What Does Jobs Report Mean For Gold?
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
The big question on every gold investor’s and trader’s mind to day: what does the jobs number mean? The answer is simple -- absolutely nothing. Whatever the number is, the markets have already price in their expectations.
Based on the recent action, gold appears to have held support and should start to consolidate as it has for the last few days. Just because gold has held initial support doesn’t mean that it won’t continue to break down. The market footprint will tell the story of what is next for metals.
There will be some wild swings today; however; by the end of the day, the metals will come back to the chart and the footprint. While we remain bullish for the future, in the next few days or weeks, anything goes. As always, the key will be held by the support levels of $1,275-$1,280.