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Gold Pops To 11-Mo. High After Downbeat U.S. Jobs Report

(Kitco News) - Gold prices are solidly higher and hit an 11-month high in early U.S. trading Friday. A weaker-than-expected U.S. employment report that put strong selling pressure on the U.S. dollar index is boosting the precious metals markets. December Comex gold was last up $9.40 an ounce at $1,331.50. December Comex silver was last up $0.135 at $17.71 an ounce.

The major U.S. data point of the week and arguably of the month saw Friday morning’s employment situation report for August from the Labor Department show a rise in non-farm payrolls of 156,000. The number was forecast to come in at up around 180,000. Wednesday’s higher-than-expected ADP jobs number had many thinking Friday’s employment report would be a miss to the upside.

The U.S. dollar index sunk on the downbeat economic report, which falls into the camp of the U.S. monetary policy doves, who do not want to see U.S. interest rates rise any time soon.

Look for U.S. trading activity do die down quickly today, as many traders will hit the exit doors early to get a jump on the three-day Labor Day holiday weekend. Some U.S. markets close early today.

World stock markets were mostly higher again overnight as investor risk appetite quickly returned to the world marketplace after North Korea fired a missile over Japan on Tuesday. U.S. stock indexes are pointed toward firmer openings when the New York day session begins. U.S. stock indexes are at or close to record highs. The fact that safe-haven gold is managing to set news for-the-move highs amid the risk-on trading environment is a very bullish development for the yellow metal.

The other key outside market sees Nymex crude oil futures lower. Prices are in a four-week-old downtrend on the daily bar chart and the bears have the overall near-term technical advantage.

There is still a heavy slate of other U.S. economic data due for release Friday, including the U.S. manufacturing PMI, the University of Michigan consumer sentiment survey, construction spending, the ISM manufacturing report on business, the global manufacturing PMI, and domestic auto industry sales.

Live 24 hours gold chart [Kitco Inc.]

Technically, December gold futures bulls have the solid overall near-term technical advantage. A seven-week-old uptrend is in place on the daily bar chart. Bulls’ next upside technical objective is pushing prices above chart resistance at $1,350.00. Bears' next near-term downside price breakout objective is closing prices below solid technical support at $1,300.00. First resistance is seen at today’s high of $1,334.50 and then at $1,340.00. First support is seen at the overnight low of $1,323.00 and then at $1,310.00. Wyckoff’s Market Rating: 7.5

Live 24 hours silver chart [ Kitco Inc. ]

December silver bulls have the overall near-term technical advantage. Prices hit a 2.5-month high Friday. Silver prices are in a seven-week-old uptrend on the daily bar chart. The next upside price breakout objective is closing futures prices above solid technical resistance at $18.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at the August low of $16.19. First resistance is seen at Friday’s high of $17.80 and then at $18.00. Next support is seen at $17.50 and then at $17.34. Wyckoff's Market Rating: 6.5.

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