WORLD NEWS Price pressure on gold after

Price pressure on gold after

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(Kitco News) – Gold and silver prices are weaker in early U.S. trading Friday, in the immediate aftermath of a U.S. economic report that suggested the U.S. economy is presently in a pretty good spot. February gold was last down $12.70 at $2,033.80. March silver was last down $0.199 at $23.85.

The just-released U.S. employment situation report for November showed the key non-farm payrolls number up 199,000, which is just above market expectations for a rise of 190,000. However, the overall U.S. unemployment rate fell to 3.7% in November from 3.9% in October. Due to the overall internals of today’s jobs data, the report appears to fall very mildly into the camp of the U.S. monetary policy hawks, who want the Federal Reserve to continue its interest-rate-increasing cycle. However, others are calling today’s jobs data a “Goldilocks” report, which is not too hot and not too cold for the general marketplace.

U.S. stock indexes sold off modestly on the jobs report, the U.S. dollar index rallied and U.S. Treasury yields rose a bit.

The key outside markets today see the U.S. dollar index solidly higher. Nymex crude oil prices are firmer and trading around $70.75 a barrel. Prices on Thursday hit a five-month low. The yield on the benchmark U.S. Treasury 10-year note is presently fetching 4.239%.




Other U.S. economic data due for release Friday includes the University of Michigan consumer sentiment survey.

Live 24 hours gold chart [Kitco Inc.]

Technically, the gold futures bulls still have the overall near-term technical advantage but became exhausted to suggest a near-term market top is in place. Prices are still in a two-month-old uptrend on the daily bar chart. Bulls’ next upside price objective is to produce a close in March futures above solid resistance at the record high of $2,152.30. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $2,000.00. First resistance is seen at the overnight high of $2,050.40 and then at $2,059.60. First support is seen at this week’s low of $2,027.60 and then at $2,015.00. Wyckoff’s Market Rating: 6.0.

Live 24 hours silver chart [ Kitco Inc. ]

The silver bulls still have the overall near-term technical advantage, but became exhausted to suggest a near-term market top is in place. Prices are still in a two-month-old uptrend on the daily bar chart but the bulls need to show fresh power soon to keep it alive. Silver bulls’ next upside price objective is closing March futures prices above solid technical this week’s high of $26.34. The next downside price objective for the bears is closing prices below solid support at $23.00. First resistance is seen at the overnight high of $24.225 and then at $24.50. Next support is seen at $23.65 and then at $23.25. Wyckoff’s Market Rating: 6.0.

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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.

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