Gold futures fell $19.70 on Friday to settle ended lower at $962.60 , fund selling slump gold futures as stronger than expected payrolls data snapped their safe haven concern pressured prices.Gold futures collapsed on Friday trade after a surpise fall in US jobless claim underline the improving health of the economy which was the streamline for investors more confident in economy recovery .
Its indicated the bullish jobless data eased worries on economic uncertainity and Market turmoil, reducing gold’s appeal as safety assets .
Crude Oil
Crude oil futures settled down at 68.33 ,reaching seventh month high of $70bbl as profit taking that non farm payroll data fell by 3,45,000 in May.
Crude oil dropped before a report on Friday forecast to show that unemployment rose to a 25 year high in the U.S , sowing doubts about the global recovery.
Future Trends
Precious Metals has totally driven by global cues on Friday trade ,as data shown enexpected improvement in US economy and reducing its interest in safe haven assets class. Gold and silver futures traded on market sentiment either its fundamental ,which will decide future trend for metal market.
Market Expectation are higher on Gold futures, at one side it untouched record high ,which investor has to rethink to put money at these levels. Certainity are well driven on market anticipation which follow by investor and traders.
However , at these level we see uncerntain levels for market , but still their hopes for recovery if global factors supported .Gold futures trading at $954 has strong support of $948 and resistance could be $961 above.
Crude futures traded at $68 which seen in range of 65-70 ,still it has good support of $65 were we can expect good buying opportunity coming on our way.
Happy Trading !
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