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(Kitco News) – World stock markets were mostly firmer in overnight trading, following the gains posted on Wall Street Friday. Focus early this week is on a two-day OPEC meeting. U.S. stock indexes are pointed toward firmer openings when the New York day session begins.
Gold prices are weaker on some follow-through selling pressure from Friday's losses that came in the wake of an upbeat U.S. jobs report that favored U.S. monetary policy hawks who would rather see another Fed rate hike soon.
The U.S. dollar index rallied following the jobs report and closed at a bullish weekly high close Friday. That is an early technical clue that a market bottom is in place. However, the greenback is a bit weaker on a corrective pullback Monday, and is still in a solid price downtrend on the daily chart.
Nymex crude oil futures are lower in early trading Monday and trading just below $49.00 a barrel. Oil market watchers are awaiting news coming out of this week's OPEC meeting in Abu Dhabi. Many believe some OPEC members are cheating on their production quotas, and the meeting will address that matter.
U.S. economic data due for release is light Monday, and includes the employment trends index and consumer installment credit.
By Jim Wyckoff, contributing to Kitco News; email@example.com