Gold likely headed toward further gains

Highlights:

Chart of the Day: Global trade and industrial production are in a recession.

Futures Summary: 

News:

CMT sees more upside for S&P 500 in 2020. Analysts largely expect to see the S&P 500 reach 3,320 in 2020, but Piper Jaffray chief market technician Craig Johnson, CMT, contends it could go as high as 3,600, noting "there's more upside than I think a lot of people are giving this market credit for." "We've got a model we've been running for years, and it's a bottoms-up model," he said, "and when we do that, we end up with a price objective of about 3,600 on the S&P."

Technical analyst: Gold likely headed toward further gains.  The price of gold could be headed for further gains after breaching a key level of resistance this week. "Indeed, gold has broken above the pivotal $1480/81 level today, which means the path of least resistance is now to the upside again," technical analyst Fawad Razaqzada wrote Monday.

Tesla's share price reaches a record $420.  Tesla's stock price passed $420 a share Monday, up almost 27% for the year. That was the price at which a private investor was ready to take Tesla private, CEO Elon Musk wrote in an August 2018 tweet.

2019 gains make Alibaba the most valuable firm in Asia.  Alibaba has become the most valuable company in Asia for the first time since it began trading publicly in New York in 2014. In 2019, Alibaba's share value has risen 60%, giving the company a $570 billion market capitalization.

Brookfield Infrastructure to pay $2.6B for telecom Cincinnati Bell.  An investment group led by Toronto-based Brookfield Infrastructure has agreed to pay $2.6 billion, including assumption of debt, for multistate US telecom company Cincinnati Bell. The buyers will pay $10.50-a-share for Cincinnati Bell, a 36% premium above the share price when markets closed Dec. 20.