That being said, we are starting to see the Friday moves abate a little for now. In particular, gold is down 0.6% but it's a minor retreat compared to the over 3% gains at the end of last week:
The fall puts emphasis back on the 100 (red line) and 200-day (blue line) moving averages, as being key technical resistance layers to watch.
The Israel-Hamas conflict is still continuing and that isn't really helping to ease concerns of a further escalation. The siege on Gaza is still permeating fears of a wider spread of conflict in the region and that will keep traders and investors on edge for now. The latest news is that the US is also stepping in with Biden saying that Israeli occupation of Gaza would be a 'big mistake'. He said that:
"I think it’d be a big mistake. Look, what happened in Gaza, in my view, is Hamas and the extreme elements of Hamas don’t represent all the Palestinian people. And I think that.. It would be a mistake to.. for Israel to occupy.. Gaza again. We.. but going in but taking out the extremists the Hezbollah is up north but Hamas down south. Is a necessary requirement."
We'll see how things develop but at least for the time being, markets are not going all out and seeking shelter to start the new week.
S&P 500 futures are up 0.2% and dollar gains have eased a slight touch as we look towards European trading.