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Gold and silver and platinum waiting for jobs report

August 5, 2021

New York (Aug 5)  Metals lack conviction; their current conditions, no matter the trend, are still directionless. Gold is in a longer-term uptrend, while silver and platinum are in downtrends. However, no matter the trend, they are all stuck close to the mean.

We are in the dog days of summer; markets are consolidating, making this pattern more miserable than usual. They will break out of their ranges eventually, but there is no way to predict when that will be.

Add in the Friday jobs number, and you have the perfect recipe for Gold, Silver and Platinum to stall. The job's number could be a reason to see some movement. We watched on Wednesday Gold soar early on the ADP jobs for the private sector only to return to unchanged.

Although we are always in the markets long or short, we are more in the observation mode with passive positions that we will not add to. There are times when watching is the best trade.

Patience, discipline, and money management always win the day. Let the map of the markets show you the way. Guessing the next move is a fool's game.

KitcoNews

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