Stocks rocket higher while precious metals crater

Nothing seems to be changing in the markets. Stocks are rising every day, while metals are plunging again. 

On Friday, the Nasdaq 100 index was up 0.5%, followed by the SP500 index trading 0.4% higher. EU benchmarks were nearly 1% stronger, with the DAX rising to fresh all-time highs above 14,000 EUR.

On the other hand, traders decided to dump gold and silver (for whatever reason), and the first was down 1.2%, back below the broken, bearish trend line, and the latter was losing nearly 3%, trading at around 26.50 USD.

Additionally, both silver and gold seem to be creating a very nice weekly reversal bar, which might drag the metals sharply lower over the next days. 

Later in the day, the US NFP is expected to decline to 71,000 from 245,000 previously. However, the latest ADP release came out negative, which might put some pressure on today’s NFP number. 

Elsewhere, the 10-year US yield broke higher from its multi-month triangle pattern, suggesting further strength toward 1.5%. Thus, the greenback might also start rallying if US yields continue to move higher. 

Source: https://www.axiory.com/market-news/stocks-rocket-higher-while-precious-metals-crater