Wheat prices continue a rally on Monday, reaching the $561 – the highest price in 2019! The price has gained over 20% since September lows amid optimism regarding the Chinese purchases as a part of the Phase One trade deal. Another factor adding to price gains is a possible export tax in Argentina which could redirect some of the purchases to the US. Technically the price broke the $555 resistance zone that could now act as a support. The next level to watch is $595.
Market wrap: Oil gains amid US - Iran tensions 📈 European indices muted before US NFP report
📈 Gold jumps 1.5% ahead of NFP, hitting its highest level since Jan. 30
Silver rallies 3% 📈 A return of bullish momentum in precious metals?
Daily summary: Weak US data drags markets down, precious metals under pressure again!