Precious Metals FUTURES Update

Precious metals retained a bullish tone yesterday as consolidation and short covering after the recent sell off continued.

Some of the upside was still attributable to drag on the bullish data on Crude inventories and some purchasing on the industrial metals segment.

However the main event still has to be tomorrow's Non Farm Payrolls.

Tomorrow's event could cap any current further rally today, setting up for a range bound day in Gold and Silver.

We remain bullish, especially on silver, however not from current levels.
We will await any setbacks and look for new longs at lower levels.