The levels precious metals bulls are watching are $1,785 gold and $20.50 silver, to the upside. A weekly close above those levels would signal further immediate strength. Downside support should come in at $1,745 - 50 for gold and $19.40 - 50 for silver, but prices could shake down all the way to $19.20.
The below 4-hour charts show the support zones for the respective metals, in yellow. Notice stochastics have bottomed and are looking to turn up again (caution: this does not mean lower prices can't manifest first).
Silver actually looks bullish as of this writing; an intraday pop to $20.40 would not surprise.
However; the big catalyst is Friday's jobs report. With chairman Powell iterating the key phrase "data dependent" in regards to the future aggression of the Feds rate hike path, the market may "sell" USD on bad economic data as it discounts future rate cuts, putting a tailwind behind the metals.
Thanks and have a great day,
