Jobs Friday -- What Does It Mean?
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Today is jobs Friday; in other words, it’s a day where we get more meaningless information from the government about jobs. The labor market has not improved; in fact, there are less full-time jobs today than in January. We are creating low-paying service jobs, which will not fix the broken-down economy.
Gold’s bear market is over and looks to be strong; however, it made a short-term double top on Thursday. The key levels are $1,330/$1,340 resistance and $1,310/$1,300 support. If gold breaks above $1,340, a quick run to $1,370 is in order. Silver looks good as well and faces $17.70 resistance on its way over $18.
Gold and silver both look great and should continue the rallies they have begun since the “fat finger” trades in July. No matter what the jobs report comes out as, it’s weak, and the metals will rally off the numbers or after they have been deciphered in the next few days. The play is to sell equities and buy metals