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Gold, Crude Oil Sold as PMI Data Sparks Risk Aversion

Gold, Crude Oil Sold as PMI Data Sparks Risk Aversion

2013-04-23 11:59:00
Ilya Spivak, Head Strategist, APAC
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Gold and crude oil prices are under pressure as disappointing Chinese and Eurozone PMIs spark risk aversion across the financial markets.

Talking Points

  • Crude Oil, Copper Sold as Chinese and EZ PMIs Spark Risk Aversion
  • Gold and Silver Find Support on Ebbing Haven Demand for US Dollar

Commodity prices are under pressure as risk aversion sweeps financial markets amid renewed concerns about a slowdown in global growth following disappointing Chinese and Eurozone PMI figures. Cycle-sensitive crude oil and copper prices are following stocks lower while gold and silver are facing de-facto pressure as haven demand boosts the US Dollar, denting demand for anti-fiat assets.S&P 500 index futures are pointing higher however, hinting there may be scope for a reversal. The March set of US New Home Sales data as well as April’sRichmond Fed Manufacturing Survey headline the economic calendar.

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WTI Crude Oil (NY Close): $89.19 // +0.92 // +1.04%

Prices are re-testing resistance-turned-support at 88.45, the 23.6% Fibonacci retracement. A reversal back beneath that aims for the 14.6% level at 87.37. Near-term resistance is now at 90.21, the 38.2% Fib.

Commodities_Gold_Crude_Oil_Sold_as_PMI_Data_Sparks_Risk_Aversion_body_Picture_3.png, Gold, Crude Oil Sold as PMI Data Sparks Risk Aversion

Daily Chart - Created Using FXCM Marketscope 2.0

Spot Gold (NY Close): $1426.45 // +22.60 // +1.61%

Prices are testing resistance at 1434.43, the 38.2% Fibonacci retracement. A break above that aims for the 50% level at 1469.28. Near-term support is at 1391.30, the 23.6% Fib, with a turn beneath that aiming for the April 16 low at 1321.59.

Commodities_Gold_Crude_Oil_Sold_as_PMI_Data_Sparks_Risk_Aversion_body_Picture_4.png, Gold, Crude Oil Sold as PMI Data Sparks Risk Aversion

Daily Chart - Created Using FXCM Marketscope 2.0

Spot Silver (NY Close): $23.44 // +0.19 // +0.83%

Prices found interim support at 22.54, the 23.6% Fibonacci expansion. Near-term resistance is at 23.46, the 23.6% Fib retracement, with a break above that initially exposing the 38.2% level at 24.34. Alternatively, a drop below support aims for the 38.2% expansion at 21.66.

Commodities_Gold_Crude_Oil_Sold_as_PMI_Data_Sparks_Risk_Aversion_body_Picture_5.png, Gold, Crude Oil Sold as PMI Data Sparks Risk Aversion

Daily Chart - Created Using FXCM Marketscope 2.0

COMEX E-Mini Copper (NY Close): $3.132 // -0.016 // -0.51%

Prices are testing support at 3.080, the 76.4% Fibonacci expansion, with a break below that exposing the 100% level at 2.965. Near-term resistance is at 3.151, the 61.8% expansion. A reversal back above that targets the 50% mark at 3.208.

Commodities_Gold_Crude_Oil_Sold_as_PMI_Data_Sparks_Risk_Aversion_body_Picture_6.png, Gold, Crude Oil Sold as PMI Data Sparks Risk Aversion

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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