|Day's range||1,625.90 - 1,655.60|
It is possible that cheap prices, cooler weather and a possible bottom in crude oil are providing support for natural gas, but until the new case coronavirus curve begins to flatten, demand destruction will continue to keep a lid on prices.
European stock markets are set to open firmly higher Monday, with investors buoyed by signs of a slowdown in coronavirus-related deaths in the region, and by expectations of more financial aid to help bolster its battered economies. At 2:30 AM ET (0630 GMT), the DAX futures contract in Germany traded 4.1% higher. France's CAC 40 futures were up 3.8%, while the FTSE 100 futures contract in the U.K. rose 3.0%.
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The gold markets but most of the week following below to the sub $1600 level, but then turned around to show signs of life again towards the end of the week, and now have formed a very bullish looking candlestick.
The silver market has done almost nothing during the Friday session as we continue to press the same resistance barrier. At this point, the $15.00 level above continues to be rather difficult to break above, and certainly Friday will have done nothing to push the narrative forward.
Natural gas markets bounce a bit during the trading session on Friday, reaching towards the $1.60 level, which is an area that markets had used as support recently.
The US dollar has initially fallen during the week but then turned around to reach a little bit higher, as the market is sitting in the middle of what is the larger consolidation range.
Gold dug its heels into the $1,600 territory on Friday, ending its second week there, as investors turned again to the comfort of safe havens after epic U.S. job losses for March from the Covid-19 pandemic. The United States lost 701,000 jobs in March as the pandemic bumped up the nation’s unemployment rate by the most in a month since 1975, the Labor Department said in its monthly employment report on Friday. The report came on the heels of Thursday’s weekly jobless claims by the department that showed a record 6.6 million Americans filed for unemployment insurance for the week ended March 28.
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The British pound fell into the weekend, showing signs of overall weakness. After all, the jobs number was horrible in the United States, losing over 700,000 jobs, getting people to run for shelter.
The British pound initially tried to rally against the Japanese yen on Friday but has pulled back just a bit as we continue to see consolidation. At this point, the market is likely to have to make some type of significant move.
The Euro fell quite a bit during the trading session on Friday, reaching below the 1.08 level. Having said that, the market did stabilize a bit around the jobs figure, and therefore we could get a slight bounce.
The amount of gold stored in vaults in New York registered by CME Group's Comex exchange has risen by nearly 2 million ounces, CME data showed, proving ample to settle monthly contract obligations and easing concerns of shortages that sent prices skyrocketing. Traders worried it would be impossible to fly gold from London to deliver against Comex contracts after coronavirus lockdown measures grounded planes and shut several precious metals refineries last month. On March 23, just before gold traded in New York jumped as much as $70, or 4% above London spot prices, contracts representing almost 20 million ounces for delivery in April were open on Comex, with less than 9 million ounces in store.
The Australian dollar initially tried to rally during the trading session on Friday, but then broke towards the crucial 0.60 level. At this point in time, I believe that the market is going to continue to see the Australian dollar asked questions of the global economy.
After Wednesday’s slide, the S&P; 500 moved higher yesterday. While the move itself hadn’t surprised us as we’ve earlier called for a pause in the downswing, the question is whether we can expect some more upside shortly.
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Based on the early price action and the current price at $25.86, the direction of the May WTI crude oil market the rest of the session on Friday is likely to be determined by trader reaction to the Fibonacci level at $24.97.