Mar 8, 2013
Commodities Brief – Precious metals trade sideways ahead of US payrolls, crude oil consolidates above 91.00
Gold prices have traded in a rather confined range Friday (1575.85 – 1580.05) as investors are seemingly content to wait-and-see the impending results of the Nonfarm Payrolls later today in the United States at 13:30 GMT. On the heels of dual announcements out of both the ECB and BoE, which abstained from any mention of additional stimulus measures, the yellow metal found itself trending lower. At the time of writing gold is trading at USD $1578.62 per oz., technically well positioned for a movement higher (on the caveat of optimistic US data), as its presently operating above its 20, 50, and 200-day SMA.
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