Gold bullish ahead of U.S. jobs data

As the market anticipates the release of December’s U.S. jobs data this Friday, gold and silver continue to trade with a bullish trend, both staying above their 21-day exponential moving averages (EMAs). As long as these levels hold, the momentum is expected to continue.

Market Snapshot:

Gold 5 Feb Futures: ₹78,144/10 gram (+0.5%)

Silver 5 March Futures: ₹91,724/1 kg (+0.8%)

Crude Oil 17 Jan Futures: ₹6,317/100 BBL (+0.1%)

Gold:

Gold prices remain steady, trading 0.28% higher at $2,679 per ounce in the spot market. The metal's positive movement is driven by a weaker U.S. dollar and growing demand for safe-haven assets amid uncertainty surrounding Donald Trump’s trade policies. The President-elect is set to resume office on January 20, fueling further interest in precious metals.

Silver:

Silver also saw a rise, up 0.68% at $30.89 per ounce. Market participants are closely monitoring upcoming economic data, including U.S. jobless claims and speeches from Federal Open Market Committee (FOMC) members. Silver's price momentum has remained strong, with a seven-day winning streak, and investors are now eyeing the metal’s potential to break resistance at the 200-day EMA.

Crude Oil:

Crude oil prices saw little change, with Brent Futures hovering around $76.03 (down 0.18%) and WTI Crude at $73.15 (down 0.27%). Oil prices remained steady after a drop of more than 1% the previous day. Expectations of higher winter fuel demand and large U.S. fuel inventories continue to support prices. Analysts believe that global oil demand will remain firm throughout the month due to cold weather boosting heating fuel consumption and travel activities in China ahead of the Lunar New Year.

Technical Overview:

Gold:

Gold's rally continues, trading above ₹78,000 and holding strong above both the 21-day and 50-day EMAs. Immediate resistance is seen around ₹79,100.

Silver:

Silver remains in an uptrend, trading above its 50-day EMA after a breakout from a consolidation phase on January 6. The metal is now approaching resistance at the 200-day EMA, and a close above this level could signal further bullish momentum.

Crude Oil:

Crude oil is consolidating around ₹6,300 for the third consecutive day following a sharp rally. The market is in a period of profit-booking, but the technical outlook remains bullish. Immediate support is at ₹6,250, and as long as prices stay above this level, the trend is likely to remain sideways to bullish.

The open interest data for the 15 January expiry indicates consolidation around ₹6,300, with strong support at ₹6,000, signaling that the crude oil price could stabilize at these levels in the short term.

Disclaimer:

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