LIV: Gold trading up date: US Gold futures sharply higher on weak US jobs report
Aug Gold futures have pushed above the psych resistance at 1,600.00.
US non-farm payrolls rose by just 69,000 in May, which is much less than the 150,000 rise expected by the market place.
US stock indexes fell on the news, USTreasury bond and note futures prices soared and the US Dollar index backed down on the jobs data.
Friday morning’s gains in Gold come on Short covering, bargain hunting and solid new safe-haven investment demand.
The weak US jobs data combined with the very uneasy status of the EU and a softer Chinese economy have played right into the field of the Gold Bulls.
The Bulls now have the Northside technical momentum as price action Friday is scoring a Bullish Outside Day up on the daily bar chart, that is where the high is higher and low is lower than the previous session’s trading range, with a higher last trade.
Prices are set to close at a technically Bullish weekly high Friday.
I am looking for volatile trading in the precious metals and other markets as the day progresses Friday.
