The number of coronavirus-related deaths in the United States crossed 300,000, the highest figures in the world. On the positive side, On Monday, the first dose of the Pfizer vaccine was administered in New York City after federal regulators gave emergency approval. Worldwide coronavirus deaths have reached 1,627,977 with more than 73.1 million reported cases.
Wall Street ended lower on Monday as investors remain concerns about increasing COVID-19 deaths in the US. On Monday, the New York Governor Andrew Cuomo said that the city could enter a full shutdown within a month.
Crude oil prices rebounded from the Monday's low ahead of the API inventory data. On Monday, OPEC revised down its estimate of global demand from last month's forecast by 1 million b/d for the first quarter of 2021 and 620,000 b/d for the second quarter.
In the currency market, The Dollar index still continuing the downtrend and the pair hits new two and a half year low 90.42 on Monday. On the other hand, the Australian dollar retreated from the highs following the dovish RBA minutes.
Gold prices trading volatile ahead of the Federal Reserve's two-day policy meeting that will begin later in the day. During the previous session, the yellow metal dips to a fresh weekly low of $1818.
On the data front, data from the National Bureau of Statistics showed today, China’s Industrial production climbed by 7% year-on-year in November from 6.9%. While retail sales grew 5% year-on-year in November from 4.3% a month ago.
During the Asian session. The RBA released the last meeting minutes. “The high unemployment rate and excess capacity across the economy more broadly were expected to result in subdued wages growth and inflation over coming years,” the minutes said.
Coronavirus is continuing its spread across the world with about 72 million confirmed cases in 190 countries and more than 1.6 million deaths. Germany had recorded over 1,350,800 confirmed cases and more than 22,080 deaths.
Dollar Index: US dollar slightly recovered from the previous session lows. At the time of writing, USD hovers near 90.70 level.
The important levels to watch for today: Support- 90.40 and 90.00 Resistance- 90.90 and 91.20.
GOLD: The gold price trading steady on Tuesday. The continuous jump in coronavirus cases globally helped to boost the demand for the precious metal.
The important levels to watch for today: Support- 1825 and 1818 Resistance- 1844 and 1850.
Quote of the day: Successful traders always follow the line of least resistance. Follow the trend. The trend is your friend. – Jesse Livermore.
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