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Precious Metals Rally After US Labour Market Data

COMMODITIES
  • Spot gold has risen by 1.4% on Friday to $2,390/oz, taking total gains this week to 2.7%.
  • The yellow metal has risen to its highest level since May 22, supported by the soft US employment data, which pointed to a cooling labour market.
  • From a technical perspective, gold continues to trade inside a range for now. A clear break of initial firm resistance at $2,387.8, the Jun 7 high, would be a bullish development. Key resistance is at $2,450.1, the May 20 high.
  • Silver is also up by 3.1% on the day at $31.4/oz, leaving the precious metal 7.7% higher on the week.
  • Silver is trading above first resistance at $30.853, the Jun 21 high. A clear break would be a bullish development, opening $32.518 next, the May 20 high.
  • Copper has seen another strong rally today, with the red metal gaining for a sixth consecutive session.
  • Copper is currently up by 2.9% at $466/lb, taking total gains this week to over 6%.
  • Despite this week’s gains, a bearish corrective cycle that started May 20 remains in play. Initial resistance to watch is $489.25, the May 29 high.
  • Meanwhile, WTI is set to end the week up around 1.9%. However, it has lost ground today as US close approaches. Front month remains within the three-day trading range.
  • WTI Aug 24 is down 0.7% at $83.3/bbl.
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