Gold price: US job market report generates high tension

According to a survey of analysts published by Trading Economics, the unemployment rate is said to have increased from 14.7 to 19.5 percent. The number of full-time jobs is expected to decline by 8.9 million after a 20.5 million job slump was reported in April. In the event of a positive surprise, the gold price may face a $ 1,700 test and a weekly loss. The weekly minus is currently 2.0 percent. However, the ECB’s announcement yesterday, Thursday, that the support measures will be expanded by 600 billion euros to limit the downward drive.

 

Oil price: OPEC + video conference ante portas

Tomorrow, Saturday, the OPEC + countries are discussing an expansion of the existing funding cuts, which were originally only decided for the months of May and June. Recently, however, there were disputes among the members about producing countries such as Iraq, Nigeria and Kazakhstan, which would not have kept to the agreed quotas. At around 7:00 p.m., US oil service company Baker Hughes will be communicating its weekly report on North American drilling activities, which should also attract increased attention in the oil markets. Since the outbreak of the Corona crisis, the number of US oil rigs has plummeted by more than three quarters from 679 to 222.On Friday morning, the oil price presented itself with stable prices. Until about 7.15 a.m. (CEST), the next due WTI future rose by $ 0.02 to $ 37.43, while its counterpart on Brent rose by $ 0.21 to $ 40.20.