Jobs Number: How Will Gold And Silver React?
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
(Kitco News) - Today is the monthly U.S. jobs number, which always brings volatility and price movement to the metals. What will the news bring today? Based on the patterns we have been watching in gold and silver, we would expect a move to the upside, possibly a big one.
Gold and silver appear to have put in their bottoms, which would indicate a big move would be up. It’s hard to determine how the Street will act to the numbers because there is so much currency and market manipulation going into these numbers.
The metals will most likely move in both directions, as often happens on these economic numbers. We are buyers on a big sell-off, especially if that is the first move at 8:30 a.m. EDT, when the number is announced. Our first target up is $1,330 gold and $16.80 silver.