Gold and silver prices continued to rise, with non-farm payroll data exceeding expectations.
2026-05-09 00:18:14
On Friday (May 8) in early US trading, spot gold edged higher while spot silver surged; both precious metals continued their upward trend after better-than-expected US April jobs data. At the time of writing, spot gold was trading around $4724.50 per ounce, up 0.75% on the day; spot silver was quoted at $81.044, a significant increase of 3.22% for the day.
The US April non-farm payrolls report showed that 115,000 jobs were added that month, far exceeding the market consensus of 65,000, while the unemployment rate remained at 4.3%. The employment data confirmed the overall trend of a slowing labor market, but did not produce the weak non-farm payrolls data that gold bulls had hoped for.
Philip Newhart, head of markets and economics research at First Citizens Wealth, describes the current employment landscape as an "equilibrium of low hiring and low layoffs." This pattern reveals the macroeconomic game logic of the gold market: the slowdown in hiring leaves room for the Federal Reserve to cut interest rates, but the overall resilience of the job market reduces the urgency for the Fed to implement emergency easing and rate cuts.
This week, market volatility intensified due to the turmoil in the Middle East; following the release of the non-farm payroll data, traders are closely watching the subsequent movements of the US dollar, US Treasury yields, and crude oil.
Clashes broke out between US forces and Iranian militants in the Strait of Hormuz and surrounding areas, putting renewed pressure on the US-Iran ceasefire agreement. The US claims its military action was a self-defense response, while Iran accuses the US of violating the ceasefire agreement. Iran has established the Persian Gulf Straits Authority to formally strengthen its control over shipping through the waterway; the UAE claims to have intercepted Iranian-launched missiles and drones, further escalating geopolitical security risks in the Gulf region.
Diplomatic efforts are ongoing, but the latest US proposal has been opposed by Iranian officials, restricting shipping through the Strait of Hormuz. With international oil prices stabilizing near $100 per barrel, the shipping market continues to factor in a high risk premium for this crucial global energy chokepoint.
Key global market conditions: New York WTI crude oil futures are trading around $95.16 per barrel, while Brent crude oil is near $100.28 per barrel. Following the release of the non-farm payroll data, the US dollar index fluctuated with a slight upward bias; the yield on the 10-year US Treasury bond remained around 4.4%.
Technical Analysis
spot gold
The next upside target for the bulls is a break above the $4744.34–$4780.78 resistance zone. If the price holds above this level, the next target is $4850.68, followed by $4891.54.
Short-term downside target for the bears: break below the $4685.27 support level, test $4633, and further support at $4541.88.
The first resistance level is $4,744.34, followed by the 50-day moving average at $4,780.78.
The first support level is $4,685.27, followed by $4,633.
spot silver
Bullish upside target: break through the $83 mark, stabilize and then challenge $90, with a further target of the $95 range.
Downside target for the bears: break below $72 support, then test $70, with a further low of $61.
The first resistance level is $83, followed by $90; the first support level is $72, followed by $70.
The US April non-farm payrolls report showed that 115,000 jobs were added that month, far exceeding the market consensus of 65,000, while the unemployment rate remained at 4.3%. The employment data confirmed the overall trend of a slowing labor market, but did not produce the weak non-farm payrolls data that gold bulls had hoped for.
Philip Newhart, head of markets and economics research at First Citizens Wealth, describes the current employment landscape as an "equilibrium of low hiring and low layoffs." This pattern reveals the macroeconomic game logic of the gold market: the slowdown in hiring leaves room for the Federal Reserve to cut interest rates, but the overall resilience of the job market reduces the urgency for the Fed to implement emergency easing and rate cuts.
This week, market volatility intensified due to the turmoil in the Middle East; following the release of the non-farm payroll data, traders are closely watching the subsequent movements of the US dollar, US Treasury yields, and crude oil.
Clashes broke out between US forces and Iranian militants in the Strait of Hormuz and surrounding areas, putting renewed pressure on the US-Iran ceasefire agreement. The US claims its military action was a self-defense response, while Iran accuses the US of violating the ceasefire agreement. Iran has established the Persian Gulf Straits Authority to formally strengthen its control over shipping through the waterway; the UAE claims to have intercepted Iranian-launched missiles and drones, further escalating geopolitical security risks in the Gulf region.
Diplomatic efforts are ongoing, but the latest US proposal has been opposed by Iranian officials, restricting shipping through the Strait of Hormuz. With international oil prices stabilizing near $100 per barrel, the shipping market continues to factor in a high risk premium for this crucial global energy chokepoint.
Key global market conditions: New York WTI crude oil futures are trading around $95.16 per barrel, while Brent crude oil is near $100.28 per barrel. Following the release of the non-farm payroll data, the US dollar index fluctuated with a slight upward bias; the yield on the 10-year US Treasury bond remained around 4.4%.
Technical Analysis
spot gold
The next upside target for the bulls is a break above the $4744.34–$4780.78 resistance zone. If the price holds above this level, the next target is $4850.68, followed by $4891.54.
Short-term downside target for the bears: break below the $4685.27 support level, test $4633, and further support at $4541.88.
The first resistance level is $4,744.34, followed by the 50-day moving average at $4,780.78.
The first support level is $4,685.27, followed by $4,633.
spot silver
Bullish upside target: break through the $83 mark, stabilize and then challenge $90, with a further target of the $95 range.
Downside target for the bears: break below $72 support, then test $70, with a further low of $61.
The first resistance level is $83, followed by $90; the first support level is $72, followed by $70.
- Risk Warning and Disclaimer
- The market involves risk, and trading may not be suitable for all investors. This article is for reference only and does not constitute personal investment advice, nor does it take into account certain users’ specific investment objectives, financial situation, or other needs. Any investment decisions made based on this information are at your own risk.
