General Market Analysis – 19/11/25

US Stocks Drop Again – Nasdaq off 1.2%

US equities drifted lower again overnight as valuation concerns kept investors on the defensive ahead of Nvidia’s earnings release, due after the bell tonight. The Dow fell 1.07% to close at 46,091, while the S&P 500 slipped 0.83% to 6,617 and the Nasdaq dropped 1.21% to 22,432. The US dollar was little changed, with the DXY edging up 0.02% to 99.61. Treasury markets were steadier, with yields easing ahead of the latest Federal Reserve Meeting Minutes. The 2-year yield slipped 3.8 basis points to 3.573%, while the 10-year yield declined 2.5 basis points to 4.113%. Oil prices pushed higher in choppy trading as markets continued to digest the impact of sanctions on Russian crude. Brent rose 0.89% to $64.77, and WTI gained 1.25% to $60.66. Gold also found some support, lifting 0.62% off support levels to $4,069.51.

Gold to Trade on Dollar Sentiment in Coming Days

Gold has remained trading in a volatile manner in recent weeks but has stuck to a wider range as a variety of changing factors have led to strong rallies followed by equally strong descents. Recent reports that some major central bank players are now confirming – through data rather than any announcements – that they have been actively buying the world’s favourite precious metal over the last few months have answered a few questions for experienced traders with regard to the huge move up after the early September break of the previous record level. However, traders are now looking for fundamentals to reinforce moves in one direction or another. Gold bounced nicely off support levels overnight as some good buying flows came through the market, but traders are now expecting more moves on fundamentals, initially off the Fed Meeting Minutes tonight and then off the delayed September Non-Farm Payrolls data tomorrow. These should both see the dollar side of the equation dominate sentiment with regard to moves, at least for the next few sessions.

Busy Day Ahead for Traders

It’s a busier day ahead on the economic calendar today, with some key data due out across the sessions before we hit the Fed Meeting Minutes near the end of the day. Australian markets are again in focus during the Asian session, with Wage Price Index data (exp +0.8%) due out early in the day. There is key UK data due out in the European session, with the CPI figures (exp +3.5% y/y) the main market mover of a big data dump early in the day. In the US session, traders will be watching the weekly Crude Oil Inventory numbers (exp -1.9 million barrels) earlier in the day before attention shifts to the FOMC Meeting Minutes a few hours before the close and Nvidia’s highly anticipated results update.

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