Job's Day -- What's Next For The Metals?
Thursday saw a rally in themetals; however, both gold and silver made their highs early in the morning andspent the rest of the day selling off. Gold remains weak as it battles at the $1,310level. Silver is still stronger than gold and the trade is long silver, shortgold.
Today is jobs Friday and promisesto move the metals in a big way, with the direction to be determined. Based onpast jobs numbers, we can expect a move in both directions. It would be nosurprise to see gold trade $1,300 and $1,320 today.
The trend in gold is lower, and wewould look to be sellers on a rally to $1,320. Silver would be a buy at $16.20.Expect a big move and volatility in both at 8:30 a.m. EDT when the jobs numberis released -- selling a rally in gold and buying a dip in silver. Remember -- whateverthe number is, after the initial excitement, expect the metals to resume theircurrent trend.
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