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Gold Price Steadies before Fedspeak while Oil, Copper Prices Fade

Gold Price Steadies before Fedspeak while Oil, Copper Prices Fade

2016-03-29 07:15:00
Nathalie Huynh,
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Talking Points:

  • Gold price pared yesterday’s losses as market players positioned before Fedspeak, NFP
  • Oil price faded as soft US data prompted growth downgrades
  • Copper price traded subdued following soft data and equity losses

Gold prices extended the upside to 1223.2 ahead of speeches from Fed Chair Yellen and Fed’s William later today. This level still fell short of a past daily low at 1225.7 which may act as resistance level in the near term. Liquidity has improved as regional markets returned to work from Easter holiday weekend. US dollar’s weakness following yesterday’s fall will provide support to gold until Non-farm Payrolls data release on Friday.

Oil prices and volatility faded into an inside-day trading, as soft US data prompted downgrades of growth forecasts. The downside of oil prices is at a safe distance from 38.2 support level. At top, past daily highs at 40.48 might restrict future movement. Oil and other commodities are leveraging on a weak US dollar ahead of major events in the US.

Copper prices also traded within yesterday’s band, with a downside bias in the Asian afternoon. This lacklustre was in line with losses in regional equities including in the Shanghai Composite index. Although the US dollar stayed weak versus commodity and risk currencies like AUD, NZD, copper prices have not yet recouped last week’s losses. A support level at 2.2035 has held firmly through thin holiday market.

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GOLD TECHNICAL ANALYSIS – Gold prices recovered toward a daily high of 1223.2 while the 1207.6 support level held firmly on the downside. Below that, another support level comes at 1191. Mixed momentum signals indicate that gold prices may retain current levels ahead of economic events this week.

Gold Price Steadies before Fedspeak while Oil, Copper Prices Fade

Daily Chart - Created Using FXCM Marketscope

COPPER TECHNICAL ANALYSIS – Copper prices have dropped well below the 2.3020 resistance level to linger at the middle of its 2.1485-2.3020 range. Trading opportunity is limited while the metal is going through a lackluster period. Ranging price action abounds.

Gold Price Steadies before Fedspeak while Oil, Copper Prices Fade

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS Oil prices touched a support level at 38.99 (or 39) on the fifth straight session of losses. This level has held firmly so far, although downward momentum hints at possibility of a break. In such case, a lower support level comes at 34.79.

Gold Price Steadies before Fedspeak while Oil, Copper Prices Fade

Daily Chart - Created Using FXCM Marketscope

--- Written by Nathalie Huynh, Currency Strategist for DailyFX.com

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