opinion

Metals: Post NFP update

Kitco Media
By Jonathan Da Silva
Published:
Updated:
Kitco Commentaries
Opinions, Ideas and Markets Talk

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

As we noted on Tuesday for gold "Realistically, a close (weekly) over $1685-95 would be constructive" Today gold looks poised for a chance to close the day over $1695 currently sitting at $1698 as of this writing. The below chart shows gold on the daily interval facing resistance at $1725 spot which is aligned with the 50 day MA.

Should gold close the week over $1695 the breakout above the months long downtrend line remains intact.

We also noted on Tuesday that silver bulls would like price to closer over $20.30 on a weekly basis To keep strong bullish momentum intact. As of this writing spot silver trades at $20.21, and is poised to challenge a close over that mark. However traders should be cautious with the gold to silver ratio having bounced off major support, also shown on Tuesday; note the major horizontal and 50 week MA support the ratio is currently benefiting from.

Has today's stronger than expected jobs data given the FED the runway it would like to continue on its aggressive rate hiking path? Perhaps a continued rally in metals would be enough to signal that they are in fact putting on their best poker face in years.

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.

Mdi Earth Logo

Tags:

Contributed Commentaries
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.