Gold: EU summit and miserable Japan data does not affect the Gold price

Positive Surprise for Japan
The Chinese trade balance data gave a positive surprise two weeks ago. The situation is different in Japan. Japanese exports fell 26.2 percent year-on-year more than forecast. A decrease of 14.4 percent p.a. reported. Important economic indicators are on the agenda on last Thursday and Friday. In addition to various business climate indices, the actors are also likely to be very interested in the numerous purchasing manager indices. Experience has shown that they are considered a good leading indicator.

Crude oil: weaker at the start of the week
The oil service company Baker Hughes’ weekly report on North American drilling activities published on Friday evening continued to show a negative trend. In the United States, for example, the number of oil drilling rigs fell marginally from 181 to 180 within a week. This represented the eleventh decline in a row. The players in the oil markets are still concerned about the increasing number of new corona infections and the resulting risk of renewed lockdowns. On last Monday morning, the oil price presented itself with falling prices. Until about 7.15 a.m. (CEST), the next due WTI future fell $ 0.30 to $ 40.29, while its counterpart on Brent fell $ 0.31 to $ 42.83.