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Spot Gold Losses Extend Following Robust US PMI Data

COMMODITIES
  • WTI has traded around 3% higher on the week, despite falling back on the day. A stronger USD has added some pressure Friday, although signs of improved summer demand and falling US stocks will be supportive.
  • WTI Aug 24 is down 0.9% at $80.6/bbl.
  • WTI futures have traded higher this week, extending the current bull phase. The climb has resulted in a break of $80.11, the May 29 high, opening $82.24, a Fibonacci retracement point.
  • Initial firm support to watch is $78.32, the 20-day EMA.
  • Meanwhile, spot gold has fallen by 1.6% today to $2,322/oz, with losses extending following the stronger-than-expected US PMI data, which in turn provided a USD bid.
  • Over the week, the yellow metal has fallen by 0.5%.
  • For gold, the sharp sell-off on Jun 7 reinforced a short-term bearish theme. The yellow metal recently pierced the 50-day EMA, at $2,317.69, a clear break of which would open $2,277.4, the May 3 low.
  • Initial firm resistance is $2,387.8, the Jun 7 high.
  • Silver has fallen by 3.9% to $29.5/oz on Friday, leaving it unchanged on the week.
  • For silver, key resistance remains at $32.518, the May 20 high, while support to watch lies at the 50-day EMA, at $29.001.
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