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Gold Extends Uptrend, 200-dma Eyed

COMMODITIES
  • A sizeable lurch lower in the USD price after a particularly disappointing nonfarm payrolls release saw gold benefit smartly, with the spot price rallying to the new multi-month highs. This brings gold to within reach of the 200-dma resistance at $1851.45. A break and close north of here would be resolutely bullish, opening $1875.7, the Jan 29 high.
  • Oil markets started sluggishly and continue to lag the broader commodity complex headed into the Friday close. Signs that Iran could be welcomed back into the international fold remain a negative factor for prices, with Biden's White House Friday stating that progress had been made in international negotiations with Iran. WTI and Brent crude futures respected the week's range ahead of the close, with directional parameters largely unchanged.

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