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Non-farm payroll data released—how to interpret the major bearish move?

20 minutes ago, the US March non-farm employment data was released: after seasonal adjustment, non-farm payrolls increased by 178,000, versus an expected 60,000; the unemployment rate was 4.3%, below the expected 4.4%. The data shows that the US job market remains strong, which is a major bearish factor for the crypto market and the gold and silver markets.

How to interpret

An increase in non-farm employment indicates that demand in the US job market remains high, and the performance of the job market reflects the resilience of the US economy. Amid concerns about global inflation triggered by high oil prices caused by the US-Iran war, the economic strength gives the Federal Reserve the confidence to not cut rates for now and even to raise rates. A stronger US dollar will inevitably put pressure on US-dollar-denominated digital currencies and the prices in the gold and silver markets.

Bitcoin

After the data was released, price action saw small upward and downward probes; on the 15-minute chart, a bearish candle closed out, but overall market volatility was not large. This is related to it being Friday and the US Easter holiday layered on top of today—price action is very likely to reflect these changes next week. Tonight, watch the support level at 65,600 and the resistance level at 67,400.

Gold and Silver Markets

Because of today’s Easter holiday, the US market is closed, but the data is bearish for gold and silver prices. In the absence of other news, it is highly likely that next week will open lower. You can consider placing some short positions in the gold and silver market perpetual contracts short positions on Sunday. For gold, watch the resistance level at 4700 and the support level at 4550.