European indices stabilise after losses
|Gold has managed to rally off its lows, while dip buyers have gone shopping in European stocks, says Chris Beauchamp, Chief Market Analyst at online trading platform IG.
Dip buyers help to prop up European markets
European indices finally got a bit of a break today, as dip buyers came in and prompted substantial gains in these beaten-down markets. Key levels were defended and the broad-based buying augurs well for a near-term recovery. But with so much uncertainty around the implementation of the new administration’s policies, the relief might be short-lived. In London the FTSE 100 recovered from its three-month low after briefly dipping below 8000 yesterday.
Gold – down but not out?
Gold prices seem to have stabilised too, but like European stocks it is far from clear that the correction has run its course. After the unstoppable rally of the past few months the drop from $2800 has helped to take some froth out of the market, and like European stocks there will be hopes of a new leg higher in this, one of 2024’s solid performers.
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