Gold and silver have started the week with a clear bullish tone, attempting to re establish upside momentum.
For gold, the focus is $5,092 to $5,100. A sustained move above this zone, which includes the February 4 high, would help confirm a renewed upside phase.
The big event this week is the delayed US Non Farm Payrolls report due on Wednesday. In the lead up, the Fear and Greed Index appears to be drifting away from elevated greed levels, although its perhaps too early to make this call.
Metals are also finding support from concerns about the Federal Reserve’s independence. These concerns have weighed on the US dollar, with the dollar index sliding from near 98 toward the 96 area.
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