Good Morning,
U.S. initial jobless claims numbers
will make it difficult for gold to break out of its range bound trading
on the upside while physical demand out of Asia cushions the downside
despite continued ETF liquidation. Jobless claims shrunk to
just 323,000, the lowest level in more than 5 years, beating
expectations of 333,000 and remaining below the 350,000 mark that
somehow has become the threshold between a good and bad job market. Gold
closed Wednesday’s session at $1473.70 but now trades at
its low for the day, $1460 (down nearly 1%). The rest of the precious
complex is also in negative territory to start the day as the jobless
claims numbers will only lend support to the equity market rally. DJIA
closed Wednesday at 15,105! Platinum is barely
holding on to the $1500 level after closing yesterday at $1504.90. The
white metal reached as high as $1512 overnight but was unable to sustain
those levels. 10:00 am will bring about wholesale inventories. Have a
great day!
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