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Gold, silver and platinum pop

Commentaries & Views

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.

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.