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Precious Metals Look to Hold Most of Week’s Gains

Precious Metals Look to Hold Most of Week’s Gains
Category: Articles
Posted: 01-09-2015 09:25:00 AM

In today's market report, Friedman thinks gold "feels like it wants to go higher" after the unemployment rate declined.

Gold and Silver Holding Gains

Precious metals head for the finish line this week holding most of the gains from earlier in the week, but so far unable to build on those gains as U.S. equities rallied sharply on Wednesday and Thursday. This morning finds equities giving back some of those gains so, with gold continuing to hold above $1,200.00, we could see our market probe the upside again today. This morning’s Non-Farm Payroll report came in a little better than expected but probably not enough to weigh on precious metals.

The economy generated 252,000 new jobs against expectations of a gain of 240,000 and the unemployment rate declined to 5.60 percent. Precious metals will continue to be heavily influenced intraday by moves in the equity, bond, crude and FX markets but, at least for the moment, gold appears to have a mind of its own and it “feels” like it wants to go higher. Gold is currently on course to close the week above the 100-day moving average at $1,213.25 which could set the stage for further gains next week. The 100-day moving average in silver is $17.05 and with the volatility we often see in silver that does not seem far off.

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