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Expect Volatility into the Jobs Number

Friday April 04, 2014 08:20

Traders covered some of the their shorts, while others took a small long bet overnight in anticipation of the U.S. jobs data due out at 8:30 am EST. the market is expecting a solid number and a stat below 180,000, may hurt the dollar and lift metals, as traders will again play the “weak” economy card with the expectation the Fed will halt its tapering. Although this may be the knee-jerk reaction to a number that is under expectations (the consensus guess is the creation of 200,000 jobs), the Fed will not change course in the short-term. I suspect, our recent range may prove resilient enough to hold through today’s trading, but important enough to note that the $1,302 level on the upside remains the bull’s target and the bears have their sights on a breach of $1,278.

By Peter Hug
Global Trading Director
Kitco Metals Inc.

 

 

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 precious metal products, 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.
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