🚀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.
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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
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