Back
5 Jul 2013
Commodities Brief – Precious metals collapse after NFP data, gold stabilizes above 1200.00
FXstreet.com (New York) - Precious metal prices collapsed Friday after the release of US data, which sent both gold and silver crashing to weekly lows.
Gold plunge to weekly lows
Gold has been consolidating in a narrow sideways range for the past few days, however the price plunged today after the report of robust nonfarm payrolls. At the time of writing, gold prices are trading at near intraday lows at USD $1212.72 per oz. Friday during US trading.
Silver rebound unlikely intraday
Silver prices faced downside pressure leading up to the US data release, incurring heavy losses afterwards. Indeed, the silver metal plunged towards daily lows and faces a bearish outlook intraday. At the current levels, the price of silver has now moved to USD $18.80 per oz. during US trading.
WTI crude sustains volatile trading
WTI crude oil fluctuated above the key broken high at 100.70, which turned now into a solid support. However, price has been excessively overbought recently, and the bullish momentum is starting to lose steam. After the payroll data, WTI crude oil is negotiating a price of USD $101.70/bbl Friday.
Gold plunge to weekly lows
Gold has been consolidating in a narrow sideways range for the past few days, however the price plunged today after the report of robust nonfarm payrolls. At the time of writing, gold prices are trading at near intraday lows at USD $1212.72 per oz. Friday during US trading.
Silver rebound unlikely intraday
Silver prices faced downside pressure leading up to the US data release, incurring heavy losses afterwards. Indeed, the silver metal plunged towards daily lows and faces a bearish outlook intraday. At the current levels, the price of silver has now moved to USD $18.80 per oz. during US trading.
WTI crude sustains volatile trading
WTI crude oil fluctuated above the key broken high at 100.70, which turned now into a solid support. However, price has been excessively overbought recently, and the bullish momentum is starting to lose steam. After the payroll data, WTI crude oil is negotiating a price of USD $101.70/bbl Friday.