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Jobs Number Today - Gold Higher

Commentaries & Views

The breakout in gold continues with the metal holding $1,240 support. The $1,275 level is in the cards, and today’s jobs number could be enough to push the metals up another notch. Gold is now in a solid uptrend, and all pullbacks have been bought.

Since bottoming in August, gold has had a steady ascent, breaking out above all resistance levels. The pattern is extremely bullish because of how steady the trade has been. The last big move in gold was Oct. 11; the follow-through keeps us looking for $1,275.

There should be no major expectations when the jobs number comes out at 8:30 a.m. EST; however, reaction to the recent Fed comments coupled with a moderate jobs number could create a big move. Look for the rally to continue, using $1,240 as the major support level.

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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