Precious metals dealings once again opened mixed in New York, with gold and silver still free from the effects of any profit-taking gravitational pull and with the noble metals exhibiting the opposite condition.
Gold prices are testing below support at $1,533.12, the 61.8% Fibonacci retracement of the drop from the May 2 high, with a break lower exposing a critical barrier at $1,519.55 marked by the intersection of the 50% retracement and a rising trend line.
Gold prices turned higher following the jobs report, while silver narrowed its earlier losses to only 44 cents and was quoted at $35.91 per ounce. Platinum and palladium did not show too much movement in the wake of the data.
The metals' trade (as well as a host of other speculators) was keenly focused on the day's release of US initial jobless claims numbers as well as tomorrow's overall US employment statistics courtesy of the Labor Department.
The grimmest commodity market closing tally in almost two years was recorded yesterday afternoon in New York. Awash in a sea of red, the price boards showed a $43.40 drop in gold, a 12% collapse in silver, $54 off platinum and $34 off palladium.
Gold and silver have consolidated on Wednesday's gains as inflation, geopolitical and eurozone debt concerns support. Silver has risen above its 31-year record closing price and looks set to target new record nominal intraday highs.
The yellow metal appears to continue to target the $1,450.00 pivot point and might still end the week walking away with a fresh record book achievement. On the other hand, a breach of the March 15 lows could alter that odds-making picture quickly.