As the trading day commenced in the U.Son Thursday, gold and silver prices exhibited a slight reluctance to fluctuate significantlyThis pause in the precious metals market can largely be attributed to the anticipation surrounding critical economic data set to be released on FridayOver the past week, the trajectory of both gold and silver has shown a combination of consolidation and volatility, with February gold experiencing a minor decline of $0.80, settling at $2675.30, while March silver edged down by $0.04 to reach $31.875.

This week is packed with important economic reports from the United StatesNotably, the Labor Department is gearing up to unveil its monthly employment report on Friday, a document that analysts and investors alike have an eye onA Bloomberg survey predicts that non-farm payrolls for November could possibly see an increase of around 200,000 jobs, a figure that will undoubtedly impact market sentiments.

The global financial landscape sees mixed signals as Asian and European stock markets displayed a blend of gains and losses overnight, leading into the New York trading session

After hitting an all-time high on Wednesday, U.Sstock indices appear to be taking a slight dipCurrently, they are benefiting from what is commonly referred to as the 'Santa Claus rally,' a market phenomenon that often occurs during the last week of December and into the new year, where stock prices tend to rise.

On Wednesday, Jerome Powell, Chairman of the Federal Reserve, held a speaking engagement in New York where he remarked that the American economy is in "very good shape." He further indicated that the risks facing the labor market seem to have diminishedCurrently, the market estimates a 75% chance that the Fed will cut the main interest rate by 0.25% during the upcoming Federal Open Market Committee meeting, which is a notable increase from the approximate 66% probability noted just a week prior.

In France, President Emmanuel Macron is in search of a new prime minister following a vote of no confidence against Michel Barnier amidst a budgetary dispute

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A report from Bloomberg commented, "Macron's plans for rebuilding the nation lie in ruinsThe markets are holding steady for now." This political turmoil in France comes at a time when stability is crucial for the economic climate.

Turning our attention to global oil markets, OPEC+ is convening today to deliberate on delaying its plan to increase crude oil production levelsSo far, member countries have hesitated to raise output, fearful of a further dip in oil pricesA front-page headline from the Dow Jones News Service articulates the growing concern: "Oil oversupply, idle capacity will pressure prices in 2025." This cautious approach reflects the delicate balance OPEC+ seeks to maintain amidst fluctuating global oil demands.

In a noteworthy advancement for the cryptocurrency sector, Bitcoin has soared past the historic threshold of $100,000, representing a remarkable 50% increase

This resurgence closely follows the appointment of Paul Atkins, a supporter of cryptocurrency regulations, as a leader at the U.SSecurities and Exchange Commission (SEC). Such leadership changes may significantly influence the trajectory of the crypto market, fostering an environment more conducive to growth and acceptance.

In a developing story out of China, officials have announced the discovery of what they dub a "super giant" gold mineAccording to brokers at SP Angel, the ore deposit is reported to reach depths of 3,000 meters below the surface, situated beneath an existing gold mineOfficials estimate that this deposit may contain an astounding 1,100 metric tons of goldSP Angel elaborated, stating, "So far, geologists have identified over 40 veins of gold at approximately 2,000 meters deep, which hold around 330 metric tons of gold." This discovery could potentially reshape the landscape of gold supply and pricing globally.

On this Thursday, the external markets are reflecting a weaker dollar index

Additionally, crude oil futures on the New York Mercantile Exchange have seen a slight decline, trading around $68.00 per barrelThe yield on standard 10-year U.STreasury bonds currently sits at 4.20%, suggesting investor sentiment regarding economic stability and future interest rate movements.

A series of significant economic data from the United States is slated to be released todayThe reports will include weekly jobless claims, which serve as an indicator of short-term dynamics in the labor market; the Challenger Job Cuts report, which reveals the scale and trends of corporate layoffs; the international trade report, illustrating America’s standing in international economic interactions; and the monthly retail chain sales index, which gauges performance in the retail consumer sector.

From a technical perspective, the bulls in February gold maintain an overall advantage in the short term

Their next objective is to secure a close above the solid resistance level of $2748.00, which reflects this week's highConversely, the bears aim to drive futures prices below the robust technical support level of $2600.00. Resistance levels are found at this week’s high of $2682.00, and then at $2700.00, while the first support levels emerge at $2650.00, followed by this week’s low of $2644.50. Our current market rating stands at 6.0.

For March silver futures, the bulls also exhibit a slight technical edge in the short termThe next bullish target is to achieve a close above the strong resistance level of $32.50. Meanwhile, the bears are focused on pushing prices down below the firm support mark of $30.00. The initial resistance is positioned at this week’s high of $32.07, then at $32.50, while the anticipated subsequent support levels are at $31.50 and $31.00. Our market rating for silver remains at 5.5.