Precious Metals Market Report
Friday 07 July, 2017
Fundamentals and News*
Gold Rises a Second Day as U.S. Employment Data Misses
Gold futures rise for second day as dollar slides after weaker-than-expected U.S. employment data fueled speculation that Federal Reserve may take a more cautious approach on monetary tightening.
Bullion futures for Aug. delivery +0.1% to settle at $1,223.30/oz at 1:45pm on Comex in N.Y.
U.S. Weekly Jobless Claims Rose 4k to 248k; Est. 243k
ADP Data on Private Hiring Suggest U.S. Job Market Is Moderating
U.S. non-farm payrolls report Friday expected to show economy added 178,000 jobs in June
The weak employment data “has made investors a little cautious,”Naeem Aslam, the chief market analyst at Think Markets U.K. Ltd. in London o “Investors are going to question Fed’s hike in interest rate if the U.S. NFP number is also fragile,” he says o “All of this is providing tailwinds for the gold price”
Fed Consensus Fraying as Unease Over Low Inflation Nags at FOMC
Gold Traders Bullish Third Week After North Korea Spooked Market
In other precious metals:
Silver futures also rise on Comex
Platinum futures gain on Nymex, while palladium slips
(*source Bloomberg)
Data – Forthcoming Release
Technical Outlook and Commentary: Gold
Gold for Spot delivery was closed at $1225.22 an ounce; with loss of $1.82 or 0.15 percent at 1.00 a.m. Dubai time closing, from its previous close of $1227.04
Spot Gold technically seems having resistance levels at 1242.1 and 1249.4 respectively, while the supports are seen at $12181.6 and 1211.3 respectively.
Technical Outlook and Commentary: Silver
Silver for Spot delivery was closed at $16.04 with loss of $0.05 or 0.31 percent at 1.00 a.m. Dubai time closing, from its previous close of $16.09
The Fibonacci levels on chart are showing resistance at $16.52 and $16.71 while the supports are seen at $15.89 and $ 15.70 respectively.
Resistance and Support Levels
Indications only, open & closing prices are bids; data source: Bloomberg; important disclaimer below; Times as per Dubai
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