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

Kitco Media
By Jim Wyckoff
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Updated
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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. ]

Kitco Media

Jim Wyckoff

Jim Wyckoff has spent over 25 years involved with the stock, financial and commodity markets. He was a financial journalist with the FWN newswire service for many years, including stints as a reporter on the rough-and-tumble commodity futures trading floors in Chicago and New York. As a journalist, he has covered every futures market traded in the U.S., at one time or another.

Jim is the proprietor of the "Jim Wyckoff on the Markets" analytical, educational and trading advisory service. Jim also worked as a technical analyst for Dow Jones Newswires and as the senior market analyst with TraderPlanet.com. Jim is also a consultant with the highly respected "Pro Farmer" agricultural advisory service. Jim was also the head equities analyst at CapitalistEdge.com. He received his degree from Iowa State University in Ames, Iowa, where he studied journalism and economics.

Follow Jim daily on Kitco.com as he provides both AM and PM roundups and a daily Technical Special. 1 877 963-NEWS jwyckoff at kitco.com

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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.