from Kitco NEWS
lass=”” >Gold prices ended the U.S. day session near steady levels Thursday. An early “buy-the- dip” bounce following recent profit-taking selling pressure gave way to renewed selling interest as today’s session progressed. A rebound in the U.S. dollar index has been a bearish element for the precious metals. June Comex gold futures were last down $0.60 an ounce at $1,273.80. July Comex silver was last up $0.024 at $17.325 an ounce. So how much of an impact could April’s nonfarm payrolls have on the metal? Todd ‘Bubba’ Horwitz, chief market strategist for bubbatrading.com and a veteran trader, says Friday’s numbers can be a ‘game-changer.’ ‘It can have a dramatic effect,’ Horwitz said. ‘If they have a good number, which would indicate they can possibly raise rates, then gold can fall a little harder,’ he added. ‘The worst I see, is gold is going down to $1,240,” he said, noting he does not see the metal falling further and it would be a solid entry point. ‘I think we are going up and the lows are already in,’ he added.
Don’t forget to sign up for Kitco News’ Weekly Roundup – comes out every Friday to recap the hottest stories & videos of the week: http://www.kitco.com/newsletter
Join the conversation @ The Kitco Forums and be part of the premier online community for precious metals investors: http://kitcomm.com — Or join the conversation on social media: @KitcoNewsNOW on Twitter: http://twitter.com/kitconews — Kitco News on Facebook: http://facebook.com/kitconews — Kitco News on Google+: http://google.com/+kitco — Kitco News on StockTwits: http://stocktwits.com/kitconews