The jobs report outdoes estimates sparking a rally in the precious metals Wagner gold silver
Yesterday’s strong price decline in gold could easily be a “one and done” price dip based on today’s strong gains following the release of the jobs report for December. The report revealed that the labor market finished 2022 on a strong note with December adding 223,000 new jobs. This was well above estimates which anticipated an additional 200,000 jobs were added last month.
Additionally, a report today by the Institute for Supply Management revealed its non-manufacturing PMI decreased from 56.5 in November to 49.6 last month. This was the first contraction month over month in more than 2 ½ years. Collectively these two reports could have a strong impact on the monetary policy of the Federal Reserve because they might lower the probability of a recession.
The report fueled strong rallies across the board in U.S. equities. The Dow gained 2.13%, the NASDAQ composite gained 2.56%, and the S&P 500 increased by 2.28%. The entire precious metals complex closed sharply higher with palladium gaining 4.06%, and platinum gaining 3.29%. As of 4:20 PM EST gold futures basis the most active February contract is currently fixed at $1871.1 after factoring in today’s price advance of $30.50, or 1.66%. Silver futures gained 2.35% or $0.55 with the most active March contract now fixed at $23.97.
The vast majority of gold’s price gains today were directly attributable to dollar weakness. The U.S. dollar index lost 1.11% in value and is now fixed at 103.66. Gold’s gains of 1.65% were a combination of bullish sentiment by traders and dollar weakness making up today’s price increase in gold.The chart above is a daily Japanese candlestick chart of gold futures. Our technical studies indicate that current resistance occurs first at $1883.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Retail investors see gold and silver as top performers in 2023 - Kitco surveyRetail investors see gold and silver as top performers in 2023 - Kitco survey outlook investing 2023
Read more »
Gold moves lower temporally halting rally on Fed clarifications of inflation concernsExclusive to Kitco News, technical analyst Gary Wagner provides a daily recap of what happened in the gold market, highlighting important events that captured investors' attention during the U.S. trading session. Wagner's commentary features a mix of fundamental news and technical analysis, noting important support and resistance levels.
Read more »
'A lot of emotions' in Bobby Wagner's return to SeattleIt\u0027s going into a stadium I\u0027ve been in thousands of times, played in hundreds of times, and to be in a position to spoil their playoff hopes is always a good…
Read more »
Jane Fonda Admits She Never Thought She’d Return To Acting After Ted Turner Marriage (Exclusive)Jane Fonda has done incredible work over the last three decades of her career, from her long-running Netflix series, 'Grace and Frankie', to Tony-, Emmy- and Golden Globe-nominated roles on Broadway, film and television. But according to the actress, it all almost never happened. Fonda and her '80 For Brady' co-stars -- Lily Tomlin, Rita Moreno and Sally Field -- welcomed ET…
Read more »
Jobs chasing inflationKitco News' contributed commentary features articles and opinions from some of the top experts in the gold industry.
Read more »