<p>Gold and silver are starting the week on much stronger footing after posting their best weekly recovery in several months.</p>
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<p>Softer U.S. employment data, falling Treasury yields, a weaker dollar, and lower oil prices brought buyers back into precious metals following the sharp June-July correction.</p>
<p>Gold gained roughly 7.5% last week, its strongest week since January and highest settlement since mid-June. Silver climbed nearly 11%, its strongest week since February.</p>
<p>Friday’s July employment report was the biggest catalyst. U.S. nonfarm payrolls unexpectedly fell by 23,000, while May and June figures were revised lower by a combined 103,000 jobs. Labor-force participation also slipped to 61.4%.</p>
<p>The weak report put pressure on the value of the dollar verus other fiat currencies and reduced expectations for another near-term Federal Reserve rate hike. The two-year Treasury yield finished Friday near 4.19% and the 10-year near 4.65%.</p>
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<p>Middle East developments also contributed to the changing macro picture, causing oil prices to fall again — even though the conflict appears far from resolved. News from there could bring volatility back to both oil and precious metals very quickly.</p>
<p>Gold’s technical picture has improved considerably, but $4,370 remains the immediate hurdle. A sustained breakout above that level could open the way toward $4,530. Until then, the broader bias remains positive, with meaningful pullbacks likely to attract buyers.</p>
<p>Silver has also regained short-term momentum following last week’s nearly 10% advance.</p>
<p>The previous peak around $66 is now the key resistance level to watch. Despite silver’s strong rebound, the longer-term relative picture continues to favor gold.</p>
<p>At Money Metals, we've seen a relative balance between retail buying and retail selling. Spreads have narrowed.</p>
