Gold: Spot Gold retreated Thursday and snapped this week’s winning streak as strong US employment data lifted sentiment and triggered some uncertainty about Fed’s next move.
Spot Gold fell to a low of 1,350.74 oz before recovering a bit to end the day at 1,358.
In the daily, the bias is Bullish as Spot continues to trade near yesterday’s 2 year highs, but with indicators in overbought territory, the rally might take a pause to refresh, while investors await the US NFPs report.
In the 4 hours, the precious Yellow metal is trading at a flat 20-Day SMA, and indicators are mostly flat above their mid-lines, favoring the Northside. A break above recent highs would show the way North to $1,400.
Support marks: 1,350.74 1,335.56 1,320.56
Resistance marks:1,388.45 1,400.00 1,416.34
WTI Crude Oil (NYSEArca:USO) prices plummeted during the afternoon session in the US,,and marked 2 month lows as the US Department of Energy reported US Crude Oil stocks fell less than expected last week.
US inventories fell by 2.223-M bbl last week, below the 2.500-M bbl draw expected.
Investors were disappointed as API reported a 6700-K decline in US stockpiles Wednesday.
WTI Crude Oil fell to a low of 44.86 bbl and ended the day at 45.51. WTI Crude Oil was trading at 47.85 before the supply data. The picture has turned negative near term.
In the daily, Momentum has accelerated to the Southside, while the price holds just above an ascending 100-Day MA that is acting as support around 44.90.
In the 4 hours, indicators point South with steep negative slopes, as the RSI approaches oversold territory, suggesting some consolidation ahead another push South.
Support marks: 44.80 43.02 42.48
Resistance marks: 48.32 49.33 50.00
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