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Contributed Commentaries

Metals hold up post NFP

Jonathan Da Silva

Kitco Commentaries | Opinions, Ideas and Markets Talk

Featuring views and opinions written by market professionals, not staff journalists.

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.

By Jonathan Da Silva

Contributing to kitco.com

Contact jdasilva@kitco.com
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.