Commodities Brief – Precious metals decline sharply following upbeat US payroll and employment data, crude prices held in check

Gold prices have collapsed in recent moments after what could be described as a tepid European session. However, following the release of very upbeat US data, which saw Nonfarm Payrolls in February climb to 234K and Unemployment drop to 7.7%, the yellow metal found itself under siege, dropping to USD $1566.70 per oz. in these moments. This represents a minor bounce off the knee-jerk induced lows of 1560.95.

Silver rally roiled
The white metal faced a similar calamity as investors shed their risk-averse bets amidst highly optimistic US data, culminating in a staunch pullback ahead of the US open. Silver is now negotiating a spot price of just USD $28.56 per oz., however still operating above calculated support and the first downside target of 28.40.

Crude edges lower
WTI crude oil has not followed its metallic counterparts by partaking in sweeping movements Friday. Indeed, crude has edged slightly lower off the 91.62 level, having eased to $91.39/bbl in these moments – crude has yet to threaten the 92.00 upside barrier today.