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Copper, Oil Prices Ignore Upbeat China PMIs; Gold Posts Huge Gain

Copper, Oil Prices Ignore Upbeat China PMIs; Gold Posts Huge Gain

Nathalie Huynh, Contributor

Talking Points:

  • Gold price headed for the biggest quarterly gain in many years
  • Oil price fell on risk-off sentiment and a strengthening USD
  • Copper price fell alongside regional stocks

Gold prices have gained 16 percent since the start of January and headed for the largest quarterly advance since 1990. Gold’s status as a store of value and safe have asset attracted capital flows during turbulent markets as seen in the first quarter of 2016. The quarter ended on a high note for gold as dovish remarks by Fed Chair Yellen dampened the chances of an imminent interest rate hike.

Oil pricesfell in Asian trade on Friday as market sentiment turned to risk-off and the US dollar recovered. Prices have shown little reaction to upbeat China’s Purchasing Manager’s Index with the official data showing an unexpected expansion in March. U.S. non-farm payroll data later today will also give direction to oil and gold prices.

Copper prices dropped for a fifth day amid widespread risk-selling in Asia, despite positive China’s manufacturing PMIs. Regional stocks fell across Australia, China, Hong Kong and Japan, while government bonds and U.S. treasuries rose during the Asian trade. The recent decline snapped copper’s first quarterly gain in almost two years. Outlook for China and the global economy, miners’ production cuts, and movement of the US dollar remain the main drivers for copper in this coming quarter.

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GOLD TECHNICAL ANALYSIS – Gold prices traded sideways for another day even as gold scored a large quarterly gain. The precious metal remained trapped between a support level at 1207.6 and a resistance level at 1284.6. There is no sign that gold may break out of the range soon.

Daily Chart - Created Using FXCM Marketscope

COPPER TECHNICAL ANALYSIS – Copper prices halted decline ahead of the 2.1485 support level, although momentum signals were still biased to the downside. Investors should keep a close watch of this support level and adjust their stop loss accordingly.

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS – Oil prices traded below the $39 mark on a second day. Downward momentum is waning, which may help to sustain current price levels into next week. Any contest or breach of the $39 mark would be a good sign for oil investors.

Daily Chart - Created Using FXCM Marketscope

--- Written by Nathalie Huynh, Currency Strategist for

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.