Mar 5, 2013
Commodities Brief – Silver breaches 29.00 level, WTI crude falls as Friday payroll data eyed
Gold has jumped at the onset of American trading Tuesday, as the USD index continued to wane amidst the speculation of a slowdown in the US Economy – ISM Manufacturing is slated for release at 15:00 GMT. The yellow metal was ultimately capped at 1586.05 however (intraday maximum), held in check by its 20-day SMA. Despite the recent pullback however, the MACD indicators look positive ahead of the US open, and the price is being protected by the 200-day SMA. At the time of writing, gold has settled at USD $1582.40 per oz. As the end of the week draws closer, the investors will look to the Nonfarm Payrolls in the United States as the paramount barometer for the near-term state of the US economy.
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