The US Bureau of Labor Statistics informed markets that Friday’s scheduled release of the latest Nonfarm Payrolls data will be suspended.
That lack of visibility increases the likelihood of elevated volatility in the weeks ahead. We are already seeing this in precious metals.
Gold prices are on track for their largest daily gain since November 2008. Spot gold jumped more than 5 percent to around $4,913 per ounce.
Silver has also moved aggressively higher, with spot prices rising over 9 percent to about $86.89 per ounce.
From a technical perspective, both gold and silver are reacting cleanly around key Fibonacci retracement levels. Gold’s recovery has now pushed price back toward the 38.2 percent retracement, which is acting as the first meaningful resistance zone. Silver shows a similar structure but with higher volatility. The 23.6 percent level is now acting as near-term support, while the 38.2 percent retracement sits overhead.
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