“U.S. payrolls are much more pivotal today than in prior months. A strong outcome would encourage the market in its increasingly optimistic view of the US economy and hawkish view of the Fed.”
“Geopolitical tension, with Iran restarting uranium enrichment ... coupled with high oil prices stocking inflationary fears are supportive for gold's perception (as) a safe-haven asset.”
“Much of gold's recent rally has been supported by positive investor sentiment in light of rising oil prices, inflation concerns and geopolitical volatility, and we do not expect these supportive macro-factors to dissipate in the near term.”
“We continue to question how close the situation now is to either complete company withdrawal from the area or a strike by workers due to the obvious lack of security.”
“Some (traders) are suffering risk-fatigue and are not inclined to respond to anything much beyond the grind of the weekly U.S. numbers and have little interest in the geopolitical context or the global context of the data.”
“Prices should continue to consolidate in the wide range of $535-$555 in the near term, though the underlying sentiment remains bullish and downside appears limited at present.”
“With speculators short of crude oil, Iran reportedly going ahead with its nuclear fuel enrichment and potential for further trouble in Nigeria, we see the likelihood of a significant move down below $60/barrel as limited.”
