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It is a US holiday today, so things may be a bit more on the quiet side to start the new week. The dollar is keeping steadier so far while risk remains more tepid.
The market has little to work with since the weekend, as investors can only take clues from the mood towards the end of last week - which was more defensive in general.
USD/JPY continues to keep under 104.00 for now as the yen also holds slightly firmer while EUR/USD starts to run closer to key support levels to start the week. The December low @ 1.2059 and 61.8 retracement level @ 1.2063 are ones to watch.
Besides that, gold and silver are seeing a decent rebound on the day after having started off sluggishly. Gold is up to $1,840 now from a low of $1,804 earlier while silver erased 2% declines to post over 1% gains to sit just above $25 currently.
The 200-day moving average @ $1,844 will now be a key resistance level that gold buyers need to break back above to solidify a potential return back to the upside.
With the US out today, market conditions may keep more tepid for the time being today. But the rest of the week should see things pick up with central bank focus resuming (BOC, BOJ, ECB) and Biden's inauguration among the things to watch.
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