We had a mixed close to Monday’s US session, the S&P and the Nasdaq closed higher but the Dow Jones was lower. The mood remained fairly similar during the Asian session as well with the major Asian indices manifesting mixed results.
On the data front even Tuesday’s economic calendar is rather scant of high imapct data so expect the broader market sentiment to shift with any headlines.
In the currency markets the USD continues to hold tight, and is still building on the gains made last week. The US Dollar index (DXY), an index measuring the strength of the USD against a basket of other currencies, is currently at 96.18.
Gold is having its troubles finding direction, after losing out to Friday’s NFP data and slipping from the $1220 region, the yellow metal is finding it difficult to go past the $1210 hurdle this morning even after yesterday’s lows of $1204.72. TraderTip’s daily scenario sees daily support at $1207.71/$1201.10 while resistance is at $1218.18/$1222.04.
Gold traders should keep an eye on Fed’s Brainard who is expected to speak later today on monetary policy in New York. A hawkish tone may pressure gold prices lower.
