(Kitco News) - Gold prices are firmer in early U.S. trading Friday, following a U.S. employment report that was weaker-than-expected on the headline number, but still upbeat on the rest of the internals of the report. December Comex gold was last up $2.40 at $1,126.90 an ounce. December Comex silver was last up $0.018 at $14.73 an ounce.

Friday’s U.S. employment report for August from the Labor Department showed a less-than-expected rise of 173,000 in non-farm payrolls. The trade expected the number to be up 220,000. However, revisions to the previous month’s non-farm numbers were revised significantly higher and the overall unemployment rate declined in August. At first blush, this report falls right in the middle of the dovish and hawkish camps and only adds to the uncertainty on when, or if, the Federal Reserve will raise interest rates this year.

World stock markets were lower Friday morning as some risk aversion is back in the marketplace, partly on uncertainty ahead of the U.S. jobs report. China’s markets were closed Thursday and Friday for a national holiday and a big military parade. Other Asian and European stock indexes were lower Friday. Japan’s Nikkei index was down 2% on the day. Other Asian and European stock markets were also mostly lower Friday. U.S. stock indexes were lower in preopening trading.

The key “outside markets” early Friday find Nymex crude oil futures prices slightly lower. There are technical clues crude oil has put in a market bottom. The other outside market on Friday finds the U.S. dollar index lower in the wake of the jobs report.

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Wyckoff’s Daily Risk Rating: 3.0 (Trader and investor market risk aversion moderate early 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 5, with 1 being least risk-averse (most risk-on) and 5 being the most risk-averse (risk-off).

The London A.M. gold fix is $1,125.00 versus the previous P.M. fix of $1,128.00.

Technically, December gold futures bears have the near-term technical advantage. Bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,150.00. Bears' next near-term downside price breakout objective is closing prices below solid technical support at last week’s low of $1,116.90. First resistance is seen at Thursday’s high of $1,133.80 and then at $1,141.90. First support is seen at today’s low of $1,118.80 and then at last week’s low of $1,116.80. Wyckoff’s Market Rating: 3.0

December silver futures bears have the solid near-term technical advantage. Bulls’ next upside price breakout objective is closing prices above solid technical resistance at $15.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $13.50. First resistance is seen at this week’s high of $14.95 and then at $15.00. Next support is seen at the overnight low of $14.54 and then at this week’s low of $14.39. Wyckoff's Market Rating: 2.0.

By Jim Wyckoff, contributing to Kitco News; jwyckoff@kitco.com
Follow me on Twitter @jimwyckoff

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