XAU Trading Outlook
Oil prices plunged to 102.21 from 104.93 dollars a barrel. Gold (XAU) dropped to 1635.73 from 1651.90 US dollars an ounce. Against the euro, gold plummeted to 1243.87 from 1257.37 euro an ounce. Silver (XAG) moved down to 30.1163 from 30.5878 dollars an ounce.
Oil & Gold (XAU) XAU/USD dipped below $1650 briefly overnight as the USD strengthened but we closed back above the level. OIL/USD fell with the rest for the market but found support at $105 and is quite calm lately.
Oil & Gold (XAU) Gold was volatile overnight falling from $1670 to below $1660 quickly after the positive US data. The outlook for the precious metal is mixed with tonight’s ADP report offering clues for Fridays NFP. OIL/USD finally broke above $105 and is well positioned to push higher now.
Oil & Gold (XAU) Gold fell sharply $15oz on the Chicago PMI but then rebounded back above $1660 in a surprisingly bullish move. OIL/USD remained in the $104 vs. $105 range as we waited for fresh inspiration.
Oil & Gold (XAU) Gold moved higher to the next technical level at $1663 as the USD weakness encouraged buyers to get more aggressive on Friday. OIL/USD was strong but failed to break the psychological resistance at $105 a barrel instead closing just under the level.
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