cryptocoin.com As we reported, although gold prices fell right after a US jobs report that was slightly more optimistic than market expectations, it then took off due to the fall in US Treasury bond yields and closed Friday at $1,860.70, gaining 1.44%. Gold futures traded at $1,816.30, up 1.30%. Silver prices followed gold and rose 1.63% daily to $24,132. Silver futures, on the other hand, were up 1.03% and were last traded at $24,155.
How will the US NFP data, which is above expectations, affect the market?
The US’s October employment status report showed a 531,000 increase in nonfarm payrolls. The core component was expected to show an increase of 450,000 compared to the 194,000 increase in the September report. The US unemployment rate fell to 4.6% from 4.8% in the September report. According to market analyst Jim Wyckoff, gold and silver market traders focus more on the upsides of rising inflation and less on the downsides of a tighter US monetary policy.
Global stock markets were mixed in overnight trading. As the New York daily session began, US stock indexes pointed to higher openings and US indices hit record highs again overnight. The analyst states that traders and investors are generally in an optimistic mood at the moment, as US corporate earnings reports are so positive. On Friday morning, appetite for risk rose once again when Pfizer reported that the Covid-19 pill was 89% effective in reducing hospitalizations and death.
Major foreign markets saw the US dollar index (DXY) near and higher than its year high on Friday. Nymex crude prices are higher, trading around $79.65 per barrel. Oil market bulls faltered this week, according to the analyst. Meanwhile, the 10-year US Treasury bond yield currently brings in 1.532%.
Gold and silver technical analysis
Technically speaking, December gold bulls and bears are generally in the short-term technical playing field, market analyst Jim Wyckoff notes. The bulls’ next upside price target is to produce a close above the solid resistance at the October high of $1,815.50. The analyst says the bears’ next short-term bearish price target is to push futures prices below solid technical support at $1,721.10 September’s low. The analyst points to the following technical levels:
Initial resistance is seen at nightly high at $1,801.40, followed by this week’s high at $1,815.50. Initial support is seen at $1,780.00 followed by Thursday’s low at $1,769.30.
Analyst Jim Wyckoff notes that silver bears generally have a short-term technical advantage, with a two-week downtrend on the daily bar chart. The silver bulls’ next upside price target is to close December futures prices above solid technical resistance at $25.00 an ounce, according to the analyst. The analyst says the next downside price target for the bears is to close prices below solid support at $22.50. The analyst draws attention to the following technical levels:
Initial resistance is seen at $24.00 followed by this week’s high at $24,175. The next support is seen at $23,485 Thursday’s low, followed by this week’s low at $23,045.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Disclaimer: The articles and articles on Kriptokoin.com do not constitute investment advice. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, asset or service in this article.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.