Jobs Friday - what does it mean for gold, silver?
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
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.