Non-farm payroll data slammed gold levels as the report and revisions were very good, reigniting interest rate hike concerns. Gold volatility will remain high with an upward range of $1,300 and lower end $1,200, Eric Zuccarelli, independent metals trader on the floor of the NYMEX, tells TheStreet’s Jill Malandrino. On the other hand, Zuccarelli says copper seems to have found some support and there could be an increase in demand looking into Q2. Mike McPartland of McNamara Options says nothing has fundamentally or technically changed with crude. It’s the market psyche that has changed. While energy traders have seen volatile periods in the past, the swings we see now are happening outside of geopolitical events or major shut downs.
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