With jobs numbers out tomorrow morning at 8.30 am ET, traders should be ready to face volatility. The below hourly charts are a zoomed-in version of what we presented yesterday, updated with price action.
We can see the highlighted support zone held for gold, which has threatened to break out higher again as of this writing.
Silver has not gone on to make a higher high, and is forming a bearish rising channel, within a wedge, and it looks like it can break either way. However, it is not uncommon for gold to need to “drag” silver higher in the beginnings of a trending move up.
We continue to believe that should jobs data disappoint, USD will likely sell off as the market reprices interest rate expectations given a “data dependent” Fed. Should the numbers meet or beat expectations, the opposite may occur with a revisit of price into the support zones shown in the charts above, before metals make a push to higher highs still.
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