Silver Prices (XAG/USD) are trading in a mild positive bias on Monday, trimming some losses after the rejection from levels above $32.00 last week. A mild retreat in US Treasury yields is supporting precious metals on Monday but the overall picture shows the pair vulnerable. The daily chart reveals a sharp reversal pattern last week, which triggered a more than 4% sell-off in the last half of the week. Upside attempts are looking feeble so far, with previous support at $30.85 likely to challenge bulls. Source: Fxstreet
Crude Oil is testing vital support around $70.00, after selling pressure emerged on the back of Chinese Retail Sales data for November which dampened hopes for a speedy recovery in the region. The 3% growth was far below consensus and the situation is set to deteriorate further as tanker rates on key routes to China are falling to the lowest level this year, pointing to even more sluggish demand ahead. Source: FXStreet
Gold (XAU/USD) started the week on a relatively positive note, with the US dollar (USD) weighed down by a slight decline in US Treasury yields and weaker-than-expected US manufacturing figures. However, the precious metal remains close to recent lows after a 2.5% sell-off late last week. US Treasury yields fell on Monday after a sharp rally last week, taking some of the recent bullish pressure off the US dollar. Investors appear cautious about placing directional US dollar bets as they prepare for the all-important Federal Reserve (Fed) monetary policy decision on Wednesday. The market is...