- The softer-than-expected US labour market and ISM services survey data allowed gold to break above $2,360/oz briefly today as the USD weakened and Treasuries rallied, before gains were pared later in the session.
- Spot gold is currently up by 1.2% at $2,357/oz.
- From a technical perspective, gold is in consolidation mode, with initial firm resistance at $2,387.8, the Jun 7 high.
- Meanwhile, silver is outperforming and is up by 3.4% at $30.5/oz.
- For silver, first resistance to watch is $30.853, the Jun 21 high. A break would be a bullish development.
- Copper has rallied for a fourth successive session, gaining by 2.5% today to $453/lb.
- The metal has gained as investors assess possible stimulus in China and rate cuts in the US, with hopes that policymakers in China will announce some policy support at this month’s Third Plenum.
- For copper, a bearish corrective cycle that started May 20, remains in play, with support at $426.12, a Fibonacci retracement. Initial resistance to watch is $496.40, the Jun 4 high.
- WTI Aug 24 is up 0.7% at $83.4/bbl.
- A bull cycle in WTI futures remains in play, with attention on $85.27, the Apr 12 high and a bull trigger. Initial firm support to watch is $79.35, the 50-day EMA.
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