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Gold, Silver Fall Following Robust US Employment Data

COMMODITIES
  • Gold has fallen by 3.1% today to $2,302/oz, as investors further discount prospects for Fed interest rate cuts, following the stronger-than-expected US employment data.
  • The move takes the yellow metal to its lowest level since May 06, 6% below the record high reached on May 20.
  • Latest data also show that the PBoC didn’t buy any gold in May, the first time China has opted not to add to its reserves since October 2022.
  • A short-term bear cycle in gold remains in play for now, although the medium-term trend structure is bullish. The 50-day EMA at $2314.4 has been pierced, opening $2,277.4, the May 03 low and a pivot support.
  • Meanwhile, silver is underperforming and is down by 6.7% on the day at $29.2/oz, its lowest level since May 15.
  • For silver, support at the 20-day EMA has been breached. The next level to monitor is $28.6827, the 50-day EMA.
  • Copper is also down by 4.5% to $447/lb, its lowest since May 02.
  • Crude markets are headed for the close broadly unchanged on the day and down around 2% on the week. The strengthening in the US dollar following the payrolls data has been adding pressure today.
  • WTI Jul 24 is trading at $75.5/bbl.
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