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Job's Day -- What's Next For The Metals?

Commentaries & Views

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.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
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