Friday brings little cheer for the US economy, as the latest job data continues a worrying trend. ADP’s private payroll report painted a bleak picture, with job creation contracting by 33,000—far from the 100,000 new roles analysts had expected. The broader labour market is also softening, with fewer people actively looking for work. While some attribute this to seasonal shifts, the underlying sentiment points to rising frustration and fatigue in a stalling economy.

With the US market closed for the Fourth of July holiday, investors are taking a moment to pause after a barrage of negative headlines in recent weeks. While equity markets have shown surprising resilience, economic data continues to underwhelm, keeping recession concerns firmly on the table.

Gold has taken a slight breather today, easing from its recent highs. Meanwhile, silver is making a quiet bid for attention, finding strength amid the broader uncertainty. Both metals remain well-supported longer term, but the short-term shift could see silver play catch-up with its more famous counterpart.

Market Snapshot

Gold – $AU5068
Silver – $AU56.20
US500 – 6171
ASX200 – 8523
AUD/USD – 0.6568

Gold Futures Technical Analysis

Technical indicators for Gold Futures suggest a STRONG BUY on both monthly and weekly analyses.

Technical Indicators – Monthly Projections

RSI(14)	Overbought
STOCH(9,6)	Buy
STOCHRSI(14)	Overbought
MACD(12,26)	Buy
ADX(14)	Overbought
Williams %R	Overbought
CCI(14)	Buy
ATR(14)	High Volatility
Highs/Lows(14)	Buy
Ultimate Oscillator	Buy
ROC	Buy
Bull/Bear Power(13)	Buy