We have seen a big volatility in the financial Markets today, as investors remain skeptical about the future of the global economic growth.

Beginning from Spain, the jobless claims declined to 55000 in December below market expectations, which were at 50K.

In Germany, the unemployment claims rate came out unchanged at 6.3%.

Few minutes later, traders were waiting for the UK construction PMI, which increased strongly during last month to 57.8 compared to 55.3 in November.

In the Eurozone, the CPI core YoY missed forecasts and slid to 0.9% against 1.0% expected. These figures have confirmed the deflation worries in the Eurozone.

The single currency broke below 1.0800 psychological support following these numbers, as traders still expecting further easing measures from the ECB in the next months.

Looking at the U.S trading session, Canadian industrial product price MoM rose to -0.2% up from -0.5% in October.

Moreover, ISM New York rose to 62.0 in December against 60.7 registered in November.

The U.S Dollar index strengthened as expected after prices succeeded to overtake 98.60resistance level.

Currently, we expect prices to keep heading north towards 99.50 level, from where we can see some profit taking.

98.05level represent the hourly bullish pivot and prices should remain steady as far as this support holds.

Meanwhile, the main trend remain bullish, and as far as the index keep trading above 97.20 support level in the daily chart, our view will stay unchanged.

Finally, the recovery in the commodity market continued today. The yellow metal remain steady in the short-term and prices held well above the yearly lows located at 1046$ per ounce.

As of now, we believe that the near-term trend has turned bullish and traders should focus on 1080-1083 zone, which represent a strong resistance zone in the hourly chart.

If gold manage to break above this zone, then another rally is likely to happen and we can see prices testing 1090$ per ounce soon.

In the flipside, a retracement lower should see buyers around 1068-1072 zone, for another extension higher, while a daily close below this support area will change this bullish outlook.

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