacturing data analysis will be vital early this week.

Lack of Conviction among Traders, First Quarter Results Poor

Some risk appetite has been shown by the Asian markets as they have in essence been trading on their own since Friday. Nikkei Index and Hang Seng composite have gained modestly as of today. The manufacturing and services data come in below the estimates from Japan. However, on Saturday, early on the day the manufacturing numbers from China showed improvement. Solid gains were put in by Wall Street on Thursday but the result of the first quarter of trading remains questionable. The sentiment of the global markets majorly remains that of nervousness and the traders can’t be blamed or lacking confidence. Mo

Forex market remain relatively flat, U.S Dollar stays comparatively strong

The U.S Dollar has maintained its strength since last week. The Euro and Pound have showed no movement and is likely this general price consolidation will prevail until more volumes is injected on Tuesday. Manufacturing and Services data will control economic statistics for the major part of the week. However, jobs numbers from the U.S which will peak on Friday with the Non-Farm Employment Change figures and the very important Average Hourly Earnings report will influence the sentiment surrounding major currencies.

Low Volumes Influencing Gold Market, Short Term Trends Can Turn Around

Gold has gained modestly this morning in Asian markets. Gold prices have remained modestly calm but has managed to partially recoup last weeks’ losses, currently trading around 1330$ per ounce.  However, lean market action should make traders view results with caution as low volumes continue to cause jitteriness on the market, meaning traders might not have the required market environment to make short-term trading worth the risk. In general, we stay neutral of gold. The price of precious metal is likely to continue its range bound consolidation, with daily long-term support at around key psychological level of $1300 and resistance at $1362.

By Ricardo Martinez

Ricardo Martinez has been active in the financial markets for around 10 years. In the early days in his career he was a trader and worked as market analyst in different online brokers advising clients on key decisions of trading instruments in foreign exchange and commodity markets. Ricardo is currently working as independent trader with diversified portfolio over different markets. His writing for LearnMarketonline is part of his commitment to share knowledge with traders.