🚀Precious metals prices rose sharply on latest jobs data
Gold prices rose nearly 2% to above $1865, while silver surges almost 4.0% an ounce on Friday, as the latest NFP report put pressure on the US dollar. The US economy added 311K jobs in February, way more than expected, but the unemployment rate edged higher to 3.6% and wage growth slowed, easing expectations about the need for higher interest rates. Traders now seem to be evenly divided on whether the Fed will opt for a 25 bps or 50 bps increase on March 22nd taking into account latest claims, ADP, JOLTS and NFP data.
Looking at the gold chart, the price broke above two major resistance levels - EMA100 and then highs from March 6 highs around $1855, which may indicate a change of main sentiment to bullish. The key resistance at the moment is located around the $1864 zone, which coincides with the 38.2% Fibonacci retracement and previous price reactions.
Start investing today or test a free demo
Create account Try a demo Download mobile app Download mobile app
Source: xStation5
Silver price jumped to key resistance, which is marked with the upper limit of the 1:1 structure. Break above the $20.66 would herald a potential change of the main sentiment. EMA 100 (purple line) and the level of $ 21.20 should be treated as nearest resistance zones.
Source: xStation5
The content of this report has been created by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, (KRS number 0000217580) and supervised by Polish Supervision Authority ( No. DDM-M-4021-57-1/2005). This material is a marketing communication within the meaning of Art. 24 (3) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II). Marketing communication is not an investment recommendation or information recommending or suggesting an investment strategy within the meaning of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC and Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest or any other advice, including in the area of investment advisory, within the meaning of the Trading in Financial Instruments Act of 29 July 2005 (i.e. Journal of Laws 2019, item 875, as amended). The marketing communication is prepared with the highest diligence, objectivity, presents the facts known to the author on the date of preparation and is devoid of any evaluation elements. The marketing communication is prepared without considering the client’s needs, his individual financial situation and does not present any investment strategy in any way. The marketing communication does not constitute an offer of sale, offering, subscription, invitation to purchase, advertisement or promotion of any financial instruments. XTB S.A. is not liable for any client’s actions or omissions, in particular for the acquisition or disposal of financial instruments, undertaken on the basis of the information contained in this marketing communication. In the event that the marketing communication contains any information about any results regarding the financial instruments indicated therein, these do not constitute any guarantee or forecast regarding the future results.
