Gold prices weaken on decent US labor data

Editor's note: Get caught
minutes with our quick summary of today's must-read news and expert
opinions that moved precious metals and financial markets. Register here!

(Kitco News) – Gold and silver prices are modestly down in early US trade on Friday, after what the market perceives as a generally set US employment report "even though the non-farm's main payroll number came in slightly lower than expected. Gold futures last December were down $ 3.50 per gram 1,510.30. December Comex silver prices were last down to $ 0.1[ads1]66 at $ 17,515 an ounce.

The September US Employment Status Report from the Department of Labor showed the most important non-farm payroll, up to 136,000. It was slightly below the consensus forecast of upwards of 145,000. However, some other international in the report were considered to be rising, including the total unemployment rate of a 50-year low of 3.5%, which was lower than expected. Still, it would have taken a significantly stronger than expected job report today to swing traders and investors away from the general notion that another US interest rate cut will come from the Federal Reserve soon, following this week's very poor US and European production reports.

The US stock market and the US dollar rose from lower overnight prices, according to the Employment Report.

Asian and European stocks were mixed overnight. Chinese mainland markets were closed this week for a holiday. The shaky US stock market this week still has traders and investors nervous about the weekend.

Overnight reports said that Hong Kong authorities have banned people from wearing masks in public, following a recent violent protest there. This new rule could further escalate civil unrest in Hong Kong. This situation can quickly move to the market burner, especially if mainland China becomes more involved in the matter.

Nymex crude oil prices are up and are trading around $ 53.00 a barrel. Oil prices are in a steep slide from the peak height in September.

Other US economic data to be released Friday include the International Trade Report. Several Federal Reserve officials are scheduled to speak today, including Chairman Jerome Powell.

Technically, gold ox has the overall technical technological advantage and has stabilized the market late this week. A four-week-old downtrend line is still in place in the daily bar chart. The Bulls next goal for the upside is to produce an end to December futures over solid resistance of $ 1,543.30. Bears & # 39; s next long-term downward price trend is to push future prices for December under solid technical support at this week's low price of $ 1,465.00. First resistance is seen at the highest night of $ 1,522.20 and then at this week's high of $ 1,525.80. First aid is set at $ 1500.00 and then at $ 1,490.00. Wyckoff's Market Review: 6.0

December silver futures bulls and bears are at a level generally near term technical playing field. A four-week-old downtrend is still in place in the daily bar chart. The Silver Bulls' next upside prize giving goal is to close prices above solid technical resistance at $ 18.00 an ounce. The next price trend for the Bears is to close the prices under solid support at this week's low price of $ 16.94. First resistance is seen at the highest night of $ 17,745 and then at this week's high of $ 17,845. Next support is seen on the low night of $ 17.33 and then on Wednesday's lowest $ 17.24. Wyckoff Market Review: 5.0.