Weak Jobs Report Followed by Weak ISM Sinks the USD and Lifts the Precious Metals

Both Gold and Silver are on the move higher today, with some tailwinds from a considerably weaker USD, precipitated mainly by weaker than expected ECO Data from the ISM Non-Manufacturing Data, on the heels of a disappointing Jobs Report.

Let's notice that Gold is approaching a test of its August resistance line, now in the vicinity of $1346/47, which if hurdled, should trigger upside continuation that tests the July resistance line, now in the vicinity of $1355.

Meanwhile, relatively strong Silver continues to lead the charge near term, and points to a challenge of its July-August resistance line, at $20.30 next.


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