(Kitco News) - Gold and silver prices are lower near midday Thursday, on routine profit taking from the shorter-term futures traders after gold scored a record high and silver a 14-year high on Wednesday. December gold was last down $30.10 at $3,605.00. December silver prices were down $0.65 at $41.405.
After a big batch of U.S. economic data today that did little to move the markets, Friday morning comes what is arguably one of the most important U.S. data points of the month: the employment situation report from the Labor Department. Analysts expect Friday’s jobs report to extend the weakest stretch of U.S. jobs growth since the pandemic, likely locking in a Federal Reserve interest-rate cut. The key nonfarm payrolls number is seen up 75,000 in August, which would mark a fourth straight month of jobs growth below 100,000. The unemployment rate is seen rising to 4.3%, which would be the highest level since 2021.
The key outside markets today see the U.S. dollar index modestly up, with crude oil prices lower and trading around $63.50 a barrel. The yield on the U.S. Treasury 10-year note is presently around 4.2 percent.
Technically, December gold futures bulls have the strong overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at $3,700.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $3,500.00. First resistance is seen at the overnight high of $3,621.60 and then at Wednesday’s contract high of $3,640.10. First support is seen at today’s low of $3,573.70 and then at $3,550.00. Wyckoff's Market Rating: 8.5.
December silver futures bulls have the solid overall near-term technical advantage. Silver bulls' next upside price objective is closing prices above solid technical resistance at $45.00. The next downside price objective for the bears is closing prices below solid support at $38.00. First resistance is seen at $42.00 and then at this week’s high of $42.29. Next support is seen at $41.00 and then at this week’s low of $40.555. Wyckoff's Market Rating: 8.5.
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