Gold prices are back on track

After a very hectic start to the week, gold rebounded from the consolidation lows of $ 1,850.62 an ounce after falling 5.46% during yesterday's session. This morning the precious metal traded 1.23% higher after Pfizer / BioNTech news on vaccines set off the dramatic downward move. Shares in Asia continued to rise overnight, with the Nikkei 225 climbing 0.26% into the black.

The ASX (0.66%) also gained, but the Chinese exchanges failed to take advantage of the bull market seen elsewhere. The European futures also paint a mixed picture, with the DAX futures gaining 0.63% and the FTSE 100 futures (-0.11%) lagging behind. Stay home, stocks are still suffering as stocks like Zoom and Facebook are under pressure after the vaccine news. As for the overnight news, Chinese inflation numbers for October were 0.5% y / y (versus an expected 0.8%) and the PPI fell 2.1% y / y (versus an expected decline of -1.9) %).

Economic data aside, Eli Lilly's antibody therapy has received emergency approval from U.S. drug agencies to treat Covid-19. While it hasn't had the kind of positive results that Pfizer's drug has, it's nonetheless a significant step in reducing hospital admissions. Elsewhere, today Europe will impose tariffs worth $ 4 billion on US goods. The tariffs will apply to Boeing models, which will now be subject to a 15% duty, and there will be additional taxes on goods ranging from liquor to tractors to video games. In China, the Shanghai Exchange announced that it would initiate an international copper deal. The British House of Lords rejected the government's plans to break international law over Brexit.

This is a blow to UK Prime Minister Boris Johnson, who said he would challenge the legislation. To put Johnson in even more distress, the new US President Joe Biden has stated that if Britain breaks the Good Friday Agreement, he will not allow a US-UK trade deal. Today, traders will watch out for German ZEW data, the EIA Short-Term Energy Outlook, US JOLT's September vacancies, weekly Oil API data, and comments from Fed's Quarles and Brainard.