The near-term technical postures for both metals have improved markedly this week, which is inviting the shorter-term futures traders to the long side of the gold and silver markets.
data point of the week and arguably of the month was just released as the Labor Department’s Employment Situation Report for April showed a paltry non-farm payrolls rise of 266,000.
However, traders have taken note of comments from Fed Governor Lael Brainard Thursday, who said in a report that rising appetite for risk across a variety of asset markets is stretching valuations and creating peril in the U.S.
More and more, the “reflation trade” is coming back into vogue.
In overnight news, China reported its April exports were up 32.3%, year-on-year, while its imports rose 43.1% in the period.
Technically, June gold futures bulls have the overall near-term technical advantage and have gained fresh power this week amid a price uptrend in place on the daily bar chart.
The silver bulls have the overall near-term technical advantage and have gained fresh power this week amid a price uptrend in place on the daily bar chart.