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.

Silver held below 29.00
Silver prices mirrored its yellow counterpart yesterday and ahead of the US data later investors’ reticence seems to be reflective in a rather narrow pricing derivation. Ultimately, sideways trading is expected to reign ahead of the US session later today, though the white metal has not regained the 29.00 level and is operating at just USD $28.82 per oz. in these moments.

Crude stabilizes above 91.00
WTI Crude oil has edged higher Friday, with prices slightly revitalized since US jobless claims data. Ahead of the crucial payroll data later, crude has managed to consolidate above the 91.00 level during European trading, slightly off its highs of 91.70. In these moments the price of crude is operating at USD $91.59/bbl.