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This Week’s Market Commentary from David Jones, Chief Market Strategist at

“As the first full week of trading for March gets underway, it has the potential to be a very interesting one with plenty of volatility. Last Friday saw the largest slide in the price of gold since August 2018 – investors shunned the yellow metal as their risk appetites remain high and they continued to chase up stock prices. The recovery in global stock markets has extended – but if that is going to run out of steam anywhere, then stock market indices are getting very close to a key barrier. 

The major US indices are now within a whisker of the highs set in the last quarter of 2018. These levels ended up being a real problem, with investors eventually throwing in the towel and shares plunging into December. These old highs should be a barrier once again – there could well be plenty of volatility this week as these old levels are retested and investors decide other shares have gone too far once more.

Last week was a quieter one for the euro and the pound. While the UK set to leave the EU before the end of this month, the terms are still not clear, currency traders are understandably unwilling to commit in either direction.  The European Central Bank is set to reveal its latest interest rate decision on Thursday – no changes are expected – but it will still be the political world that traders are watching, rather than the underlying economics of both areas. 

Last week did see oil very briefly push to a fresh high for the year, with US Crude nudging above $58 a barrel. Like stock markets, the oil price has enjoyed a tremendous bounce back this year. The size of the recovery may be leaving investors in this market also considering whether it has gone far enough in the short term – it is another market that could deliver plenty of volatility as the week unfolds.

*This is market commentary information, therefore it shall not be regarded as investment research or investment advice. Also note that past performance is not reliable indicator for the future.”


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