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President’s Tweet Implies Good Job Numbers Today

Commentaries & Views

(Kitco News) - Gold prices are under some selling pressure ahead of this morning’s U.S. payroll data. The fact that that the President tweeted his anticipation of seeing the numbers, when he has already been briefed on the data release, suggests the job creation number may be on the high side. The Fed is no longer looking at the jobs number but their gauge is the average hourly earnings number, which if higher would suggest higher wage inflation. A pop in this metric should create a resumption in dollar strength and accelerate selling in gold. We would expect support at $1,287 but a breach here suggests a trade as low as $1,282. The upside remains firmly corralled at the 200- day moving average around $1,308.

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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