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Today is Friday 7th September 2018 and we are briefly discussing what happened yesterday in the gold and silver markets and to emphasise the importance of today’s Non-Farm Payroll Report.
Gold markets tried to rally during the trading session yesterday but found the $1,212 level to continue to offer resistance with gold reversing its gains. However, it does look as if the $1200 level is trying to offer some support.
So, what is anticipated? Well, the headline number is expected to show the economy added 191K jobs in August. This is up from 157K in July. The Unemployment Rate is expected to dip slightly from 3.9% to 3.8%. Average Hourly Earnings are expected to rise 0.2%, slightly below the 0.3% increase reported last month.
If the figures are stronger i.e. less unemployment, then a further FED rate rise is likely, and we shall see gold move down further, if the opposite is the case then the $1200 floor may hold for a while.
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