Metals Prices May Diverge on ADP Employment Data

Spot Silver (NY Close): $30.97 // -0.05 // -0.17%

Prices continue to drift sideways below resistance at 31.36, a barrier reinforced by a downward-sloping trend line set from the April 3 high now at 31.19. A break higher exposes the top of a falling channel set from early March, now at 31.90. Near-term channel bottom support is at 29.58.

 

WTI Crude Oil (NY Close): $106.16 // +1.29 // +1.23%

Prices took out resistance in the 104.90-105.15 area marked by a former support as well as the 50% Fibonacci retracement level to meet a falling trend line capping gains since late February. This barrier is reinforced by the 61.8% Fib at 106.27. A break above this barrier exposes the 76.4% at 107.67. The 104.90-105.15 area has been recast as support.

 

Daily Charts - Created Using FXCM Marketscope 2.0 

About the Author
Ilya Spivak

Ilya Spivak is San Franciisco-based currency strategist for DailyFX.

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