Gold Slightly Weaker As Traders Wait For US Jobs Report

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(Kitco News) – Gold prices are down slightly on Thursday at noon in the United States. A rally in the US stock market and rising bond yields that day were negative for metals markets. The yellow metal is also pausing ahead of the release of key US economic data on Friday morning. December gold futures were last down $ 2.30 to $ 1,759.40. The December Silver Comex was up $ 0.128 to $ 22.66 an ounce.

Traders eagerly await the Department of Labor’s US employment report on Friday morning, arguably the most important US data point of the month. The key number of non-farm jobs in this report is expected to increase by 500,000 in September after a paltry gain of 235,000 in August. Look for higher market volatility immediately after the jobs report.

Global stock markets were mostly higher in day-to-day trading. US stock indices are higher at noon. Trading has been choppy in the indices, but short-term downward price trends are in place for S&P and Nasdaq futures. The risk appetite of traders and investors is a little more optimistic Thursday as US lawmakers agreed to extend the short-term debt limit until December.

The main foreign markets are now seeing the US dollar index drop slightly. Nymex crude oil futures are higher and trading around $ 78.50 a barrel after peaking nearly seven years earlier this week. Meanwhile, the yield on 10-year US Treasuries is currently 1.517%.

Technically, December’s gold futures have the overall short-term technical advantage. A four week old downward price trend is still in place on the daily bar chart. The Bulls’ next bullish price target is to produce a close above the solid resistance at $ 1,800.00. Bears’ next short-term bearish price target is to push futures prices below strong technical support at $ 1,700.00. First resistance is seen at this week’s high of $ 1,771.50 and then $ 1,775.00. First support is seen at this week’s low at $ 1,745.40 and then $ 1,737.50. Wyckoff Market Score: 3.5

The December silver futures bears have a strong overall technical advantage in the short term. Prices are in a four week downtrend on the daily bar chart. The next bullish price target for Silver Bulls is to close the price above strong technical resistance at $ 24.00 an ounce. The next bearish price target for bears is to close price below strong support at $ 21.00. First resistance is seen at today’s high at $ 22.84 and then at $ 23.00. Next support is seen at this week’s low at $ 22.185 and then $ 22.00. Wyckoff Market Rating: 2.0.

December NY copper closed 970 points higher at 424.45 cents today. Prices closed near the session high today. Copper bulls and bears are back on a short term global technical playing field amid choppy trading. The next bullish price target for copper buyers is to push and close prices above strong technical resistance at the September high of 447.15 cents. The next bearish price target for bears is to close prices below strong technical support at the August low of 396.65 cents. First resistance is seen at this week’s high of 430.30 cents, then 435.00 cents. First support is seen at today’s low at 416.25 cents and then at this week’s low at 411.40 cents. Wyckoff Market Rating: 5.0.