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Read the rest of Technical Analysis, February 6th — February 10th, 2012 (15 words)

US nonfarm payrolls rose by 243,000 jobs in January. That’s compared to the average forecast of 150,000 and the December growth by 203,000. The unemployment rate fell to 8.3 percent, making a pleasant surprise for market participants, who expected it to stay at 8.5 percent.

Carsten Fritsch, analyst at Commerzbank, spoke about the positive impact of the news, but also mentioned a negative side of the employment growth regarding commodity prices:

The jobs data shows the economy is gaining momentum. This is bullish for risk appetite and therefore for commodity prices. However, it may limit the scope for a third round of quantitative easing, and this may limit gains.

March futures for delivery of crude oil gained $1.11 to $97.47 per barrel before trading at $96.89 by 13:42 on NYMEX. Spot price for Brent crude went up from $112.50 to $113.34 per barrel as of 17:41 GMT today on ICE. Gold dropped from $1,758.70 to $1,736.70 on COMEX today.
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Read the rest of Good US Employment Data Boosts Oil, Weakens Gold (12 words)

Oil (Brent) — $113.38
Gold — $1,736.80
Silver — $33.68
Palladium — $705.70
Copper — $386.80
Aluminum — $108.60
Cocoa — $2,254.00
Sugar — $23.80
Corn — $640.00
Soybean — $1,224.00

Bernanke explained how external influences, like the earthquake in Japan and Europe’s crisis, hurt the US economy in 2011, but added:

Fortunately, over the past few months, indicators of spending, production, and job market activity have shown some signs of improvement; and, in economic projections just released, Federal Open Market Committee (FOMC) participants indicated that they expect somewhat stronger growth this year than in 2011.

Positive performance of the US economy isn’t guaranteed, though, as Chairman explained:

The outlook remains uncertain, however, and close monitoring of economic developments will remain necessary.

Such comments leave place for additional stimulus that may be beneficial for gold prices.

The economic situation in the United States is balance in a unique way as both improvement and deteriorating of the economy may prove positive for the precious metal. Prices for gold reflected that by climbing by 11 percent in January.

Gold traded at $1,756.70 as of 4:23 GMT today on COMEX after jumping from $1,745.10 to $1,759.50 yesterday.
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Read the rest of Commoditites Rally on Bernanke Comments, Gold Joins Rally (12 words)

Oil (Brent) — $111.65
Gold — $1,744.00
Silver — $33.80
Palladium — $695.00
Copper — $383.90
Aluminum — $111.25
Cocoa — $2,228.00
Sugar — $23.66
Corn — $642.00
Soybean — $1,217.00

Additionally, wheat was rising with other commodities on speculation that Greece is making progress in debt-reduction discussions. The European leaders agreed about sanctions on countries with high budget deficit.

Wheat price climbed from $6.4475 to $6.6625 per bushel as of 21:24 GMT today on CBoT after reaching $6.6750 — the highest since January 3.
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Read the rest of Wheat Climbs to Monthly Record on Concerns About Cold Weather (12 words)

Oil (Brent) — $111.00
Gold — $1,738.60
Silver — $33.18
Palladium — $687.00
Copper — $379.40
Aluminum — $112.20
Cocoa — $2,307.00
Sugar — $23.78
Corn — $639.75
Soybean — $1,200.50

Returning worries about the debt crisis in the European Union also hurt the commodities. European leaders were meeting yesterday at summit in Brussels. Investors are concerned that previously planned measures won’t be enough to contain spread of the problems across the eurozone.

Corn traded near $6.3200 per bushel today as of 00:43 GMT on CBoT, following the slump from $6.3925 to $6.3200 yesterday. Soybeans traded at $11.8900 per bushel today after falling from $12.1425 to $11.8525.
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Read the rest of Corn & Soybeans Drop on Improving Weather in South America (12 words)

Oil (Brent) — $110.74
Gold — $1,731.30
Palladium — $688.85
Aluminum — $111.15
Cocoa — $2,281.00
Sugar — $23.82
Corn — $632.00
Soybean — $1,185.25

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Read the rest of Technical Analysis, January 30th — February 3rd, 2012 (15 words)

Earlier, the agricultural commodity reached the highest price since November as European NYSE-monitored stockpiles fell 1.8 percent since January 9. Additionally, concerns that dry weather in Ivory Coast will hurt output were boosting prices.

Cocoa closed at $2,361 per metric ton on ICE, falling from the opening of $2,452. Intraday, the price reached $2,480 — the highest level since November 14.
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Read the rest of Cocoa Falls After Reaching Record on Concerns About Economic Growth (12 words)

Oil (Brent) — $111.54
Gold — $1,737.80
Silver — $33.75
Palladium — $690.30
Platinum — $1,620.00
Copper — $388.35
Aluminum — $110.35
Cocoa — $2,361.00
Sugar — $24.21
Corn — $642.00
Soybean — $1,218.25