Gold prices are moderately higher in early U.S. trading Friday, briefly pushing above what was key psychological resistance at $1,300.00, in the wake of a U.S. jobs report that did not quite meet market expectations. Short covering, bargain hunting and technically related buying are featured, including buy stop orders triggered when prices pushed above $1,300. June gold was last up $11.30 at $1,295.80 an ounce. Spot gold was last quoted up $8.70 at $1,296.00. May Comex silver last traded up $0.215 at $20.02 an ounce.

Arguably the most important economic data point of the week and of the month Friday morning showed March U.S. non-farm payrolls rose a slightly less than expected 192,000 in the U.S. employment report from the Labor Department. The non-farm payrolls number was expected to be up 200,000. However, just ahead of the report many market watchers were thinking the non-farm jobs number would be well above the 200,000 mark. Thus, the slight miss on the downside fall into the camp of the U.S. monetary policy doves. That’s a bullish underlying factor for the precious metals. The February non-farm payrolls figure was upwardly revised by a modest amount, and that somewhat mitigated the slight miss on the March payrolls number.

There is no other U.S. major economic data due for release Friday.

European and Asian markets were quiet overnight, ahead of the U.S. jobs report.

As the major U.S. stock indexes are this week setting record highs again in their very mature bull market runs, many other asset classes, including the precious metals, have seen their own fortunes dented. Trading and investing is still ultimately a money game. When more money is flowing into the stock market, that means there’s less money to flow into other asset classes. The long-in-the-tooth bull market in U.S. equities will come to an end at some point—and my bias is that it will be sooner rather than later—and at that point money flows will change. Such should favor the hard assets—raw commodities included.

Wyckoff’s Daily Risk Rating: 7.0 (The U.S. jobs report could cause some higher volatility in many markets Friday.)

(Wyckoff’s Daily Risk Rating is your way to quickly gauge investor risk appetite in the world market place each day. Each day I assess the “risk-on” or “risk-off” trader mentality in the market place with a numerical reading of 1 to 10, with 1 being least risk-averse (most risk-on) and 10 being the most risk-averse (risk-off), and 5 being neutral.

The London A.M. gold fix is $1,293.50 versus the P.M. fixing of $1,284.00.

Technically, June Comex gold bears still have the overall near-term technical advantage. However, a close above $1,300 on Friday would be a bullish clue, and it would also be a bullish weekly high close. Such would be an early clue this market has put in a near-term low. Bulls’ next upside near-term price breakout objective is to produce a close above technical resistance at $1,320.00. Bears' next near-term downside breakout price objective is closing prices below technical support at $1,268.00. First resistance is seen at Friday morning’s high of $1,303.50 and then at $1,310.00. First support is seen at $1,290.00 and then at the overnight low of $1,284.40.  

May silver futures bears have the firm near-term technical advantage. However, a bullish weekly high close on Friday would begin to suggest a market bottom for silver. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at $20.63 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at $19.00. First resistance is seen at the overnight high of $20.185 and then at $20.315. Next support is seen at the overnight low of $19.785 and then at last week’s low of $19.575.

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