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.

Silver breaks 29.00 region
Silver has also traced gold’s gains, orchestrating its own advance Tuesday, albeit past the 29.00 barrier for the first time since February 28. The white metal held briefly above this mark, though retraced back to its 10-day SMA at USD $28.97 per oz. The MACD indicators are holding positive, and prolonged stability above the 29.00 level will certainly lend investor a degree of confidence, going into Friday’s marquee data release in the US.

Crude oil breaks lower
While precious metals have found fortune ahead of the US open Tuesday, WTI Crude has found itself in a familiar tailspin, falling off the 90.70 level back towards USD $90.36/bbl in these moments. Issues of demand across both the Eurozone and United States continue to weigh on crude, though investors can find solace in knowing that China has now overtaken the United States as the worlds largest exporter of oil. Investors will be hawkishly watching the 90.00 psychological barrier, as a rupture past this region could signal a movement lower.