It was quite a week for the markets. The coronavirus spread gathered pace beyond China’s borders, with U.S private sector catching the markets off guard.
Private sector PMI numbers put the majors in focus later today. Expect plenty of volatility as risk appetite takes another hit.
It’s a relatively bullish start to the day for the crypto majors. A move back through to $9,700 levels would support more upside on the day.
Reuters reported that oil producers led by Saudi Arabia and Russia reached a deal in principle on Thursday to cut output by an extra 500,000 barrels a day in the first quarter of 2020 but stopped short of pledging action beyond March.
Gold prices as the 10-year yield are negatively correlated
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The U.S. markets are going to be supported as long as Asian and European money keeps coming in to chase the higher-yield. But if they start to come down later today and finish lower, then this will tell us that the U.S. professionals have had enough and the market could
With the US markets rallying to fresh record highs this week, it certainly seems like a good time to buy dips in the market. The challenge, however, is finding stocks that don’t have a significant amount of downside risk.
In my opinion, U.S. investors were trading momentum and not value. This usually indicates the presence of short-term speculative buyers, not value-seeking investors. I also think that some money managers bought because everyone was buying and they didn’t want to miss the move.
I expect Chinese equities to “play catch-up” with the rest of the global indexes. My guess is for a 6-10% lower opening on Monday, February 3.
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![Metals such as gold and silver were trading negative on Friday on a mix of improving market sentiment and a profit booking movement ahead of the weekend. However, both metals reacted to the upside following the weaker than expected nonfarm payrolls data published today. The same story happened with palladium and platinum that are now recovering positions. Copper is extending its already daily gain. U.S. job market extends its weak note The United States created 130K new jobs in August, well below the 158K expected by market and the previous data of 159K. The last month was revised 5K down from 164K. On the other hand, the wages growth rose 3.2% in August, above the 3.1% expected by the market. However, the number is a slowdown from July's revised 3.3% data. The unemployment rate remained at 3.7% another month, while the participation rate of the labor force rose to 63.2% in August from 63.0% in the previous month. Gold recovers almost all losses after NFP [caption id="attachment_598622" align="alignnone" width="1713"] XAUUSD 1-hour chart Gold September 6[/caption] Gold reacted positively after the weak nonfarm payrolls data in the U.S. and it is recovering almost all its daily losses. Early in the day, the metal broke below the 1,520 area and fell to test the 1,500 critical level, but after the employment report, it jumped to be traded at 1,517. Currently, the unit is trading 0.16% negative on the day at 1,516. On the week, the metal is ready to close its second negative week in a row as the unit has not been able to break above the 1,550 area. XAU/USD needs a run above the 1,527 to close positive on the period. Meanwhile, it is posting a 0.30% weekly decline. Silver turns positive after NFP [caption id="attachment_598623" align="alignnone" width="1713"] XAGUSD 1-hour chart Silver September 6[/caption] Silver just exploded after the nonfarm payrolls data on Friday and recovered all its previous daily losses to turn positive on the day at 18.65. Previously in the day, silver was trading down amid improved risk sentiment and profit-taking ahead of the weekend. XAG/USD fell from the 18.60 area to trade at 18.00, its lowest level since August 27. However, the U.S. employment report ignited the pair and sent it back to 18.70, where it is trading right now with a 0.35% daily gain. On the week, silver is ready to close its fifth positive week in a row, thought the unit is trading well below weekly highs at 19.50. Copper negative after testing the 2.6400 are [caption id="attachment_598624" align="alignnone" width="1713"] XCUUSD 1-hour chart Copper September 6[/caption] Copper is trading negative on Friday as investors are closing positions around the 2.6400 area before the weekend. After testing the 2.6420 level, its highest price in over a month, XCU/USD is currently moving 0.25% at 2.6180. XCU/USD is ready to close its second positive week. The base metal is posting a 3.10% weekly gain right now. It would be its best week in over six months.](https://responsive.fxempire.com/cover/60x40/foil1/_fxempire_/2019/09/Gold-And-Silver.jpg)
