Commodities: Crude Oil And Gold May Correct Lower Before NFP, ISMDaily FXupdated Jan 31, 2013TweetAt GET.com we maintain complete editorial integrity on our content & provide transparent & unbiased information. Companies don't pay us to include their products although we receive a compensation when you successfully apply to products from our partners. See how we make money here.At GET.com we maintain complete editorial integrity.Crude oil and gold prices may correct downward amid profit-taking following yesterday’s rally as investors brace for Friday’s much-anticipated NFP and ISM data. Talking PointsCommodity Prices May Turn Lower Amid Corrective Profit-TakingTraders Looking Past Quiet Thursday Docket to Friday’s NFP, ISMCommodity prices are in consolidation mode in European trade. A lackluster economic calendar in US hours and absent conviction on the risk sentiment front (as telegraphed by flat S&P 500 futures) point to continued sideways trade ahead as markets brace for Friday’s burst of high-profile event risk. The much-anticipated US Nonfarm Payrolls report as well as the ISM Manufacturing survey are both due to cross the wires. In the meantime, yesterday’s strong rallies may open the door for a correction lower amid profit-taking, leading precious metals as well as crude oil and copper cautiously lower. WTI Crude Oil (NY Close): $97.94 // +0.37 // +0.38% Prices cleared resistance at 97.41, exposing the 100.00 figure and the September 14 high at 100.40. Negative RSI divergence warns of ebbing bullish momentum however and hints a reversal may be brewing. The 97.41 level has been recast as near-term support and is reinforced by a rising trend line at 96.91. A break below the latter level targets 94.61. Daily Chart - Created Using FXCM Marketscope 2.0 Spot Gold (NY Close): $1677.05 // +13.25 // +0.80% Prices pushed higher as expected after completing a bullish Morning Star candlestick pattern above major rising trend line support dating back to mid-May (1653.31). Near-term resistance is at 1690.39, the 38.2% Fibonacci retracement, followed by the 1700/oz figure and a channel top at 1700.68. Alternatively, a reversal below support targets the January 4 low at 1625.69 and the falling channel bottom at 1602.09. Daily Chart - Created Using FXCM Marketscope 2.0 Spot Silver (NY Close): $32.04 // +0.63 // +2.01% Prices moved higher as expected after putting in a Bullish Engulfing candlestick pattern above support at 30.66, the 23.6% Fibonacci retracement. Buyers have now cleared initial resistance at 31.56, the 38.2% level, exposing the 50% Fib at 32.29. A further push above that eyes the 61.8% retracement at 33.02. Daily Chart - Created Using FXCM Marketscope 2.0 COMEX E-Mini Copper (NY Close): $3.750 // +0.058 // +1.57% Prices broke above resistance at 3.736, marked by a falling trend line set from early February 2012 and the 38.2% Fibonacci expansion. Buyers now target the 50% level at 3.778, with a push above that aiming for the 61.8% level at 3.820. The 3.736 level has been recast as support, with a drop back below that eyeing rising trend line support at 3.654. Daily Chart - Created Using FXCM Marketscope 2.0 --- Written by Ilya Spivak, Currency Strategist for Dailyfx.com To contact Ilya, e-mail email@example.com. Follow Ilya on Twitter at @IlyaSpivak To be added to Ilya's e-mail distribution list, please CLICK HEREEditorial Disclosure: Any personal views and opinions expressed by the author in this article are the author's own and do not necessarily reflect the viewpoint of GET.com. The editorial content on this page is not provided by any of the companies mentioned, and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author's alone, not those of the companies mentioned, and have not been reviewed, approved or otherwise endorsed by any of these entities.