Jobs Friday - Is gold in trouble?
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
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.