Gold and silver stay near key support before US jobs report

Gold and silver prices hold key support levels as traders await US jobs data. Gold is trading above $5,000, while silver remains above $64. A weak US dollar supports both metals. Rising expectations of Federal Reserve rate cuts also boost bullish sentiment. Gold shows recovery as the dollar struggles. Silver also maintains positive momentum. However, traders want confirmation from today’s employment report. Any surprise in the data may cause short-term volatility before a clear trend forms.

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Gold and Silver Technical Outlook

Gold rebounds strongly from the $4,400 level. The daily chart shows an ascending broadening wedge pattern. Price action indicates compression near an important resistance zone. If gold breaks above $5,090, it may trigger a strong rally. On the downside, a break below $4,600 may push prices toward $4,000. On the 4-hour chart, gold forms a bullish structure above $4,400. Buyers defend lower levels firmly. The pattern signals continued upside potential. Still, gold must clear $5,090 to maintain strong momentum. If it falls below $4,400, short-term pressure may increase.

Silver rebounds sharply from the $64 support zone. This level acts as a strong long-term base. As long as silver stays above $64, the trend remains positive. Despite a sharp one-day drop earlier, the long-term structure stays bullish. A breakout above $100 may open the path toward $150. On the 4-hour chart, silver shows a healthy correction after facing resistance near $120. Buyers step in again near support. The rebound suggests strength in the market. A move above $84 may push silver toward $100. Sustained trading above $100 would confirm further upside momentum.

US Dollar Index Outlook

The US Dollar Index struggles to hold gains. It rebounds from 96.50 but fails to stay above the 50-day SMA. This weakness keeps the broader trend negative. A break below 96.50 may trigger further downside. A weaker dollar may support gold and silver prices. On the 4-hour chart, the index consolidates between 96.50 and 100.50. It now trades near strong support. Selling pressure builds at lower levels. A break below 96 may extend losses. Today’s US jobs data will likely decide the next move in the dollar and precious metals.

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