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Gold, Crude Oil Sold as PMI Data Sparks Risk Aversion

Gold, Crude Oil Sold as PMI Data Sparks Risk Aversion

Ilya Spivak, Head Strategist, APAC

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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