Oil nears $80, gold strengthens, and key earnings in focus

David Morrison

SENIOR MARKET ANALYST

20 Jan 2025 - 2min Read

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US stock index futures rallied on Friday, returning from a mixed week. While tech stocks struggled, sectors like Utilities and Financials pushed higher, setting a positive tone as we head into the week.

Bank earnings started with solid results, marking a strong start for Q4. The Philly Fed Manufacturing Index surged to its highest level since April 2021, signalling optimism in the manufacturing sector.

Bond yields also cooled, with the 10-year Treasury yield dropping 20 basis points from recent highs.

Crude oil eyes $80: can it break through?

Crude oil continues to trade just shy of $78, with the $80 mark in sight. The daily MACD suggests overbought conditions, but there’s still no sign of a topping out.

Bullish traders are watching for a potential breakout, with winter demand and fresh US sanctions on Russian exports providing the backdrop for further price movement. Will oil reach new highs or falter at this key level?

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Gold shines at $2,724

Gold surged to its highest price since mid-December, pushing above $2,724. Unlike last month’s sharp sell-off, this rally feels more solid, driven by steady momentum even amid a strong dollar. The big question now is whether this rally can hold or if history will repeat itself with another pullback.

Economic calendar: what’s coming up?

This week started off slow, with US markets closed on Monday for Martin Luther King Day. Overnight, China’s central bank is expected to announce potential changes to its Loan Prime Rates while the World Economic Forum kicks off in Davos.

On Tuesday, keep an eye on UK employment data, Germany’s ZEW Economic Sentiment survey, and Canadian CPI. Midweek, UK Public Sector Net Borrowing, Germany’s ifo Business Climate survey, and a speech by ECB President Christine Lagarde will be key points to watch.

Friday heats up with the Bank of Japan’s interest rate decision, alongside Manufacturing and Services PMIs across major economies, including the US.

This week’s key earnings reports

Monday:

No significant earnings.

Tuesday:

• Netflix

• General Electric

• Capital One

• United Airlines

Wednesday:

• Procter & Gamble

• Johnson & Johnson

• Abbott Labs

Thursday:

• Intuitive Surgical

• Union Pacific

• Freeport-McMoRan

Friday:

• American Express

• Verizon

• Rockwell Automation

With a light start to the week, all eyes are on key economic data and earnings reports.


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