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Jobs Friday - what does it mean for gold, silver?

Commentaries & Views

Today is jobs Friday. Based on the recent market activity, this is going to be a blowout number. The big question: what effect will the number have on the metals? Based on the current patterns, the number will have little impact. Gold and silver should continue in their same patterns.

Thursday saw gold and silver higher on the day, but neither changed the longer-term view of higher gold and lower silver. The trends are clear; silver is in a downtrend and gold is in an uptrend. Obviously, we know that markets never announce themselves and these patterns can change.

At 8:30 a.m. EST, the jobs number will come out, and the metals will more than likely make a move in either direction. However, at the ends of the day, the patterns should stay the same. We are expecting a test of the highs in gold and the lows in silver. Trends don’t change overnight, although there can be counter-trend moves. For now, we target $17.30-$17.50 March silver and $16.20 April gold.

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.