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What Does Jobs Report Mean For Gold?

Commentaries & Views

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.

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.