opinion

Metals hold up post NFP

Kitco Media
By Jonathan Da Silva
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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.

Kitco Media

Jonathan Da Silva

Jonathan Da Silva developed a passion for hard money and economics from a young age having been influenced by family who sought to teach me that "nothing is free", and the importance of intrinsic value early on. My interest in markets grew keener during the great financial crisis of 2008; leaning on family with vast trading experience, I began to self-educate on technical analysis and economics- drawing inspiration from the works of individuals like W.D. Gann and Adam Smith. I have been a proud member of the Kitco team since 2017 and hope that my writing inspires readers to consider an objective view of the metals, and the greater financial markets.

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