The ASX is set for a hesitant start as oil and gold spike after Iran launched a missile strike at Israel overnight, sending safe haven assets higher.

The ASX is set to slip as the China-led commodity rally took a breather overnight. On the ASX today, traders will watch incoming retail and build data for signs of life in the economy.

Fresh stimulus in China lifted the ASX 200 to a new record highs despite Wall St slipping on Friday. Iron ore Futures jumped over 10% overnight, lifting local miners.

The Aussie sharemarket advanced today as the market tracks iron ore higher. Meanwhile oil prices continue flounder, falling below U$70 per barrel as Libya’s governing crisis eases.

The ASX looks uncertain this morning as traders await the RBA’s interest rate decision at 2:30pm today which is likely another hold by the central bank.

The ASX is set to fall today as markets took a breather from the recent rate cut rally. Ahead this week we have the RBA decision and CPI numbers so traders remain cautious in the leadup.