US Gold prices ended the pit session lower Thursday, giving up early gains on some position evening.

Many traders are squaring positions ahead of the Key US jobs report Friday and ahead of next week’s US presidential election.

A firmer USD index following some improving USeconomic data released Thursday worked against the precious metals Bulls throughout the session.

Dec Gold last traded – 2.60 at 1,716.60 oz.

Spot Gold was last quoted -3.90 at 1,716.75 oz.

Dec Comex Silver last traded off 0.046 at 32.27 oz.

The Chinese manufacturing data Thursday came out better than expected. The purchasing managers index rose to 50.2 in October from 49.0 in September. That did support the raw commodity sector early Thursday, including the precious metals. The new China economic data is leading to ideas that China’s economy has bottomed out and is on the rise.

The market awaits the US employment report due out Friday morning. The Key non-farm payrolls component of the jobs report is forecast to come in at up 125,000 in October. Participants are looking for a more active trading day Friday after of the jobs report.

In Europe, reports overnight showed Greece’s manufacturing sector contracted at its fastest pace in 4 months in October. The Greek purchasing managers index was 41.0 in October Vs 42.2 in September.

The USD index traded firmer Thursday, on short covering following the improving US economic data released Thursday morning. The USD Bears still have the overall near-term technical advantage.

Nymex Crude Oil prices were firmer Thursday on Short covering following a surprising decline in US Crude Oil stocks as reported by the US Department of Energy Thursday morning.

Crude Oil (WTI) 87.08 +0.84 +0.97%

The Crude Oil Bears still have the overall near-term technical advantage. The 2 Key outside markets continue to have daily influence on Gold and Silver prices.

The London PM Gold fixing is 1,716.25 Vs the prior PM fixing at 1,719.00.


Paul A. Ebeling, Jnr.

Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster’s Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.

Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.

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