Gold, silver and platinum pop
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Thursday was a solid day for the metals, with all three having nice rallies as expected from support levels. With the jobs number coming out at 8:30 a.m. EDT Friday, gold, silver and platinum are a little lower this morning, all pulling back from resistance levels.
The world knows that the jobs number will be a disaster; however, the metals don’t look like they will be affected by the announcement. They could head lower back to support, which would be consistent with consolidation, prepping for the next big move.
We remain long gold, silver and platinum, although we recognize they don’t look great. The action in the metals has been very muted and although there have been some moves, they really just continue in wide, sweeping congestion. They will break out one way or the other. Although we are long, direction is not all that clear.