Silver and Gold are both hugging on to key support levels ahead of tonight’s NFP.
Silver: is holding up above the $15 support level. A break of this would suggest a trip down to near $8:
Silver 30 min:
Gold is hovering around the key 61.8% fib of the last major bull run located near the $1,145 level:
Gold 30 min:
Gold monthly: traders really need to see a monthly candle close below this key area before being confident of a major bear move BUT a weekly close below this $1,145 would be worrying:
These two metals have struggled with USD strength but the index is about to run into some further resistance posed by previous highs. This, along with NFP, poses potential for some USD uncertainty and thus further bearish moves on Gold and Silver, whilst likely, are certainly not guaranteed:
Summary: watch the $15 level on Silver and $1,145 level on Gold following tonight’s NFP to help gauge the next move on these metals.