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Gold price firmer after U.S. jobs report that’s close to expectations

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(Kitco News) - Gold prices are moderately up in early U.S. trading Friday and near the session high, following an upbeat U.S. jobs report that came in close to market expectations. June gold futures were last up $13.80 at $1,889.40 and May Comex silver was last up $0.115 at $22.505 an ounce.

The just-released U.S. employment situation report for April showed the key non-farm jobs number up 428,000. The number was expected to come in at up 400,000 and compares to a rise of 431,000 in the March jobs report. The unemployment rate in April was unchanged at 3.6%.

Global stock markets were mostly lower overnight. U.S. stock indexes are pointed toward weaker openings when the New York day session begins, on follow-through selling from Thursday’s shellacking. The U.S. stock index bears have quickly regained the solid near-term technical advantage as prices are in downtrends on the daily bar charts.


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The key outside markets today sees Nymex crude oil futures prices higher and trading around $110.50 a barrel. Meantime, the U.S. dollar index is solidly lower in early trading. The yield on the 10-year U.S. Treasury note is presently fetching 3.074%.  

Other U.S. economic data due for release Friday includes the consumer credit report.

Live 24 hours gold chart [Kitco Inc.]

Technically, the June gold futures bears have the overall near-term technical advantage. A downtrend line is in place on the daily bar chart. Bulls’ next upside price objective is to produce a close in April futures above solid resistance at $1,921.30. Bears' next near-term downside price objective is pushing futures prices below solid technical support at this week’s low of $1,849.70. First resistance is seen at  $1,900.00 and then at $1,915.00. First support is seen at the overnight low of $1,865.00 and then Wednesday’s low of $1,849.70. Wyckoff's Market Rating: 4.0

Live 24 hours silver chart [ Kitco Inc. ]

May silver futures bears have the solid overall near-term technical advantage. Prices are trending sharply down on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at $24.00 an ounce. The next downside price objective for the bears is closing prices below solid support at the December low of $21.445. First resistance is seen at $22.75 and then at $23.00. Next support is seen at the overnight low of $22.09 and then at $22.00. Wyckoff's Market Rating: 3.0.

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.