October employment came in at 250,000 jobs versus the expected 208,000. September was revised lower 16,000, but August numbers rose by 16,000, so it was a wash. A robust employment report.
The dollar is rallying, and precious metals turned slightly lower on the news. Gold (December) is trading near $1233 as I write. Prices would have to exceed the $1240 level if gold is going to make a run at the $1246 high. To challenge yesterday’s sharp rise gold would have to close below $1224 on a daily basis.
Silver (currently $14.75) would have to exceed the $14.85 level to make a run at the $14.95 high. A daily close below $14.50 would likely invalidate yesterday rally.
I’ll keep an eye on things and update sometime after the open.