Gold Prices Lower Following Strong Private Jobs Report, China Trade News

Gold Prices, Sep.5th, 2019 Bid/Ask	1515.60 / 1516.60
Low/High	1505.60 / 1550.90
Change	-36.40	-2.35%
30daychg	+41.60	+2.82%
1yearchg	+319.30	+26.69%

Silver	18.68	-0.89
Platinum	950.00	-34.00
Palladium	1536.00	-3.00
Rhodium	4300.00	-150.00

(Kitco News, Thurs. Sep. 5th, 2019) – Gold prices are under pressure as momentum as the labor market continues strengthen as more private-sector companies hired more employees-than-expected last month, according to the latest employment data from private payrolls company ADP.Wednesday, ADP said that 195,000 jobs were created in August, significantly beating expectations; consensus forecasts were calling for job growth of 148,000.Gold prices were struggling to catch a bid before the data and has lost further ground in initial reaction; December gold futures last traded at $1,548.50 an ounce, down 0.78% on the day.

We have written for days that metals should go into a consolidation pattern which is exactly what they are doing. Silver which has exploded higher should sell off and churn as it rebuilds strength for another move higher. Gold has been in consolidation for the past week with a couple of failed attempts to breakout to the upside.The patterns in both are clear, trade talks or no trade talks. Gold and silver should continue to rise once this pattern resolves itself. All markets leave footprints which allow the patterns to develop. The metals are in a bull market and should continue higher trade talks have no bearing on what these markets do. If you try and trade the news you lose.

Posted By :

Jack Dempsey, President

401 Gold Consultants LLC

jdemp2003@gmail.com

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