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Gold Moves off Lows on Data and Dollar


Gold futures push off of multi-year lows, up over $22 per toz.

Christopher-LemieuxSMBullion.Directory precious metals analysis 7 November, 2014
By Christopher Lemieux
Senior FX and Commodities Analyst at FX Analytics

Gold and silver move higher as non-farm payrolls come in lower than forecasted. The US dollar index moves back below 88, relieving some downward pressure. 

October’s non-farms payrolls came in lower than expected, added 214,000 jobs opposed to the 235,000 economists were forecasting. As another 200K-plus jobs per month is added, the US unemployment rate falls to 5.8 percent.

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There is some speculation that the increasing amount of economic data missing expectations could provoke the Fed to stray from the anticipated rate hike in mid-2015, although the central bank is unlikely to raise rates at all next year without being forced to. The quality of jobs remain poor. 42,000 jobs in October were in the food and drinking (bars) services. That’s one in every five jobs. Low-paying jobs are still at the forefront, yet nobody is willing to look beyond the headlines.

The US 10-year treasury note is seeing more demand, pushing yields near 2.317 percent. Safe-haven assets are seeing demand, with the yen gaining ground and pushing USDJPY back below 115.

In Monday’s gold analysis, I said that gold had the likelihood of pushing lower to the $1,133 support level (while a close below would signal $1,108). Gold prices tested this level and were supported, pushing back into the $1,140’s per toz. Currently trading at $1,164 per toz., gold is likely to test resistance at $1,179.


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