Gold Markets Technical Analysis
As you would expect with a jobs report coming out on Friday, the gold markets are all over the place today. With that being the case, it does make a certain amount of sense that you exercise some caution. The jobs numbers missed by about 60,000 jobs. And I think at this point, the market is trying to sort out what it wants to do.
The $2,300 level, of course, is an area that has been important multiple times. So, the fact that we are hanging around this area is not a huge surprise. If we turn around and rally from here, then I think it’s just the continuation of more of the same. And quite frankly, if it looks like the Fed may cut rates, and I think it’s a little premature to say that then that will drive gold higher. We have plenty of geopolitical issues, so keep that in mind.
