Friday’s October employment report saw 128,000 jobs Vs the expected 75,000. The August numbers were revised upward significantly to 219,000 from 168,000, and September jumped from 136,000 to 180,000.
The report should have sent gold prices South, but perhaps the weaker than expected ISM manufacturing numbers are keeping gold up. And the probabilities for a December rate cut fell from 22.1% to 12.5% on the news.
The Gold Daily
There is still good chance that gold prices will roll over, test and break the $1465 low, but those odds lessen each day gold remains above $1500.
Maybe you have noticed gold elects trend changes at the beginning of a month.
- July 1st, prices formed a short-term low at $1384.70
- August 1st, prices formed an interim low at $1412.10
- September 4th, gold peaked at $1566.20
- October 1st, prices created a lesser cycle low at $1465
The next potential turning point could arrive within the next few days. If gold does not turn lower by the end of this week, then will begin looking higher instead of lower.
Overall, see that gold is in a new Bull market, and prices are heading much higher.
Have a terrific week.