Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here!
A feature in the marketplace early this week is a strengthening U.S. dollar index and rising U.S. Treasury yields—both bearish elements for the precious metals markets. This follows last Friday's January U.S. employment situation report from the Labor Department that showed a sharp rise in non-farm payrolls of 517,000. The number was expected to be up only 187,000 jobs, following a rise of 223,000 in the December report.
The yield on the benchmark U.S. 10-year Treasury note is presently fetching 3.612%. Meantime, Nymex crude oil futures prices are slightly up and trading around $75.50 a barrel. Technically, April gold futures prices hit a four-week low overnight and the bull are fading. Bulls still have the overall near-term technical advantage. However, a three-month-old uptrend on the daily bar chart has been negated, to suggest a near-term market top is in place. Bulls' next upside price objective is to produce a close above solid resistance at the February high of $1,975.20.
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »