Weak nonfarm payrolls, coupled with crude oil falling 3.7%, have given the market something to cheer about. U.S. dollar and interest rates are lower, equities are higher, and precious metals are moving higher as well. Ahead of today's payroll report, implied volatility continued to drift lower. One-month at-the-money (ATM) volatility fell to 20.3% for gold and 33.5% for silver, reflecting the recent pullback in prices and the range-bound trading environment. The question now is whether today's data will be enough to break precious metals out of that range or whether the market settles back into its recent trading pattern. Looking further ahead, the midterm elections and year-end positioning will add another layer to an already interesting market. Plenty to watch as we head into the final quarter of the year. #Gold #Silver #PreciousMetals #NonfarmPayrolls #FederalReserve #MarketVolatility