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Metals hold up post NFP

Commentaries & Views

Post NFP, gold holds over $1,850 despite having failed to break through $1,865. A close this week over $1,850 would keep momentum in the bulls’ favor for a chance at $1,885. Silver continues to trade over $22.10 - 15 and a close over that level would keep the door to $23.50 open.

Platinum faces resistance at the familiar $1,035 level. For platinum traders, note that going back to 2016 weekly closes over $1035 have consistently lead to a follow through higher.

Market participants will digest the hotter-than-expected jobs data today, factoring in that positive economic news provides the Fed with more runway to continue pushing hawkish forward guidance on monetary policy. With that in mind, traders should continue to expect to be extra nimble.

Thanks, and have a great weekend.

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