Job's Day -- What's Next For The Metals?
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Thursday saw a rally in the metals; however, both gold and silver made their highs early in the morning and spent the rest of the day selling off. Gold remains weak as it battles at the $1,310 level. Silver is still stronger than gold and the trade is long silver, short gold.
Today is jobs Friday and promises to move the metals in a big way, with the direction to be determined. Based on past jobs numbers, we can expect a move in both directions. It would be no surprise to see gold trade $1,300 and $1,320 today.
The trend in gold is lower, and we would look to be sellers on a rally to $1,320. Silver would be a buy at $16.20. Expect a big move and volatility in both at 8:30 a.m. EDT when the jobs number is released -- selling a rally in gold and buying a dip in silver. Remember -- whatever the number is, after the initial excitement, expect the metals to resume their current trend.