Gold futures ended higher on Friday after US job growth slowed more than expected in August, but the precious metal pared some gains when investors judged that the figures were unlikely to change the outlook for US interest rate rises. The Labor Department released a report showing much weaker than expected job growth in the month of August. The Labor Department said non-farm payroll employment climbed by 156,000 jobs in August compared to expectations for an increase of about 180,000 jobs. The report also said the job growth in June and July was downwardly revised to 210,000 jobs and 189,000 jobs, respectively, reflecting a net downward revision of 41,000 jobs. Reflecting the weaker than expected job growth, the unemployment rate inched up to 4.4 percent in August from 4.3 percent in July.
Crude oil futures extended gains on Friday but posted fifth weekly loss, as the shutdown of several refineries in the wake of tropical storm Harvey weighed on refinery activity reducing demand for oil. A week after Tropical Storm Harvey crossed the Gulf of Mexico off Port O'Connor, Texas, nearly a quarter of U.S. refining capacity has been taken offline, representing roughly 4.4 million barrels per day. Also, the crude prices gains were capped with the US rig count remaining unchanged in the week. Oilfield services firm Baker Hughes said its weekly count of oil rigs operating in the United States remained steady at 759, unchanged from a week ago.
Copper futures ended higher on Friday. The industrial metal has surged to its highest levels since October 2014 in recent weeks, with confidence in the global economy supporting prices.
Technical Level
Gold
Today we recommended to buy gold above 30100, just made high of 30267.
Now what to expect??
Support at 29900 and Hurdle at 30300
Break and sustain above 30300 will take it to 30450—30600+++ mark else could touch its support level of 29900 again
Fresh selling can be initiated below 29900
Silver
Support at 40900 and Resistance 41500
Break and sustain above 41500 will take it to 41800---42000+++ mark else could touch its support level of 40900 again.
Fresh selling can be initiated below 40900
Crude
Support at 2980 and Resistance at 3050
Break and sustain above 3050 will take it to 3090—3130++ mark else could touch its support level of 2980.
Fresh selling can be initiated below 2980.
Natural Gas
Support at 193.00 and resistance at 198.00
Break and sustain above 198 will take it to 203—205++ mark else could touch its support level of 193.00
Fresh selling can be initiated below 193.00
Copper
Hurdle at 447.50, Break and sustain above 447.50 will take it to 450—453++ mark else could touch its support level of 442.00
Fresh selling can be initiated below 442.00
Economic Data
US markets are closed on account of Labor Day.
More will update soon!!
