Yellow Metal and Silver Awaiting NFP
Jerome Powell will become the next Fed Chair. The yellow metal has increased to 1284.00 but then closed lower. The 100-day moving average and initial support are at 1276.00. Today, gold lifted 1.50 dollar to trade at 1277.50. The support is found at 1273.00, then goes 1263.50, then the 200-day moving average of 1261.40 and finally the critical 1260.00 level, which is around Fibonacci retracements of 61.80. Resistance is at yesterday’s maximum at 1284.00. Double top is at 1291.50. Today, the gold will be influenced by NFP release. Greenback will await the data as well. If the currency boosts, the gold will stage losses.
Meanwhile, silver remains sustained. It was trying to close at its long-term Fibonacci retracement box between the 38.2 and 50.0% levels, which are limited by 16.9550 and 16.1750. Yesterday, silver kept consolidating, ending at 17.0500. The 200-day moving average and initial resistance are at 17.1915, then goes a double top of 17.2950, followed by last month’s maximum at 17.4750. The support is at yesterday’s minimum of 17.0340. If this level is breached, larger correction will head towards its 100-day moving average of 19.8700 and maybe it will align 16.6000. After non-farm payrolls are announced, the silver is likely to sink.