Positive Jobs Report Hits Precious Metals

Category: Market Reports
Author Name: Roy Friedman
Posted: 12-08-2014 01:22:00 PM
Precious metals traded quietly on Thursday as all markets awaited today’s Non – Farm Payroll report. Economic consensus of 235K new jobs being created in November was badly missed, as employers created a very impressive 321K new jobs last month.

Precious metals traded quietly on Thursday as all markets awaited today’s Non – Farm Payroll report. Economic consensus of 235K new jobs being created in November was badly missed, as employers created a very impressive 321K new jobs last month. Precious metals immediately moved lower as the USD ticked up on expectations the FOMC will explore raising interest rates sooner than expected in 2015.

For the moment, gold has bounced off support in the mid-$1,180.00s as impressive physical demand has been seen, but silver continues to trade just above the intra-day low of $16.22 with silver feeling a bit vulnerable at the moment to further losses. As silver has led the roller coaster ride this week, I would look for it to be the directional leader for the remainder of the trading day. A dip below $16.10 could empower short sellers at the same time as longs look to exit the market and this could result in a quick move into the $15.70 – $15.50 range. On the flip side, a weekly close above $16.00 will be viewed as a positive sign by the momentum traders and could signal another test of $16.80 early next week.

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About The Author

Roy Friedman

This editorial has been prepared by Roy Friedman of Dillon Gage Metals. This document is for information and thought-provoking purposes only and does not purport to predict or forecast actual results. It is not, and should not be regarded as investment advice or as a recommendation regarding any particular security, commodity or course of action. Opinions expressed herein are current opinions as of the date appearing in this editorial only and are subject to change without notice. Reasonable people may disagree about the opinions expressed herein. In the event any of the assumptions used herein do not prove to be true, results are likely to vary substantially. All investments entail risks. There is no guarantee that investment strategies will achieve the desired results under all market conditions and each investor should evaluate its ability to invest for a long term especially during periods of a market downturn. No part of this editorial may be reproduced in any manner, in whole or in part, without the prior written permission of Dillon Gage Metals. This information is provided with the understanding that with respect to the opinions provided herein, that you will make your own independent decision with respect to any course of action in connection herewith and as to whether such course of action is appropriate or proper based on your own judgment, and that you are capable of understanding and assessing the merits of a course of action. You may not rely on the statements contained herein. Dillon Gage Metals shall not have any liability for any damages of any kind whatsoever relating to this editorial. You should consult your advisors with respect to these areas. By posting this editorial, you acknowledge, understand and accept the foregoing.

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