-- Posted Friday, 3 September 2010 | | Source: GoldSeek.com
Friday, the day the employment figures told us that we are recovering even though it is a slow and painful process, according to the numbers. That’s the market focus right now. The morning Fix in London confirmed that the gold prices was firm at a Fix of $1,252. Hardly any moves on the foreign exchange rates in London’s morning and buying in the gold market was reported as thin. Once the figures came out the gold price dropped $12 to $1,240.
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Gold - Very Short-term
Because the tension of waiting for the employment figures has been eased by their publication the gold price dropped by $12. We expect the rest of the day to be high risk and volatile. Perhaps the weekend should start early? The gold market is now in high risk territory.
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Silver – Very Short-term
Likewise with the silver price, the markets have perceived the U.S. economy remains in recovery but silver only dropped by 5 cents on the news after a Fix of $19.66. We must warn readers that the markets have moved into high risk territory, but we still expect another positive day for silver, but volatile and high risk.
Gold Price Drivers
Sentiment is ruling today. With a long weekend ahead of Labor Day on Monday, investors will try to play safe, before gold’s busiest and most dramatic season ever begins.
Investors will likely take a long look and not wait until next week before taking a position one way or the other. The Unemployment / Employment figures are influencing decisions on the way forward. With the market seeing only thin trading ahead of these numbers the $12 drop is as a result of some investors lessening the fear that drove them to invest in gold. We have a feeling that this may be the worst for the day until Tuesday next week, when the ‘gold season’ hits the accelerator.
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Regards,
Julian D.W. Phillips
-- Posted Friday, 3 September 2010 | Digg This Article
| Source: GoldSeek.com
