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Gold, Silver Bounce From Bottoms

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Thursday saw gold and silver under heavy pressure early before a big rally from the lows starting around 10 a.m. EDT. The rally was no surprise after the selling pressure we have seen over the last couple of weeks.

This action looked like a dead-cat bounce from oversold conditions and is probably a selling opportunity. Before we are convinced that the lows are in for this recent move, we expect to see $1,280 gold and $14.60 silver. The churning consolidation should continue until those objectives are met.

Today is jobs Friday and the data could push the metals in a big way in either direction depending on how the Street interprets the news. We will have an answer at 8:30 a.m. EDT. We look for some wild trade from the jobs number, which could push the metals to support levels, but today is just another footprint and a guide for what’s next.

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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