Gold and Silver Prices Slide Lower Following US Jobs Report — Analyst Says Data Suggests 'Market Bottom Is in Place' – Market Updates Bitcoin News

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Gold and silver dropped against the greenback following the U.S. jobs report on Friday as the two assets approach different price thresholds. Economics Inflation

Screenshot from Kitco’s precious metals price aggregator via the New York spot price on October 7, 2022, at at 2:30 p.m. .on Friday afternoon that the data stemming from the U.S. jobs report was “arguably the most important U.S. data point of the week.” Wyckoff noted that the official data was 263,000 jobs, “which was just below the expected rise of 275,000.” The news, Wyckoff reckons, may lead to the U.S. central bank keeping its aggressive stance going strong.

“Technically, the December gold futures bears have the overall near-term technical advantage. However, recent gains begin to suggest a market bottom is in place,” Wyckoff explained. Silver futures, in terms of bulls, also show an advantage the precious metals market analyst said.

 

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