All eyes on Nonfarm payroll data for further direction in bullion prices

Fundamental Q News and Triggers

• Precious Metals are trading firm as traders mainly remained on the sidelines in both the currency and U.S. Treasury markets, waiting for U.S. nonfarm payrolls data later in the day to see if it would act as a trigger.

• The key nonfarm payrolls figure is predicted to rise by 170,000, compared to an increase of 187,000 in the September report. Following the large downward loss in the ADP employment data on Wednesday, many now believe the more critical jobs report on Friday will also be a miss to the downside. A faltering US economy would be beneficial to the precious metal market in that it would likely slow the rise in bond yields.

 

Technical Triggers

• Gold prices are trying to stabilize above $1830 (Rs 56500) as prices are very oversold, some recovery expected

• Silver prices are trying to stabilize around $21 (Rs 67000) as prices are oversold, and some recovery
is expected.

Support and Resistance

 

 

 

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