Currently, I see conflicting patterns in the precious metal charts. The miner’s price structure still looks corrective to me while the gold and silver charts are considerably more constructive.

The October employment numbers come out tomorrow around 8:30 AM EST. How prices react will determine if gold made an interim high yesterday at $1,309.30. Last months numbers revealed that 156,000 jobs were created. Currently, the market is expecting 175,000 jobs for October. A number greater than 200,000 should push metals lower. A number less than 150,000 could generate a rally.

Another Selling On Strength show up in miners today: Data from the WSJ.

-US DOLLAR- The dollar didn’t hold support at 97.50, and we may see a retest of the trendline around 96.30 before a bottom.

-GOLD- Gold met selling in the resistance zone. We need a close tomorrow below $1,290 to confirm that a pullback has started.

-SILVER- Silver prices can still drop below the $17.11 October low if prices successfully close below the trendline. Tomorrow’s close is important.

-GDX- Prices made a large bearish engulfing pattern yesterday, but there was no follow through lower today. I need to see how prices react to tomorrow’s employment numbers to gauge where we are. $25.93 could be the interim high, especially if prices close below $24.50 tomorrow.

-GDXJ- A close below $40.80 will signal a temporary high and the start of a pullback or maybe more.

-SLW- This price action seems corrective in nature. A drop below the lower trendline could send prices to the target area.

-SPY- Prices are oversold, and we may get a bounce. We are quickly approaching the 200-day MA and the minimum target zone. We may get a bounce to relieve oversold conditions, but prices should keep heading lower in November.

-WTIC- Oil is taking a beating. Prices may bounce off the 200-day MA or green trendline, but I don’t expect an official low until January.