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Jobs Friday - Is gold in trouble?

Commentaries & Views

For the last few days, Gold has struggled to try to hold support. This morning about 3:00 am EST, Gold fell hard about $20.00. Although we remain long, there are now causes for concern as the pattern is possibly breaking down.

Platinum and Silver are struggling as well but not nearly as much as Gold. This morning at 8:30 EST, the monthly jobs report will come out, which could have a major effect on the metals, especially Gold. If Gold goes lower from here, it will most likely cause a reversal.

We will remain long through today no matter what but certainly, have concerns. With Gold at key levels, we would not be adding or buying Gold at these levels. The key today will be whether it can retake the $1,900 level. If Gold fails to come back, the trend could change.

Silver and Platinum are weak, but in a much better technical position. Their key support is well beneath the current levels indicating they will hold and continue the uptrend. Either way, we will follow our mechanical methods, watch the jobs report, and remain long across the board.

Tradier (one of our brokerage partners) is offering a 6 Session Options course starting this Saturday January 9th at Noon est.

2021-01-09 Options Training Session 1

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.