Traders Watching Wage Inflation Data
(Kitco News)- Traders are watching the release of July nonfarm payrollnumbers this morning. Job creation numbers are expected to come in around200,000, but the focus will be on wage pressures. If wage growth begins tonudge closer to 3% annualized, the market may begin to factor in a moreaggressive Fed. We continue to see an opportunity for a bounce but gold needsto maintain the $1,207 level on a closebasis. A break here would suggest the $1,187 number as a real possibility inthe short term. Silver has seen good buyingat these levels, and our ratio trade long silver/short gold at 82:1 remains inthe money and we continue to look for a 74:1 print, from the current 78.3:1.Expect volatility around the employment number and then a narrow range for thebalance of the day.
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