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Gold, silver see heavy profit-taking, but still normal downside corrections

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(Kitco News) - Gold and silver prices are seeing strong selling pressure in late-morning trading Friday, following another U.S. jobs report that came in better than the consensus forecast. Featured is solid profit-taking from the shorter-term futures traders after both gold and silver scored good gains this week, including gold futures hitting a new record high.

The gold and silver markets remain overall firmly bullish. Veteran traders know that sustainable price uptrends and bull markets need to “back and fill” and to pause on the charts. Market prices that shoot nearly straight up without pausing tend to usually see those price uptrends fizzle out sooner. Whereas, steady climbs with routine downside price corrections tend to see those price trends sustainable and longer-lasting. It’s likely the bull runs in gold and silver still have legs.

Even with today's strong losses, at present levels, gold and silver prices are still poised to post weekly gains, compared to last Friday’s closes.

June gold futures were last down $43.50 at $2,011.80.

Live 24 hours gold chart [Kitco Inc.]

Live 24 hours silver chart [ Kitco Inc. ]

By

Jim Wyckoff

For Kitco News

Contact jwyckoff@kitco.com
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.