Phil Streible with Blue Line Futures discusses Gold, Silver, Copper, Platinum, and other commodity topics.
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Good morning. It’s Friday, December 8, about 6 p.m. Central Time. Overnight, the precious metals are canceled dating after yesterday’s mixed session. Yet February gold unchanged at 2046. March silver up five at 2412 March Copper up two at 382. A January Platinum up 15 at 927. So if a critical data point coming out at 7:30 a.m. Central Time. It’s going to be the November jobs reading.
They’re expecting 183,000 jobs created and the unemployment rate at 3.9%. Any large variation in this number? If you get a modest uptick, you’re probably going to see some pressure, especially on the gold market. You’ll see the dollar index boost up. You also see U.S. equities start to slide. They are sliding right now. Is that any kind of indication?
Sometimes it is. Sometimes it isn’t. You if crude oil up a dollar. So that’s nice to see. After this massive slide that we’ve been going through for the last week now, is it going to be able to hold onto those gains? We’ll have to wait and see. Now, if you look at the copper market, up two at 382 right now, starting to push back up.
Chinese officials pledged more fiscal and monetary accommodative type stimulus measures overnight. So it was 24 different officials that had met together and come up with this type of agreement. So that’s a little small boost you got in copper Bitcoin and also ether continuing to push up. I think they’re attracting some of those investors that were in that gold and silver market as those markets are continuing to break out.
Now, technically, if you look at gold, it hasn’t gone really anywhere in about four or five sessions, especially since that blow off top on that Sunday night reading the sell off on Monday. And then since there were just kind of holding our breath, your key level support 200 day moving average at 2006 could be tested. If you get a jobs number that’s like 250,000 could happen and the silver market consolidating on either side of that 200 day moving average right around 2421.
I see value anywhere in those 20 threes right now. I don’t know what would take that market back down into the 20 twos. You are seeing stochastic slide into oversold territory, so it is just kind of consolidating here. The dollar index is up 23, ten year, Treasury yields up five at 417. So we’re going to have to wait and see what happens on this particular number coming out.
There’s not much more to say here, and I hope you guys all have a great weekend. If you have any questions, give me a call. 312858733. Remember, futures option trading involves risk class suitable to investors. Good luck, Good trading.
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Phillip Streible, Chief Market Strategist